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IMF to raise loan quota for poor countries
MADRID. Oct 3: Poor countries. including those that used to be under communist rule, could get billions of dollars more a year in loans from the international Monetary Fund, reports AP.
Late Sunday, the policymaking committee representing the 179 governments that own the fund, agreed to raise the limits of what the fund can lend.
When a country joins I he IMF. It has to make a contribution called its quota. Under present rules, a country can borrow back more than three times its quota, but only 68 per cent of it in any one year.
The policy-making Interim Committee agreed that temporarily. at least, the percent-' age of quota that can be borrowed in a year should be raised from 68 per cent to at least 85 per c'ent.
Managing Director Marcel Camdessus fought hard but unsuccessfully for an additional kind of aid. a distribution of
Special Drawing' Rights (SDRs), the fund’s own currency.
On Saturday, it seemed that the total would be about 17 billion dollars. Much of it would have gone to countries formerly under communist rule and some others who have-become independent and joined the fund in recent years.
The fund's governments failed to agree Sunday on a distribution of SDRs. But on Mohday Camdessus reminded the Development Committee, a joint body of the fund and the World Bank, that the governments did agree to the Increased borrowing.
Fund officials would not predict how much more would be borrowed, pointing out that each government must Judge how much it wants to borrow. Some countries da not take as much as the rules permit, and their future needs will differ from their needs in the past.
During the 1990s. the fund
has been lending roughly 10 billion dollars a year — about 12.7 billion dollars in 1992 and 8.3 billion dollars in 1994 Arrangements are in place with about 50 countries covering one to three years.
Russia, fqr example, has a quota of about 6 billion dlrs. That means it can borrow a total of nearly 20 billion. Of which It has already taken about 4.5 billion dlrs.
At the old rate of 68 per cent of its quota, it could only borrow 4 billion dlrs more a year. At 85 per cent, it could borrow about 5 billion dlrs a year.
The fund’s governments also failed to agree on enlarging what it calls its Systemic Transformation Facility, fund language for extraordinary amounts of loans to help countries emerging from the communist system. If the governments agree on that point eventually. Russia could get more.