Back Matter

Back Matter

Author(s):
International Monetary Fund
Published Date:
September 1967
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    Compensatory Financing of Export Fluctuations: Developments in the Fund’s Facility; a Second Report by the International Monetary Fund (second printing, Washington, March 1967).

    See Annual Report, 1963, pages 196-99.

    See Selected Decisions of the Executive Directors and Selected Documents (third issue, Washington, 1965), pages 21-24.

    Ibid., pages 26-28.

    INDEX

    INDEX

    Numbers refer to pages. An asterisk (*) denotes a table, a dagger (†) denotes a chart.

    Afghanistan—drawing, 133*; gold and foreign exchange reserves, 23*; repurchase from Fund, 136*; standby arrangements, 134*, 135

    Africa—balance of payments and reserves, 81†, 154-55*; capital movements, 81; economic developments, 106; economic developments in Central Africa, 101; economic developments in East Africa, 106; economic developments in North Africa, 101; financial developments, 107; gold, foreign exchange, and reserve position in Fund, 12*, 92; gold exports to U.K., 123*; gold imports from U.K., 123*; international trade, 86, 105, 106; international trade of Central Africa, 75*; international trade of West Africa, 104; prices in East Africa, 107; sisal prices in East Africa, 95†; U.S. direct investment in, 90*; see also individual countries

    Agricultural Products—export earnings, 94†; prices 93, 96, 98*, 100*, 102*

    Algeria—economic developments, 102; financial developments, 107; Fund quota increase, 136*

    Aluminum—prices, 93

    Anti-Inflationsee Stabilization Programs

    Argentina—balance of payments and reserves, 98*, 99, 100*, 154-55*; capital movements, 102*, 103*; drawing, 133*; economic developments, 107; export earnings, 98*; Fund quota increase, 136*; gold purchases, 121*; inflation, 108, 109, 110; international trade, 102*; maize prices, 95†; repurchase from Fund, 136*; stabilization problems, 109-110

    Articles of Agreementsee Fund Articles of Agreement

    Asia—balance of payments and reserves, 78*, 81†, 154-55*; economic developments, 106; economic developments in South Asia, 101; gold, foreign exchange, and reserve position in Fund, 12*; gold exports to U.K., 123*; gold imports from U.K., 123*; international trade, 75*, 105, 106; U.S. direct investment in, 90*; see also individual countries

    Australia—balance of payments and reserves, 21, 77†, 78*, 79-80, 81†, 97, 99*, 112, 154-55*; capital movements, 29, 30, 31*, 34*, 80, 88*, 112; criteria for borrowing in U.K., 69-70; economic developments, 112; export earnings, 99*; Fund Article VIII, acceptance of, 129*; gold, foreign exchange, and reserve position in Fund, 12*, 23*, 91; gold production, 114*, 116; gold subsidy program, 124; gross national product, 112; industrial production, 71†, 73*; international trade, 71†, 72*, 73*, 75*, 86; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; U.S. direct investment in, 90*

    Austria—balance of payments and reserves, 82; cost of living, 58; discount rates, 62*, 64; Fund Article VIII, acceptance of, 129*; gold and foreign exchange reserves, 23*; gold imports from U.K., 123*; gold transactions, 14*, 121*; industrial production, 84*, 85*; international trade, 84*, 85, 86, 87; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; prices, 58

    Bahama Islands—par value established, 129-30

    Balance of Payments—6-9, 76, 78-87, 97-101, 145-55; industrial countries, 78*, 79, 81, 145-53*; primary producing countries, less developed, 78*, 80-81, 154-55*; primary producing countries, more developed, 78*, 79-80, 154-55*; see also individual countries

    Bank Credit—industrial countries, 20; primary producing countries, less developed, 20; primary producing countries, more developed, 20; see also individual countries

    Bank for International Settlements—Euro-dollar market, 69; Fund cooperation with, 141; gold transactions, 116*

    Belgium—balance of payments and reserves, 82; budget deficits, 61*; capital market, 28*, 32*, 35, 36*, 37*, 65, 88*; capital movements, 87; cost of living, 58; discount rates, 62, 64; fiscal policy, 27, 60, 62; Fund Article VIII, acceptance of, 129*; Fund quota increase, 130*; General Arrangements to Borrow, extended, 50; gold prices, 124*; gold transactions, 14*, 121*; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; monetary policy, 62, 64; prices, 58; see also Belgium-Luxembourg

    Belgium-Luxembourg—balance of payments and reserves, 82*, 146*; capital market, 65; capital movements, 29*, 31*, 34*, 76, 88*; economic situation, 57; gold, foreign exchange, and reserve position in Fund, 12*, 23*; industrial production, 57, 84*, 85*; interest rates, 68; international trade, 76†, 84*, 85, 86, 87; wages, 59

    Board of Governorssee Fund Board of Governors

    Bolivia—balance of payments and reserves, 98*, 154-55*; capital movements, 102*, 103*; economic developments, 101, 107; export earnings, 98*; Fund Article VIII, acceptance of, 48, 129; gold policy, 124; international trade, 102*; repurchase from Fund, 136*; standby arrangements, 134*, 135

    Bonds, Government—yields, 271, 66-68

    Bonds, Industrial—yields, 67-68

    Brazil—balance of payments and reserves, 98*, 99, 100, 154-55*; capital movements, 102*; coffee prices, 95†; cost of living, 108; currency used in Fund transactions, 48; drawing, 49, 131; economic developments, 102, 107; export earnings, 98*; financial developments, 108; gold and foreign exchange reserves, 23*; gold sales, 121*; gross domestic product, 107; inflation, 108; international trade, 102*; repurchase from Fund, 136*; stabilization problems, 108; stand-by arrangements, 134*, 135

    Burma—balance of payments and reserves, 97, 98*, 99, 100*, 154-55*; capital movements, 102*; economic developments, 102, 106; export earnings, 98*; financial developments, 107; international trade, 102*

    Burundi—drawing, 133*; repurchase from Fund, 136*; stand-by arrangements, 134*, 135

