Bretton Woods and Related Agreements Act

Marginal note:Declaration authorizing financial assistance

• 8.3 (1) The Governor in Council may, by order, authorize the Minister of Finance to provide a foreign state with financial assistance under this section if the Governor in Council is of the opinion that it is in the national interest to do so.

• Marginal note:Contents of order

  (2) The order shall specify the foreign state to which the financial assistance is to be provided and the period of time during which it may be given.

• Marginal note:Forms of financial assistance

  (3) The Minister of Finance may provide financial assistance to a foreign state mentioned in an order by

  • (a) entering into any arrangement with the foreign state that has the effect of extending credit to the foreign state;

  • (b) guaranteeing the payment by the foreign state of all amounts payable under loans and other financial arrangements entered into by the foreign state with any person; or

  • (c) indemnifying any person from any losses, damages or expenses suffered or incurred as a result or arising out of loans or other financial arrangements entered into by the foreign state with the person.

• Marginal note:Restriction

  (4) The Minister of Finance may provide financial assistance to a foreign state only if the Minister of Finance is satisfied that

  • (a) the foreign state has an International Monetary Fund arrangement; and

  • (b) other countries will be participating with Canada in the provision of financial assistance in an amount that the Minister of Finance determines is satisfactory.

• Marginal note:Limitation

  (5) The maximum financial assistance that may be provided under this section shall at no time exceed

  • (a) US$2.5 billion in respect of any particular foreign state; and

  • (b) US$5 billion in respect of all foreign states.

• Marginal note:Calculation of maximum

  (6) For the purpose of subsection (5), the maximum financial assistance is the total of

  • (a) the outstanding principal amount of obligations owing to Her Majesty in respect of arrangements that have the effect of extending credit,

  • (b) the obligation of Her Majesty to advance funds in respect of any outstanding arrangement that has the effect of extending credit or to pay money to any person in respect of any outstanding arrangement, and

  • (c) the contingent liability of Her Majesty in respect of the principal amount owing under all outstanding arrangements giving rise to contingent liabilities.

• Marginal note:Export Development Canada

  (7) Export Development Canada may, on the request of the Minister of Finance, act as agent of the Minister of Finance for the purpose of providing financial assistance to any foreign state under this section.

• Marginal note:Payment out of C.R.F.

  (8) The Minister of Finance may pay out of the Consolidated Revenue Fund any amount that is required

  • (a) for the purpose of providing financial assistance under this section; or

  • (b) to compensate Export Development Canada for its services as agent of the Minister of Finance under subsection (7) in accordance with any agreement between Export Development Canada and the Minister of Finance.

• Marginal note:Definitions

  (9) The definitions in this subsection apply in this section.

  foreign state

  foreign state means a country other than Canada, and includes

  • (a) any political subdivision of a foreign state;

  • (b) the government, and any department, of a foreign state or of a political subdivision of a foreign state; and

  • (c) any agency of a foreign state or of a political subdivision of a foreign state. (État étranger)

  International Monetary Fund arrangement

  International Monetary Fund arrangement means an arrangement between the International Monetary Fund and a foreign state under which the International Monetary Fund agrees to provide financial assistance to the foreign state. (Accord relatif au Fonds monétaire international)