International Monetary Agreements Act 1960

The International Monetary Agreements Act 1960 is an Australian law that relates to matters connected with international monetary agreements. The Act was enacted on May 14, 1960, and it gives approval for Australia to consent to changes in its quota in the International Monetary Fund and to subscribe additional shares of the capital stock of the International Bank for Reconstruction and Development.

The Act authorizes the payment of moneys out of the Consolidated Revenue Fund to cover any payments required to be made by Australia to the International Monetary Fund or the International Bank for Reconstruction and Development. It also applies Section 7 of the International Monetary Agreements Issue of Act 1947 to any payments referred to in the Act.

The Act includes two schedules: First Schedule, which relates to the resolution of the Board of Governors of the International Monetary Fund, and Second Schedule, which relates to the authorization by the Board of Governors of the International Bank for Reconstruction and Development. The resolutions outline the terms and conditions for Australia's consent to changes in its quota in the International Monetary Fund and its subscription to additional shares of the capital stock of the International Bank for Reconstruction and Development.

The Act ensures that Australia can participate in international monetary agreements and make payments required by these agreements, while also providing a framework for the payment of moneys out of the Consolidated Revenue Fund.