CLAUSE 2: PAYMENTS TO AND FROM THE AGENCY; SUPPLEMENTARIES
1.
Under what circumstances would the promissory note be drawn down or the callable capital called? This is unlikely to happen;
but it could occur if MIGA were required to pay substantial sums
to meet claims which could not be met from other funds.
2. You said that the cash figure would probably be US$5,258,520.
Why is there any doubt? The level of our allocated subscription
will be set at US$52.58 million if we are among the "original
members" of MIGA. "Original members" will be those which become
party to the Convention on or before 30 April 1988. If we became
a party to the Convention after that date, MIGA's Council of
Governors would have to determine the size of our initial
contribution; but we have no reason to think that this would
differ significantly from the sums stated in the Convention.
In
3. Surely any drawdown of the promissory note or call of the
remaining capital would not be a charge on the Aid Budget?
either of those unlikely events, we should have to consider at
the time what would be the most appropriate source of funds.
4. Why should refunds go to the Consolidated Fund and not be
credited to the Aid Budget? This provision is consistent with
that in the legislation related to such refunds from other
international financial institutions (eg the Overseas Development
and Cooperation Act 1980).
The level of the Aid Programme is assessed during the Public
Expenditure Survey on the basis that it will not be increased by such refunds. This in turn reflects general public expenditure
practice.
No comments yet.
Private notes are available after approval.