    Cambodia—balance of payments and reserves, 97

    Cameroon—Fund quota increase, 130*

    Canada—balance of payments and reserves, 77†, 78, 79*, 82, 83†, 84, 147*; bonds, government, yields of, 27†, 68; bonds, industrial, yields of, 68†; bonds issued, industrial, 68; budget deficits, 61*; capital market, 28*, 29*, 33, 36, 65, 88*; capital movements, 29, 30, 31*, 34, 68, 70, 84, 87, 88*, 90; cost of living, 58; discount rates, 62, 63; economic growth, 5, 55; economic situation, 6; employment, 56; export prices, 60; fiscal policy, 5, 60, 61; Fund Article VIII, acceptance of, 129*; Fund quota increase, 130*; General Arrangements to Borrow, extended, 50; gold, foreign exchange, and reserve position in Fund, 12*, 15*, 21, 23*, 25†, 91; gold production, 114*, 115; gold subsidy program, 124; gold transactions, 14*, 121*; gross national product, 56, 57*; industrial production, 4*, 5, 55, 56, 71†, 72, 73*, 84*, 85*; interest rates, 3, 28†, 66, 68; international trade, 4*, 71†, 72, 73*, 75*, 76†, 84*, 85, 86, 87; investment, 26; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; monetary policy, 63; personal saving, 65; prices, 5, 58; U.S. direct investment in, 90*; wages, 5, 59-60; wheat prices, 95†

    Capital Markets—3, 26-38, 87-88; industrial countries, 64-66; see also individual countries

    Capital Movements—26-38, 81; industrial countries, 25, 69-70, 76, 78; private, 87-91; see also individual countries

    Central African Republic—Fund quota increase, 130*

    Central America—economic developments, 101, 102; gold exports to U.K., 123*; gold imports from U.K., 123*; prices, 107; see also individual countries

    Central Banking Servicesee Fund Organization and Administration

    Ceylon—balance of payments and reserves, 97, 98*, 100, 154-55*; capital movements, 102*; drawings, 49, 132, 133*; economic developments, 102, 106; export earnings, 98*; international trade, 102*, 104; repurchase from Fund, 136*; standby arrangements, 134*, 135; tea prices, 95†

    Chad—Fund quota increase, 130

    Chile—balance of payments and reserves, 97, 98*, 99, 100*, 154-55*; capital movements, 102*; copper prices, 95†; drawing, 133*; export earnings, 98*; financial developments, 108; inflation, 108; international trade, 102*, 104; repurchase from Fund, 136*; stabilization problems, 108; stand-by arrangement, 134*

    China, Mainland—gold exports to U.K., 123*; gold imports from U.K., 123*; gold purchases, 116; international trade, 73, 74*, 86

    China, Republic of—balance of payments and reserves, 80, 97, 98*, 99, 100*, 154-55*; capital movements, 102*, 103; economic developments, 106; export earnings, 98*; gold and foreign exchange reserves, 23*; international trade, 102*, 105; reserves, 92

    Cocoa—prices, 93, 95†

    Coffee—prices, 93, 95†, 96*, 98*

    Colombia—balance of payments and reserves, 97, 98*, 99, 100, 154-55*; capital movements, 102*, 103*; coffee prices, 95†; drawings, 49, 132, 133*; economic developments, 102, 107; export earnings, 98*; gold production, 114*, 116; inflation, 108; international trade, 102*, 104; repurchase from Fund, 136*; stabilization problems, 108-109; stand-by arrangements, 132-33, 134*

    Compensatory Financingsee Fund Transactions

    Congo (Brazzaville)—Fund quota increase, 130*

    Congo, Democratic Republic of—economic developments, 101, 102, 106; financial developments, 108; Fund quota increase, 130*; gold production, 114*, 116

    Copper—prices, 93, 95†

    Cost of Living—selected countries, 58†

    Costa Rica—balance of payments and reserves, 97, 98*, 154-55*; capital movements, 102, 103*; drawings, 133*; economic developments, 102, 107; export earnings, 98*; Fund Article VIII, acceptance of, 129*; Fund quota increase, 130*; international trade, 102*; repurchase from Fund, 136*; standby arrangement, 134*

    Cotton—prices, 93, 95†

    Credit and Credit Controlsee Bank Creditand Monetary Policy

    Cyprus—balance of payments and reserves, 154-55*; repurchase from Fund, 136*

    Dahomey—Fund quota increase, 130*

    Denmark—balance of payments and reserves, 82; capital market, 35, 37*; cost of living, 58; Fund Article VIII, acceptance of, 48, 129; gold and foreign exchange reserves, 23*; gold transactions, 14*; industrial production, 84*, 85*; international trade, 84*, 85, 86, 87; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; monetary policy, 64; prices, 58

    Discount Rates—industrial countries, 62-64

    Dominican Republic—balance of payments and reserves, 154-55*; capital movements, 102, 103*; drawing, 49, 132, 133*; economic developments, 102; Fund Article VIII, acceptance of, 129*; Fund quota increase, 130*; international trade, 102*

    Drawingssee Fund Transactionsand individual countries

    Ecuador—balance of payments and reserves, 154-55*; capital movements, 102*, 103*; drawing, 133*; economic developments, 102, 107; international trade, 102*; repurchase from Fund, 136*; stand-by arrangements, 134*, 135

    Edible Oils—prices, 95†

    El Salvador—balance of payments and reserves, 154-55*; capital movements, 102, 103*; drawing, 133*; Fund Article VIII, acceptance of, 129*; international trade, 102*; stand-by arrangement, 134*

    Ethiopia—balance of payments and reserves, 97, 98*, 154-55*; capital movements, 102*, 103*; export earnings, 98*; international trade, 102*

