CHAPTER 40:02
BRETTON WOODS AGREEMENT

ARRANGEMENT OF SECTIONS

   SECTION

   1.   Short title

   2.   Interpretation

   3.   Acceptance of Agreement

   4.   Financial and other provisions

   5.   Reserve Bank of Malawi authorized to as depository

   6.   Regulations

       Schedule

7 of 1965
40 of 1968
31 of 1974
8 of 1977
12 of 1991
10 of 2002
3 of 2010
19 of 2012

An Act to provide for acceptance by Malawi of the Agreements for the International Monetary Fund and the International Bank for Reconstruction and Development and to provide for matters related thereto

[19TH FEBRUARY 1965]

1.   Short title

    This Act may be cited as the Bretton Woods Agreement Act.

2.   Interpretation

   (1) In this Act unless the context otherwise requires—

   “Bank” means the International Bank for Reconstruction and Development;

   “Bank Agreement” means the agreement for the establishment and operation of the Bank;

   “Fund” means the International Monetary Fund;

   “ Fund Agreement” means the agreement for the establishment and operation of the Fund.

   (2) For the purposes of sections 4, 5, 6 and the Schedule—

   (a)   "Fund Agreement” shall mean the Fund Agreement as read and construed with the amendments approved by the Board of Governors of the Fund in Resolution 23–5 of 31st May, 1968, and with the further amendments approved by the said Board of Governors in Resolution 29–10 of 30th April, 1976;

   (b)   The Special Drawing Rights Department established to implement the special drawing rights facility in accordance with the Fund Agreement shall be and be deemed to be part of the Fund.

3.   Acceptance of Agreement

    The Minister, or such person as may be authorized by him in that behalf in writing, shall be empowered on behalf of the Government of Malawi—

   (a)   to sign the Articles of the Fund Agreement and the Articles of the Bank Agreement, respectively;

   (b)   to deposit with the Government of the United States of America instruments of acceptance of the Fund Agreement and of the Bank Agreement stating that the Government of Malawi accepts in accordance with its law the respective Agreements and the terms and conditions prescribed under the Resolution of the Board of Governors of the Fund relating to membership of Malawi in the Fund and under the Resolution of the Board of Governors of the Bank relating to membership of Malawi in the Bank as the terms upon which the Government of Malawi shall be admitted to membership of the Fund and of the Bank;

   (c)   to accept the amendments to the Fund Agreement approved by the Board of Governors of the Fund in Resolution 23—5 of 31st May, 1968, and to execute and deposit with the Fund an instrument in which the Government of Malawi undertakes all of the obligations of a participant in the Special Drawing Account in accordance with its laws, and confirm that it has taken all steps necessary to enable Malawi to carry out all such obligations and to give effect to such amendments;

   (d)   to accept the amendments to the Fund Agreement approved by the Governors of the Fund in Resolution 29—10 of 30th April, 1976, and to execute and deposit with the Fund an instrument in which the Government of Malawi undertakes all of the obligations of a participant in the Special Drawing Rights Department in accordance with its laws, and confirm that it has taken all steps necessary to enable Malawi to carry out all such obligations and to give effect to such amendments:

   (e)   to accept the Third Amendment to the Fund Agreement approved by the Board of Governors of the Fund in Resolution 45—3 of 28th June, 1990, and to execute and deposit with the Fund an instrument in which the Government of Malawi accepts the Third Amendment;

   (f)   to accept the Fourth Amendment to the Fund Agreement approved by the Board of Directors of the Fund in Resolution No. 52—4 on 23rd September, 1997, and to execute and deposit with the Fund an instrument in which the Government of Malawi accepts the Fourth Amendment;

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