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 d...

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.