    Euro-Dollar Market—7, 15, 29, 34-35, 38, 69, 89, 90

    Euro-Issues—29, 32, 33, 38, 87-88

    Europe—balance of payments and reserves, 77†, 78*; capital markets, 26, 32, 33, 36, 37; capital movements, 29, 31*, 34*, 81, 88*; economic developments, 5, 101; gold, foreign exchange, and reserve position in Fund, 12*, 15*, 23*, 24-25; gold exports to U.K., 123*; gold imports from U.K., 123*; industrial production, 71†, 73*; interest rates, 3; international trade, 71†, 72*, 73*, 75*; investment, 26; U.S. direct investment in, 90*; wages, 59; see also individual countries

    European Economic Community—balance of payments and reserves, 6, 7, 77†, 78-79, 82*, 83-84; capital markets, 33, 37; capital movements, 29*, 31*, 34*, 76, 82, 87, 88*; cost of living, 581; economic situation, 57; export prices, 60† industrial production, 56†, 57; international trade, 73*, 75*; prices, 58†; wages, 59†; see also individual countries

    European Free Trade Association—balance of payments and reserves, 82*; industrial production, 73*; international trade, 72, 73*, 75*, 76†; see also individual countries

    European Fund—gold transactions, 116*

    Exchange Rate Policies—39-47

    Executive Directorssee Fund Executive Board

    Export Earnings—94†, 96-97, 98*; see also World Tradeand individual countries

    Exports—industrial countries, 71-87; primary producing countries, less developed, 93, 96-97; primary producing countries, more developed, 93, 96

    Far East—balance of payments and reserves, 7, 80, 81, 97; economic developments, 101; gold, foreign exchange, and reserve position in Fund, 12*, 92; international trade, 105; see also individual countries

    Finland—balance of payments and reserves, 21, 80, 99*, 154-55*; capital movements, 112-13; drawing, 133*; economic developments, 112-13; export earnings, 99*; gross domestic product, 112; monetary policy, 64; stand-by arrangement, 113, 133, 134*

    Fiscal Policy—industrial countries, 60-62; see also individual countries

    Foreign Exchangesee Exchange Rate Policies; Export Earnings; Reserves, Gold and Foreign Exchange;and individual countries

    France—balance of payments and reserves, 6, 8, 82, 83†, 148*; bonds, industrial, yields of, 67, 68†; budget deficits and surpluses, 61*; capital market, 28*, 32*, 35, 36*, 37*, 65, 88*; capital movements, 29*, 30, 31*, 34, 69, 70, 76, 87, 88*, 90; cost of living, 58; discount rates, 62†; economic growth, 4, 5, 55, 64; economic situation, 58; export prices, 60; fiscal policy, 5, 56, 60, 62; Fund Article VIII, acceptance of, 129*; Fund quota increase, 130*; General Arrangements to Borrow, extended, 50; gold, foreign exchange, and reserve position in Fund, 12*, 23*, 24, 25†, 91; gold exports to U.K., 123*; gold imports from U.K., 123*; gold policy, 24, 122-23, 124; gold prices, 122; gold transactions, 13, 14*, 121*; gross national product, 58; industrial production, 4*, 56, 57†, 58, 84*, 85*; interest rates, 28†, 67, 68, 69; international trade, 4*, 72, 76†, 84*, 85, 86, 87; investment, 27; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; monetary policy, 64; prices, 58; wages, 59

    Fund Articles of Agreement—49, 50; Article V, Section 1(b), repurchase postponement, 135, 136; Article V, Section 8 (f), payment of Fund charges, 138; Article VIII, Sections 2, 3, and 4, acceptance of, 39, 48, 129; Article VIII, Sections 2, 3, and 4, consultations, 51, 139; Article VIII, Sections 2, 3, and 4, convertible currencies, 49; Article XIV, Section 2, consultations, 51, 139

    Fund Assistance to Memberssee Fund Services to Members

    Fund Board of Governors—quota increases, 130; Resolutions 20-6 and 20-7, 130

    Fund Consultations with Memberssee Fund Services to Members

    Fund Cooperation with Other International Organizations—141-43; see also individual organizations

    Fund Currency Holdingssee Fund Resources

    Fund Executive Board—129; Executive Directors, list and voting power, 162-64; membership changes, 165-70

    Fund Executive Board Decisions—102-(52/ll), currencies for use in repurchase, 160; 270-(53/95), currencies for use in repurchase, 160; 1477-(63/8), compensatory financing, 159; 2192-(66/81), compensatory financing, 49, 131, 159-61

    Fund Financial Statements—171-82

    Fund Gold Holdingssee Fund Resources

    Fund Managing Director—addresses, etc., 141

    Fund Members—applications to become, 129; new, 48, 129; number of, 129; par values, 129-30; readmitted, 48, 129

    Fund Organization and Administration—Audit Committee, 174-75, 180-81; budget and expenditure, 143, 171-73, 178; Central Banking Service, 51, 140; Fiscal Affairs Department, 51, 140; IMF Institute, 52, 140-41; publications, 143-44; staff, 143; Staff Retirement Fund, 174, 180-81, 182; see also Fund Board of Governors, Fund Executive Board, and Fund Managing Director

    Fund Quotas—increases, 21, 48, 50, 129, 130-31

    Fund Resources—50; General Arrangements to Borrow, 48, 50; gold and currency holdings, 13, 17, 50, 116, 118, 132; U.S. securities, investment in, 143, 176-77, 179

    Fund Services to Members—consultations, 51, 139; debt renegotiation, 51-52; IMF Institute, 52, 140-41; technical assistance, 51-52, 139-40; see also Fund Organization and Administration: Central Banking Service, Fiscal Affairs Department

    Fund Transactions—48-50, 131-81; borrowing from Italy, 17, 48, 50, 132; charges to members, 136, 138; compensatory financing, 21, 39-40, 48, 49, 131-32; currencies used by Fund, 136, 137*; drawings, 20, 48-50, 113, 132, 137*, 139*; gold transactions, 16-17, 116, 118; gold transactions service, 125; repurchases by members, 118, 135-36, 137*, 139*; stand-by arrangements, 49-50, 113, 132-35, 139*; summary, 136; waivers, 50, 135

