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Payment to Central Bank in respect of certain transactions
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7. (1) The Minister may make a payment out of the Central Fund or the growing produce thereof to the Central Bank of an amount not exceeding €6,600,000, being the amount that was payable to the Central Bank in respect of the State’s share of the proceeds of each of the—
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(a) deferred charges adjustment, and
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(b) SCA-1 account,
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and that was transferred by the Fund to the Somalia Administered Account and the Sudan Administered Account.
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(2) In this section—
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“deferred charges adjustment” shall be construed in accordance with Section V 2(b) of Decision No. 8348-(86/122) on “Income Position-Principles of “Burden Sharing,” Income Target for FY 1987 and FY 1988, Rate of Charge, and Rate of Remuneration”, adopted by the Executive Board of the International Monetary Fund on 25 July 1986, as amended from time to time;
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“SCA-1 account” means the First Special Contingent Account established by Decision No. 8619-(87/90), adopted by the Executive Board of the International Monetary Fund on 17 June 1987;
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“Somalia Administered Account” means the account established by Decision No. 16626-(19/103), adopted by the Executive Board of the International Monetary Fund on 18 December 2019;
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“Sudan Administered Account” means the account established by Decision No. 17042-(21/46), adopted by the Executive Board of the International Monetary Fund on 10 May 2021.
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