General Loans (International Bank) Act, 1966

This Act may be cited as the General Loans (International Bank) Act.

Jurisdiction: Zambia
Instrument: Act or statute
Citation: Act 35 of 1966
Version: 31 Dec 1996
Language: en
Official source: View official record ↗

banking borrowing currency government assets government finance interest payment international agreements loan security loan use restrictions ministerial consent other charges repayment of borrowed sums

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About this statute

This Act may be cited as the General Loans (International Bank) Act. This section defines “foreign currency” and “International Bank” for the Act, unless the context requires otherwise. The Minister may borrow foreign currency from the International Bank for the Government of Zambia, and may sign related agreements and instruments. A copy of any agreement must then be laid before the National Assembly as soon as practicable. Money borrowed under this Act must be used for the purposes set out in the agreement with the International Bank, or for other purposes later agreed between the Minister (or a person the Minister authorises in writing) and the Bank. The Republic’s general revenues are to be used to repay borrowed principal and to pay interest and other charges for borrowing under the Act.

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Provisions of General Loans (International Bank) Act, 1966

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1
Short title ........................................................................................................................................................................................................... 1
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This Act may be cited as the General Loans (International Bank) Act.

1. Short title This Act may be cited as the General Loans (International Bank) Act.
2
Interpretation .................................................................................................................................................................................................... 1
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This section defines “foreign currency” and “International Bank” for the Act, unless the context requires otherwise.

2. Interpretation In this Act, unless the context otherwise requires— "foreign currency" means currency other than the currency of Zambia; "International Bank" means the International Bank for Reconstruction and Development.
3
Power to borrow from International Bank ............................................................................................................................................ 1
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The Minister may borrow foreign currency from the International Bank for the Government of Zambia, and may sign related agreements and instruments. A copy of any agreement must then be laid before the National Assembly as soon as practicable.

3. Power to borrow from International Bank (1) The Minister may, in such manner and on such terms and subject to such conditions as he thinks ﬁt, and in the name of Zambia, borrow from the International Bank such sums in foreign currency as may be required by the Government. (2) For the purpose of exercising the powers conferred by subsection (1), the Minister, or any person authorised by him in writing, may sign and execute agreements with the International Bank and may execute such other instruments, including bonds, as may be required in connection with the borrowing of any sums under this Act. (3) As soon as practicable after any agreement has been concluded with the International Bank under this Act, the Minister shall lay a copy of the agreement before the National Assembly.
4
Application of sums borrowed ................................................................................................................................................................... 1
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Money borrowed under this Act must be used for the purposes set out in the agreement with the International Bank, or for other purposes later agreed between the Minister (or a person the Minister authorises in writing) and the Bank.

4. Application of sums borrowed Any sums borrowed under the powers conferred by this Act shall be applied to the purposes speciﬁed in the agreement concluded with the International Bank in respect of the sums so borrowed or to such other purposes as may be agreed between the Minister or any person authorised by him in writing and the International Bank.
5
Repayment of sums borrowed and payment of interest and other charges ............................................................................. 1
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The Republic’s general revenues are to be used to repay borrowed principal and to pay interest and other charges for borrowing under the Act.

5. Repayment of sums borrowed and payment of interest and other charges There shall be paid out of the general revenues of the Republic such moneys as may be necessary— (a) for securing the repayment of the principal of any sum borrowed under this Act in accordance with the terms and conditions of any agreement providing for such borrowing or of any bond issued pursuant to any such agreement; and By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 1 General Loans (International Bank) Act, 1966 (Chapter 365) Zambia (b) for securing the payment of interest on any sum so borrowed and of all other charges payable in respect thereof.
6
Implementation of agreements ................................................................................................................................................................. 2
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The Minister may take necessary steps to give effect to agreements with the International Bank, and the Government or its agencies may not create liens on assets for foreign-currency loans or guarantees without the Minister’s consent, unless the stated International Bank security condition applies.

6. Implementation of agreements (1) Notwithstanding anything contained in any written law, the Minister may exercise all such powers and authorities and do or cause to be done all such things as appear to him to be necessary for giving full and complete effect to any agreement which may be entered into with the International Bank in respect of any borrowing authorised by this Act. (2) The Government or any agency of the Government (hereinafter referred to as the borrower) shall not, without the consent of the Minister, create any lien on any of its assets as security for any loan repayable in foreign currency or for any guarantee given by it in respect of any loan repayable in foreign currency unless it is expressly provided that the lien will ipso facto equally and rateably secure the payment of the principal of, and interest and other charges on, any loan made by or any bond issued pursuant to any loan made by the International Bank to any of the aforesaid borrowers, whether or not the latter loan was made to the borrower who desires to create the lien. (3) In this section— "agency of the Government" includes a local authority and the Bank of Zambia or any other statutory corporation; "assets" includes revenues and property of any kind; "lien" includes mortgages, pledges, charges, privileges and priorities of any kind.
7
Construction of borrowing powers ............................................................................................................................................................ 2
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The borrowing power given by this Act adds to any borrowing power given by other written law.

7. Construction of borrowing powers The power to borrow conferred by this Act shall be in addition to the power to borrow conferred by any other written law. By Laws.Africa and contributors. Licensed under CC-BY. Share widely and freely. 2

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General Loans (International Bank) Act, 1966

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