    Gabon—economic developments, 101; Fund quota increase, 130*; gross domestic product, 101

    Gambia—membership in Fund, application for, 129

    General Agreement on Tariffs and Trade—Fund cooperation with, 141, 142-43

    General Arrangements to Borrow—see Fund Resources

    Germany—balance of payments and reserves, 9, 78*, 79, 81, 82, 83†, 149*; bonds, government, yields of, 27†, 66, 67, 68; bonds, industrial, yields of, 67, 68†; budget deficits, 61*; capital market, 5, 28*, 32*, 35, 36*, 37*, 65, 66, 88*; capital movements, 7, 29, 31*, 34*, 55, 76, 78, 84, 87, 88*, 90; cost of living, 58; discount rates, 62, 63-64; economic growth, 5, 55, 86; economic situation, 6, 57; export prices, 60; fiscal policy, 27, 60, 61; Fund Article VIII, acceptance of, 129*; Fund quota increase, 130*; General Arrangements to Borrow, extended, 50; gold, foreign exchange, and reserve position in Fund, 12*, 18, 23*, 25, 91, 120; gold exports to U.K., 123*; gold imports, 120; gold imports from U.K., 123*; gold policy, 22; gold transactions, 14*, 121*; gross national product, 57; industrial production, 4*, 5, 55, 56, 57, 73*, 84*, 85*; interest rates, 27, 28†, 66, 68; international trade, 4*, 72, 73*, 76†, 84*, 85, 86, 87; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; monetary policy, 63-64; personal saving, 65; prices, 58; wages, 60

    Ghana—balance of payments and reserves, 97, 98*, 99, 100*, 154-55*; capital movements, 102*, 103*; cocoa prices, 95†; debt servicing problems, 51-52; drawings, 49, 132, 133*; economic developments, 102, 106; export earnings, 98*; financial developments, 107; gold exports to U.K., 123*; gold production, 114*, 116; international trade, 102*; par value changed, 130; repurchase from Fund, 136*; stabilization problems, 111; stand-by arrangement, 133, 134*

    Gold—absorption by private holders, industry, and arts, 13, 117†, 118-20; coins, prices of, 120; hoarding, 118-19; holdings, 12-14, 17, 50, 116-20; markets, 120-24; movements, 120-24; national policies affecting, 22-25, 122-25; prices, 120-24; production, 114-16, 117†; subsidy programs, 124-25; transactions service of Fund, 125; see also Fund Transactions

    Gold Pool—13, 14*, 121-22

    Greece—balance of payments and reserves, 80, 99*, 154-55*; capital movements, 102*, 103*; economic developments, 113; export earnings, 99*; gold policy, 123; international trade, 102*; prices, 113

    Gross National Product—selected countries, 57*

    Guatemala—balance of payments and reserves, 97, 98*, 154-55*; capital movements, 102*, 103*; drawing, 133*; economic developments, 107; export earnings, 98*; Fund Article VIII, acceptance of, 129*; international trade, 102*; repurchase from Fund, 136*; standby arrangements, 50, 134*, 135

    Guinea—drawing, 132, 133*; Fund quota increase, 130*

    Guyana—Fund Article VIII, acceptance of, 48, 129; membership in Fund, 48, 129; par value established, 130*; stand-by arrangement, 133, 134*

    Haiti—balance of payments and reserves, 154-55*; capital movements, 102*, 103*; drawings, 133*; economic developments, 102; Fund Article VIII, acceptance of, 129*; international trade, 102*; repurchase from Fund, 136*; stand-by arrangements, 134*, 135

    Honduras—balance of payments and reserves, 154-55*; capital movements, 102; economic developments, 107; Fund Article VIII, acceptance of, 129*; international trade, 102*; repurchase from Fund, 136*; stand-by arrangement, 134*

    Hong Kong—balance of payments and reserves, 98*; export earnings, 98*; gold prices, 123, 124*; international trade, 105

    Iceland—balance of payments and reserves, 80*, 99*, 154-55*; economic developments, 112; export earnings, 99*

    India—balance of payments and reserves, 98*, 99, 154-55*; capital movements, 102*, 103*; economic developments, 102, 106; export earnings, 98*; financial developments, 107; food problem, 84; gold and foreign exchange reserves, 23*; gold hoarding, 120; gold policy, 124; gold prices, 124; gross domestic product, 106; inflation, 110; international trade, 102*, 104-105; par value changed, 129; repurchase from Fund, 136*; stabilization problems, 110

    Indonesia—balance of payments and reserves, 98*; debt servicing problems, 51; economic developments, 101, 102, 106; export earnings, 98*; financial developments, 107; industrial production, 106; membership in Fund, 48, 129; stabilization problems, 110

    Industrial Countries—3-7; aid to other countries, 8; balance of payments and reserves, 8-9, 77†, 78-79, 81, 82*; capital markets, 64-66; capital movements, 69-70, 76, 78, 81; discount rates, 62-63; drawings, 138†; economic policy adjustments, 4-5; economic situation, 6, 55-70; employment, 4; export prices, 60; fiscal policy, 60-62; gold, foreign exchange, and reserve position in Fund, 12, 15*, 23*; gold transactions, 14*; industrial production, 4*, 71, 73*, 84*, 85*; interest rates, 55, 66-69; international trade, 4*, 71-75, 84-87; monetary policy, 62-64; prices, 58-59; stand-by arrangements, 138†; U.S. direct investment in, 90*; wages, 59

    Industrial Production—3, 56†, 57†; industrial countries, 4*, 71, 73*, 84*, 85*; primary producing countries, more developed, 71†, 73*

    Inflation—3; primary producing countries, less developed, 40, 44-45, 108-110, 111; see also Price Stabilityand Stabilization Programs

    Inter-American Committee on the Alliance for Progress—Fund cooperation with, 141

    Inter-American Development Bank—Fund cooperation with, 141

    Interest Rates—3; industrial countries, 55, 66-69; selected countries, 28†

    International Bank for Reconstruction and Development (World Bank)—aid to Ghana discussed, 52; Fund cooperation with, 141

