Bretton Woods Agreements Act

Section 1. Interpretation Section In this Act, unless the context otherwise requires, "Minister" means the Minister for the time being responsible for finance.

Section 2. Acceptance of agreements Section to sign the articles of the fund agreement and the articles of the bank agreement, respectively; and

Section 3. Acceptance of the amendment to the fund agreement Section The Minister is authorised on behalf of the Government to communicate its acceptance of the amendment to the fund agreement, to the International Monetary Fund, and to execute an instrument setting forth that the Government undertakes all the obligations of a participant in the special drawing account in accordance with the law of that account.

Section 4. Financial provisions Section 4(1) There shall be charged on and paid out of the Consolidated Fund without further appropriation than this Act all sums required for making on behalf of the Government any of the following payments— Section 4(1)(a) the subscription payable to the fund in accordance with section 2 of article II of the fund agreement and the resolution of the board of governors of the fund relating to membership of Uganda in the fund; Section 4(1)(b) payments under section 4(a) of article III of the fund agreement (which relates to the increase of the quotas of members of the fund); Section 4(1)(c) payments under section 8(b) or (d) of article IV of the fund agreement (which relates to falls in the par or foreign exchange value of currencies of members of the fund); Section 4(1)(d) payments under section 3, 7 or 8 of article V of the fund agreement (which relate to the purchase and repurchase of the currencies of members of the fund); Section 4(1)(e) payments relating to the implementation of the guarantee required by section 3 of article XIII of the fund agreement, that is to say, a guarantee of the assets of the fund against loss resulting from failure or default of the depositary designated by the Government under that article; Section 4(1)(f) payments required to be paid to any member of the fund under Schedule D of the fund agreement (which relates to the withdrawal of members from the fund) or under Schedule E of that agreement (which relates to the liquidation of the fund); Section 4(1)(g) payments in respect of the subscription for shares in the bank under article II of the bank agreement and the resolution of the board of governors of the bank relating to membership of Uganda in the bank; Section 4(1)(h) payments under section 9 of article II of the bank agreement (which relates to falls in the par or foreign exchange value of currencies of members of the bank); and Section 4(1)(i) payments under section 4(c)(iv) of article VI of the bank agreement (which relates to the cessation of membership of the bank). Section 4(2) The Minister may, on behalf of the Government, create and issue to the fund or the bank, in such form as he or she thinks fit, any such non-interest-bearing and nonnegotiable notes or other obligations as are provided for by section 5 of article III of the fund agreement and section 12 of article V of the bank agreement, and any payments in respect of any such notes or obligations so created and issued shall be charged on and paid out of the Consolidated Fund. Section 4(3) For the purpose of providing any sums required for making any payments under this section, the Minister may, on behalf of the Government, raise loans by the creation and issue of securities bearing such rates of interest and subject to such conditions as to repayment, redemption or otherwise as the Minister may think fit; and the principal and interest of the securities and the charges and expenses incurred in connection with their issue shall be charged on and paid out of the Consolidated Fund. Section 4(4) Any monies received by the Government from the fund or the bank or raised under subsection (3) shall be paid into and form part of the Consolidated Fund and shall be available in any manner in which that fund is available.

Section 5. Special drawing rights Section The Bank of Uganda is authorised, on behalf of the Government, to acquire or dispose of special drawing rights and to make or receive payments in or in respect of any use of special drawing rights in accordance with the Fund Agreement.

Section 6. Certain provisions of agreements to have force of law Section entitling the fund or the bank to import goods free of customs duty without any restriction on their subsequent sale in the country to which they were imported;

Section 7. Effect of certain East African Community Acts modified Section This Act shall have effect notwithstanding the provisions of the East African Customs and Transfer Tax Management Act, the East African Income Tax Management Act, or any Act of the East African Community amending or replacing either of those Acts.

Section 8. Regulations Section The Minister may, by statutory instrument, make regulations which he or she may deem necessary to enable the Government to carry out its obligations as a participant in the special drawing account.