Bretton Woods and Related Agreements Act (R.S.C., 1985, c. B-7)

Marginal note:Interim financing agreements

• 8.2 (1) Where the Bank for International Settlements has agreed to provide a credit facility to a country seeking financial assistance from the International Monetary Fund or the International Bank for Reconstruction and Development, and the Minister of Finance is of the opinion that the credit facility is necessary to facilitate the provision of such financial assistance to the country, the Minister may enter into an agreement or arrangement with the Bank for International Settlements to guarantee the repayment of the principal and any interest owing under the credit facility.

• Marginal note:Terms of agreement

  (2) An agreement or arrangement entered into under this section

  • (a) must not be for a term longer than one year; and

  • (b) must not be for the repayment of an amount exceeding five hundred million American dollars, or ten per cent of the credit facility, whichever is greater.

• Marginal note:Bank of Canada may act as agent

  (3) The Bank of Canada, on the request of the Minister of Finance, may act as agent of the Minister for the purposes of subsection (1).

• Marginal note:Payment out of C.R.F.

  (4) Any sum or sums required for the purposes of this section shall be paid out of the Consolidated Revenue Fund.