    International Liquidity—3, 9-10, 48, 51

    International Monetary Fundsee Fund

    International Monetary System—9, 22, 25, 51

    International Organizations—Fund cooperation with, 141-42

    International Reserves—11-25; changes in countries’ assets, 11†; components of growth, 12-17; created through credits, 19-22; determinants of growth, 17-19; national policies affecting composition, 22-25; see also Reserves, Gold and Foreign Exchange

    International Tradesee World Tradeand individual countries

    Iran—balance of payments and reserves, 98*, 100, 154-55*; capital movements, 102, 103*; economic developments, 106; export earnings, 98*; financial developments, 108; international trade, 102*; prices, 107

    Iraq—balance of payments and reserves, 97, 98*, 154-55*; capital movements, 102*; drawing, 132, 133*; economic developments, 106; export earnings, 98*; financial developments, 107; international trade, 102*

    Ireland—balance of payments and reserves, 79-80, 97, 99*, 154-55*; capital movements, 113; criteria for borrowing in U.K., 69-70; economic developments, 112, 113; export earnings, 99*; Fund Article VIII, acceptance of, 129*; gold and foreign exchange reserves, 23*; gross domestic product, 113; repurchase from Fund, 136*

    Israel—balance of payments and reserves, 98*, 99, 106, 154-55*; capital movements, 102*, 103; economic developments, 101, 106; export earnings, 98*; financial developments, 108; gold and foreign exchange reserves, 23*; inflation, 106; international trade, 102*

    Italy—balance of payments and reserves, 6, 8-9, 50, 79*, 82, 83†, 150*; bonds, government, yields of, 27†; bonds, industrial, yields of, 67, 68†; borrowing by Fund, 17, 48, 50, 132; budget deficits, 61*; capital market, 28*, 32*, 35, 36*, 37*, 65, 88*; capital movements, 7, 21, 25, 29, 31*, 34, 55, 76, 87, 88*, 90, 91; cost of living, 58; discount rates, 62†; economic growth, 4, 5, 55, 59, 64; economic situation, 58; export prices, 60; fiscal policy, 5, 27, 56, 60, 62; Fund Article VIII, acceptance of, 129*; General Arrangements to Borrow, extended, 50; gold, foreign exchange, and reserve position in Fund, 12*, 18, 23*, 25, 91; gold imports from U.K., 123*; gold prices, 123, 124*; gold transactions, 13, 14*, 121*; gross national product, 57*, 58; industrial production, 4*, 56, 57, 58, 84*, 85*; interest rates, 67; international trade, 4*, 72, 76†, 84*, 85, 86, 87; investment, 27; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; monetary policy, 5, 64; personal saving, 65; prices, 58; wages, 59

    Ivory Coast—balance of payments and reserves, 98*, 154-55*; export earnings, 98*; Fund quota increase, 130*

    Jamaica—balance of payments and reserves, 154-55*; Fund Article VIII, acceptance of, 129*; international trade, 104; repurchase from Fund, 136*

    Japan—balance of payments and reserves, 8, 9, 77†, 78, 79*, 81, 82, 83†, 84, 151*; budget deficits, 61*; capital market, 28*, 33*, 35, 36, 37, 65, 88*; capital movements, 7, 21, 25, 29, 31*, 34, 55, 64, 76, 87, 88*, 90; cost of living, 58; discount rates, 62†; economic growth, 4, 5, 55, 64; economic situation, 58; export prices, 60; fiscal policy, 5, 56, 60, 62; Fund Article VIII, acceptance of, 129*; General Arrangements to Borrow, extended, 50; gold, foreign exchange, and reserve position in Fund, 12*, 15*, 23*, 91; gold production, 114*, 116, 120; gold transactions, 14*, 120; gross national product, 57*; industrial production, 4*, 56, 58, 71†, 73*, 84*, 85*; interest rates, 67, 69; international trade, 4*, 71†, 72, 73*, 75*, 76†, 84*, 85*, 86, 87; investment, 26; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; monetary policy, 5, 64; prices, 58; U.S. direct investment in, 90*; wages, 59

    Jordan—balance of payments and reserves, 154-55*; capital movements, 102*, 103; economic developments, 106; financial developments, 107; Fund quota increase, 130*; international trade, 102*; repurchase from Fund, 136*

    Kenya—balance of payments and reserves, 98*, 154-55*; export earnings, 98*; par value established, 130*

    Korea—balance of payments and reserves, 80, 98*, 99, 100*, 154-55*; capital movements, 102*, 103; economic developments, 106; export earnings, 98*; financial developments, 107-108; Fund quota increase, 131; inflation, 107; international trade, 102*, 105; prices, 107; reserves, 92; stand-by arrangements, 134*, 135

    Kuwait—balance of payments and reserves, 98*; export earnings, 98*; Fund Article VIII, acceptance of, 129*

    Laos—gold imports, 120

    Latin America—balance of payments and reserves, 97, 154-55*; capital markets, 33*; capital movements, 81; economic developments, 106, 107; financial developments, 107; gold, foreign exchange, and reserve position in Fund, 12*, 92; international trade, 72, 75, 86, 105, 106; see also individual countries

    Lead—prices, 93, 95†

    Lebanon—Fund quota increase, 130*; gold and foreign exchange reserves, 23*; gold prices, 123, 124*

    Liberia—drawing, 133*; economic developments, 101; gross domestic product, 101; repurchase from Fund, 136*; stand-by arrangements, 134*, 135

    Libya—balance of payments and reserves, 97, 98*, 154-55*; capital movements, 102*, 103*; economic developments, 101; export earnings, 98*; gold and foreign exchange reserves, 23*; gross domestic product, 101; international trade, 102*

    Liquiditysee International Liquidity

    Luxembourg—balance of payments and reserves, 82; capital market, 32*; Fund Article VIII, acceptance of, 129*; Fund quota increase, 130*; see also Belgium-Luxembourg

