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Bill C-36

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Additional statement

(3) Where, in the base calendar year or in a month that is before the current payment period and after the end of the base calendar year, a recipient or a recipient's spouse experiences a change in income that is of an ongoing and continuing nature and that results in a loss or reduction of income equal to or greater than an amount prescribed by regulations made under section 25, the recipient may, not later than the end of the current payment period and in addition to making the statement of income required by subsection (1), file with the Minister a statement of estimated income, if any, of the recipient and spouse for the calendar year in which the loss or reduction of income occurred, in which case the income for the base calendar year in respect of the recipient and spouse for the purposes of calculating the allowance payable to the recipient for the current payment period shall be deemed to be the amount obtained by

Replacement of ``fiscal year'' with ``payment period''

124. The Act is amended by replacing the expression ``fiscal year'' with the expression ``payment period'' in the following provisions:

    (a) the definitions ``base calendar year'' and ``payment quarter'' in subsection 2(1);

    (b) subsection 4(3);

    (c) subsection 8.1(2);

    (d) subsection 8.1(4); and

    (e) subsection 18(1.1).

PART 13

FINANCIAL ASSISTANCE TO INTERNATIONAL FINANCIAL INSTITUTIONS AND FOREIGN STATES

R.S., c. I-18

International Development (Financial Institutions) Assistance Act

1995, c. 5, par. 25(1)(s)

125. The portion of section 3 of the International Development (Financial Institutions) Assistance Act before paragraph (a) is replaced by the following:

Assistance

3. The Minister of Foreign Affairs, in consultation with the Minister of Finance, may, for the purpose of promoting the social and economic development of developing countries, provide financial assistance to an institution by way of

126. Section 12 of the Act is replaced by the following:

Payment out of C.R.F.

12. (1) The Minister of Foreign Affairs may make payments out of the Consolidated Revenue Fund for the purpose mentioned in section 3.

Limitation

(2) Payments made for the purpose mentioned in section 3 in any period may not exceed the amount, if any, specified for the purpose in respect of that period in an appropriation by Parliament.

R.S., c. B-7; R.S., c. 24 (1st Supp.), s. 3

Bretton Woods and Related Agreements Act

1991, c. 21, s. 1

127. Section 7 of the Bretton Woods and Related Agreements Act is replaced by the following:

Payment to International Monetary Fund

7. The Minister of Finance may provide for payment out of the Consolidated Revenue Fund to the International Monetary Fund in the manner and at the times provided for by the Agreement set out in Schedule I of a sum or sums of money, not exceeding in the whole an amount equivalent to the subscriptions required from or permitted to be made by Canada, namely, six billion, three hundred and sixty-nine million, two hundred thousand Special Drawing Rights.

128. Section 8 of the Act is amended by adding the following after subsection (1):

Payment out of C.R.F.

(1.1) The Minister of Finance may make payments out of the Consolidated Revenue Fund for the purpose mentioned in subsection (1).

R.S., c. 34 (4th Supp.), s. 1

129. Subsection 8.1(3) of the Act is replaced by the following:

Payment out of C.R.F.

(3) The Minister of Finance may make payments out of the Consolidated Revenue Fund for the purposes mentioned in subsections (1) and (2).

130. The Act is amended by adding the following after section 8.2:

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.

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.

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.

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.

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.

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.

Export Development Corporation

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

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

Definitions

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

``foreign state''
« État étranger »

``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.

``Interna-
tional Monetary Fund arrange-
ment''
« Accord relatif au Fonds monétaire interna-
tional »

``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.

131. Section 1 of Article XV of Schedule I to the Act is replaced by the following:

    (a) To meet the need, as and when it arises, for a supplement to existing reserve assets, the Fund is authorized to allocate special drawing rights in accordance with the provisions of Article XVIII to members that are participants in the Special Drawing Rights Department.

    (b) In addition, the Fund shall allocate special drawing rights to members that are participants in the Special Drawing Rights Department in accordance with the provisions of Schedule M.

132. Schedule I to the Act is amended by adding, after Schedule L, the schedule set out in the schedule to this Act.

Coming into force

133. Sections 127 to 132 come into force on a day or days to be fixed by order of the Governor in Council.

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