1945

International Monetary Fund (IMF)

Financial assistance by the International Monetary Fund (IMF) to its member countries rose sharply in 1983 in response to the continuing deterioration in world trade and payments positions and to the increasing difficulties experienced by developing countries in servicing their external debt. Total purchases-measured in special drawing rights (SDRS), the unit of account of IMF—amounted to a record SDR 12.6 billion in 1983, or 69.4 per cent above the 1982 peak of SDR 7.4 billion, with all drawings representing financial assistance by IMF to its developing member countries. The total did not include reserve tranche drawings, which were not regarded as uses of IMF credit but rather as drawings by members on reserve assets deposited by them with IMF. Reserve tranche drawings, which are subject neither to conditionality nor to repurchase requirements, rose moderately in 1983 and amounted to SDR 1.5 billion, compared with SDR 1.3 billion in 1982.

Related Subject(s): United Nations
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