    Macao—gold imports, 120

    Maize—prices, 95†

    Malaysia—balance of payments and reserves, 80, 98*, 154-55*; capital movements, 102*; currency used in Fund transactions, 48; economic developments, 106; export earnings, 98*; financial developments, 107; Fund quota increase, 130*, 131; gold and foreign exchange reserves, 23*; international trade, 102*; prices, 107; reserves, 92; rubber prices, 95†; tin prices, 95†

    Malawi—balance of payments and reserves, 154-55*; par value established, 130*

    Mali—financial developments, 107

    Malta—membership in Fund, application for, 129

    Manufacturing Countriessee Industrial Countries

    Mauritania—balance of payments and reserves, 97, 98*; economic developments, 101; export earnings, 98*; Fund quota increase, 130*; gross domestic product, 101

    Metalssee Minerals and Metals

    Mexico—balance of payments and reserves, 97, 98*, 99, 100*, 154-55*; capital movements, 102*; central bank credit, 20; cotton prices, 95†; economic developments, 101, 102, 107; export earnings, 98*; Fund Article VIII, acceptance of, 129*; gold and foreign exchange reserves, 23*; gold production, 114*, 116; international trade, 102*; prices, 107

    Middle East—balance of payments and reserves, 81†, 154-55*; capital movements, 81; economic developments, 101, 106; gold, foreign exchange, and reserve position in Fund, 12*, 92; gold exports to U.K., 123*; gold imports from U.K., 123*; international trade, 75, 104-105; U.S. direct investment in, 90*; see also individual countries

    Minerals and Metals—prices, 74, 93, 94†, 95†

    Monetary Policy—industrial countries, 62-64; see also individual countries

    Money Marketssee Capital Markets

    Morocco—balance of payments and reserves, 97, 98*, 154-55*; capital movements, 102*, 103*; export earnings, 98*; financial developments, 107; Fund quota increase, 130*; international trade, 102*; stand-by arrangements, 49, 134*, 135

    Netherlands—balance of payments and reserves, 82, 84, 151*; bonds, government, yields of, 27†, 68; budget deficits and surpluses, 61*; capital market, 28*, 32*, 35, 36, 37*, 65, 88*; capital movements, 29*, 31*, 34*, 76, 87, 88*; cost of living, 58; discount rates, 62, 64; economic growth, 5; economic situation, 57, 58; fiscal policy, 27, 60, 61; Fund Article VIII, acceptance of, 129*; Fund quota increase, 130*; General Arrangements to Borrow, extended, 50; gold, foreign exchange and reserve position in Fund, 12*, 23*; gold transactions, 14*, 121*; gross national product, 57; industrial production, 56, 57†, 84*, 85*; interest rates, 28†, 66, 68; international trade, 72, 76†, 84, 85*, 86; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; monetary policy, 64; prices, 58; wages, 59

    New Zealand—balance of payments and reserves, 21, 77†, 78*, 80, 81†, 99*, 112, 154-55*; capital movements, 29, 31*, 34*, 80, 88*; central bank credit, 20; criteria for borrowing in U.K., 69-70; drawing, 49, 132; economic developments, 112; export earnings, 99*; gold, foreign exchange, and reserve position in Fund, 12*, 91; industrial production, 71†, 73*; international trade, 71†, 72, 73, 75*; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; par value established, 130; U.S. direct investment in, 90*; wool prices, 93, 95†, 112

    Nicaragua—balance of payments and reserves, 154-55*; capital movements, 102; Fund Article VIII, acceptance of, 129*; gold production, 116; international trade, 102*; repurchase from Fund, 136*

    Nickel—prices, 93

    Niger—Fund quota increase, 130*

    Nigeria—balance of payments and reserves, 98*, 100, 154-55*; capital movements, 102*, 103*; economic developments, 101, 106; export earnings, 98*; Fund quota increase, 130*; international trade, 102*

    Nordic Countries—capital markets, 33*; capital movements, 29*, 31*, 34*, 88*; international trade, 86; see also individual countries

    Norway—balance of payments and reserves, 82; capital market, 35, 36*, 37*; cost of living, 58; currency used in Fund transactions, 48; Fund Article VIII, acceptance of, 48, 129; Fund quota increase, 130*; gold and foreign exchange reserves, 23*; gold transactions, 14*; industrial production, 84*, 85*; international trade, 84, 85, 86, 87; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; monetary policy, 64; prices, 58

    Oilsee Edible Oilsand Petroleum

    Organization for Economic Cooperation and Development—Fund cooperation with, 141, 142

    Pakistan—balance of payments and reserves, 97, 98*, 99, 100, 154-55*; capital movements, 102, 103*; economic developments, 106; export earnings, 98*; financial developments, 107; international trade, 102*, 104-105; repurchase from Fund, 136*; stabilization problems, 110

    Panama—balance of payments and reserves, 98*, 154-55*; capital movements, 102*, 103*; export earnings, 98*; financial developments, 108; Fund Article VIII, acceptance of, 129*; international trade, 102*; stand-by arrangement, 134*

    Par Valuessee Fund Membersand individual countries

    Paraguay—balance of payments and reserves, 154-55*; capital movements, 102*, 103*; financial developments, 108; international trade, 102*; stand-by arrangement, 49, 133, 134*

    Peru—balance of payments and reserves, 98*, 99, 100*, 154-55*; capital movements, 102, 103*; economic developments, 101-102, 107; export earnings, 98*; Fund Article VIII, acceptance of, 129*; Fund quota increase, 131; international trade, 102*; investment, 107; stand-by arrangement, 134*

    Petroleum—prices, 96*, 98*

    Petroleum Exporters—balance of payments and reserves, 7, 78*, 80, 81; gold, foreign exchange, and reserve position in Fund, 12*, 92

    Philippines—balance of payments and reserves, 80, 98*, 100, 154-55*; capital movements, 102*, 103; economic developments, 106; export earnings, 98*; financial developments, 107; Fund quota increase, 130*; gold production, 114*, 116; gold subsidy program, 124; industrial production, 106; international trade, 102*, 104; repurchase from Fund, 136*; reserves, 92; stand-by arrangements, 134*, 135

    Portugal—balance of payments and reserves, 80, 99*, 154-55*; capital movements, 102*; economic developments, 113; export earnings, 99*; gold and foreign exchange reserves, 23*; international trade, 102*

    Price Stability—primary producing countries, less developed, 108

    Prices—export, 60, 96*, 98*; gold, 122†; industrial countries, 58-59; primary products, 73-74, 93-97; wholesale, 58†; see also Cost of Living

    Primary Producing Countries, Less Developed—balance of payments and reserves, 7-8, 78*, 80-81, 97, 98*, 100*, 154-55*; capital movements, 29-30, 31*, 34*, 88*, 103; drawings, 49, 132, 138†; economic developments, 6, 101, 103-104, 106-107; exchange rate, benefits of appropriate, 45-47; exchange rate adjustment, need for, 41; exchange rate policies, 39-47; exchange reform, experience with, 43-45; export earnings, 4, 76, 94†, 96*, 98*, 101-102; export prices, 96*; export promotion, opportunities for, 47; financial developments, 107-108; gold, foreign exchange, and reserve position in Fund, 12*, 15*, 22, 23*, 91-92; gold transactions, 14*; inflation, 32, 40, 44-45; international trade, 4*, 72, 73, 74, 75, 104*, 105-106; payments problems and policy responses, 39-41; repurchases from Fund, 49; resources, use of affected by payments restrictions, 42-43; stand-by arrangements, 138†; taxes, 43-44; U.S. direct investment in, 90*; see also individual countries

    Primary Producing Countries, More Developed—balance of payments and reserves, 7, 77†, 78*, 79-80, 81†, 97, 99*, 154-55*; capital movements, 7, 29, 81; drawings, 48-49, 132, 138†; economic developments, 6, 112-13; export earnings, 4, 73-74, 94†, 96*, 99*; gold, foreign exchange, and reserve position in Fund, 12*, 15*, 22, 23*, 92; gold transactions, 14*; industrial production, 71†, 73*; international trade, 4*, 71†, 72, 73*, 74*, 75*; investment, 26; repurchases from Fund, 49; stand-by arrangements, 138†; U.S. direct investment in, 90*; see also individual countries

    Quotas of Fund Memberssee Fund Quotas

    Reserves, Gold and Foreign Exchange—91-92; world, 3, 8, 11-25, 116*, 117†, 119*

    Rhodesia—balance of payments and reserves, 98*; export earnings, 98*; gold production, 114*; gold subsidy program, 124

    Rice—prices, 95†

    Rubber—prices, 93, 95†

    Rwanda—drawing, 133*; Fund quota increase, 130*; stand-by arrangements, 134*, 135

    Saudi Arabia—balance of payments and reserves, 97, 98*, 154-55*; capital movements, 102-103; economic developments, 101; export earnings, 98*; Fund Article VIII, acceptance of, 129*; gold and foreign exchange reserves, 23*; gross domestic product, 101; international trade, 102*

    Securities Marketssee Capital Markets Sierra Leone—balance of payments and reserves, 154-55*; drawing, 132, 133*; stand-by arrangement, 133, 134*

    Singapore—balance of payments and reserves, 98*; export earnings, 98*; international trade, 105; membership in Fund, 48, 129; par value established, 130

    Sisal—prices, 93, 95†

    Somalia—balance of payments and reserves, 154-55*; stand-by arrangements, 49, 134*, 135

    South Africa—balance of payments and reserves, 21, 77†, 78*, 79-80, 81†, 97, 99*, 112, 154-55*; capital market, 33; capital movements, 29, 31*, 34*, 80, 88*, 112; criteria for borrowing in U.K., 69-70; discount rates, 62*; economic developments, 112; export earnings, 99*; gold, foreign exchange, and reserve position in Fund, 12*, 23*, 91; gold exports to U.K., 123*; gold production, 114-15; gold subsidy program, 124; gross national product, 112; industrial production, 71†, 73*; international trade, 71†, 72-73, 75*, 86; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; U.S. direct investment in, 90*

    South America—economic developments, 101; gold exports to U.K., 123*; gold imports from U.K., 123*; international trade, 105; stabilization programs, 108-110; wool prices, 93; see also individual countries

    Soviet Countries—gold exports to U.K., 123*; gold imports from U.K., 123*; international trade, 73, 74*, 86

    Spain—balance of payments and reserves, 78*, 80, 81†, 99*, 113, 154-55*; capital market, 35, 37*; capital movements, 102*, 113; drawing, 113, 133*; economic developments, 113; export earnings, 99*; gold and foreign exchange reserves, 23*; gold purchases, 121*; international trade, 102; reserves, 91

    Stabilization Programs—primary producing countries, less developed, 108-111

    Stand-By Arrangementssee Fund Transactionsand individual countries

    Sterling Area—capital markets, 33*

    Sudan—balance of payments and reserves, 98*, 100*, 154-55*; capital movements, 102*, 103*; drawings, 49, 131, 133*; export earnings, 98*; financial developments, 107; international trade, 102*; repurchase from Fund, 136*; stabilization problems, 111; stand-by arrangement, 49, 134*, 135

    Sugar—prices, 93

    Sweden—balance of payments and reserves, 82*; budget deficits and surpluses, 61*; capital market, 28*, 35, 36*, 37*, 65; cost of living, 58, 59; discount rates, 62*, 64; economic growth, 86; export prices, 60; fiscal policy, 27, 60, 61; Fund Article VIII, acceptance of, 129*; General Arrangements to Borrow, extended, 50; gold and foreign exchange reserves, 23*; gold transactions, 14*; industrial production, 84*, 85*; international trade, 84*, 85, 86, 87; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; prices, 58; wages, 59

    Switzerland—balance of payments and reserves, 82*; bonds, government, yields of, 27†; bonds, industrial, yields of, 68†; capital market, 28*, 32*, 36, 65, 88*; capital movements, 29*, 31*, 34*, 88*; cost of living, 58; discount rates, 62, 64; gold and foreign exchange reserves, 12*, 23*; gold exports to U.K., 123*; gold imports from U.K., 123*; gold transactions, 14*, 121*; industrial production, 84*, 85*; interest rates, 27, 28†, 68, 69; international trade, 84*, 85, 86, 87; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; prices, 58; wages, 59

    Syrian Arab Republic—balance of payments and reserves, 97, 98*, 154-55*; capital movements, 102*; economic developments, 106; export earnings, 98*; international trade, 102*; repurchase from Fund, 136*

    Tanzania—balance of payments and reserves, 98*, 154-55*; capital movements, 102*; export earnings, 98*; Fund quota increase, 130*; international trade, 102*; par value established, 130*

    Taxes—primary producing countries, less developed, 43-44

    Tea—prices, 95†

    Technical Assistance and Cooperationsee Fund Organization and Administration: Central Banking Service and Fund Services to Members

    Thailand—balance of payments and reserves, 80, 97, 98*, 99, 100*, 154-55*; capital movements, 102*, 103*; economic developments, 102, 106; export earnings, 98*; financial developments, 107; gold and foreign exchange reserves, 23*; international trade, 102*; reserves, 92; rice prices, 95†

    Tin—prices, 93, 95†

    Trinidad and Tobago—balance of payments and reserves, 154-55*

    Tunisia—balance of payments and reserves, 98*, 154-55*; capital movements, 102, 103*; drawings, 133*; economic developments, 102; export earnings, 98*; financial developments, 107; Fund quota increase, 130*; international trade, 102*; repurchase from Fund, 136*; stand-by arrangements, 134*, 135

    Turkey—balance of payments and reserves, 80, 99, 154-55*; capital movements, 102*, 103*; drawing, 133*; economic developments, 113; export earnings, 99*; Fund quota increase, 130*; gold and foreign exchange reserves, 23*; gold purchases, 121*; international trade, 102*; prices, 113; repurchase from Fund, 136*; stand-by arrangements, 50, 134*, 135

    Uganda—balance of payments and reserves, 98*, 154-55*; capital movements, 102-103; export earnings, 98*; international trade, 102*; par value established, 130*

    Union of Soviet Socialist Republics—gold production, 116; gold sales, 116*, 117†; see also Soviet Countries

    United Arab Republic—balance of payments and reserves, 97, 98*, 99, 100*, 154-55*; capital movements, 102, 103*; drawing, 49, 131; economic developments, 102, 106; export earnings, 98*; financial developments, 107; gold and foreign exchange reserves, 23*; international trade, 102*, 104; repurchase from Fund, 136*

    United Kingdom—balance of payments and reserves, 6, 7, 8, 77†, 78*, 79, 81, 82*, 83†, 84, 153*; bonds, government, yields of, 27†, ; 66, 67, 68; bonds, industrial, yields of, 67, 68†; bonds issued, industrial, 68; budget deficits, 61*; capital market, 7, 26, 28*, 32, 33, 35, 36*, 37*, 65, 88*; capital movements, 21, 29, 30, 31*, 34, 35, 38, 55-56, 69, 78, 84, 87, 88*, 89-90, 91; claims on, 15, 16*; Control of * Borrowing Order, 70; cost of living, 58; discount rates, 62, 63; drawings, 16, 48, 138†; economic growth, 5, 86; economic situation, 6, 55, 57; employment, 57; export prices, 60; fiscal policy, 56, 60-61; Fund Article VIII, acceptance of, 129*; General Arrangements to Borrow, extended, 50; gold, foreign exchange, and reserve position in Fund, 12*, 15*, 23*, 91, 121; gold exports, 123*; gold imports, 122, 123*; gold policy, 23; gold prices, 121, 122†; gold transactions, 14*, 121*; gross domestic product, 57*; industrial production, 4*, 5, 56, 57, 84*, 85*; interest rates, 3, 28†, 35, 66, 67†, 68; international trade, 4*, 76†, 84*, 85, 86, 87; investment, 26-27, 57; investment, direct, 30, 31; investment, direct, curbs on, 20; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; monetary policy, 63; personal saving, 65; prices, 58; repayments of borrowings, 19; repurchase from Fund, 49; stand-by arrangements, 138†; sterling, pressure on, 7; U.S. direct investment in, 90*; wages, 60

    United Nations—Conference on Trade and Development, 51, 141-42; Development Program, geological exploration projects, 116; Fund cooperation with, 141-42; international liquidity discussed, 51

    United States—balance of payments and reserves, 6, 8, 9, 78*, 76, 77†, 79, 81-82, 83†, 153*; bank credit, 65; bank credit to foreigners, 89; bonds, government, yields of, 271, 66, 68; bonds, industrial, yields of, 68; bonds issued, industrial, 68; budget deficits, 61*; capital market, 3, 5, 7, 21, 26, 28*, 32, 33, 35-36, 37*, 65, 66, 91; capital movements, 6, 7, 21, 29, 30, 31*, 32, 33, 34, 35, 38, 55, 65-66, 68, 69, 76, 82, 84, 87, 88*, 89; claims on, 13, 14-15, 21-22; cost of living, 58; discount rates, 62, 63; drawings, 48, 132, 133*, 136, 137*, 138†; economic growth, 5, 55; economic situation, 6, 56; employment, 56; export prices, 60; financing of affiliated companies in Europe, 33*; fiscal policy, 5, 60, 61; Fund Article VIII, acceptance of, 129*; General Arrangements to Borrow, extended, 50; gold, absorption of by industry, 119, 120; gold, foreign exchange, and reserve position in Fund, 12*, 15*, 19, 23*, 24, 91; gold holdings under earmark, 121; gold policy, 24; gold prices, 122†; gold production, 114*, 115; gold transactions, 14*, 120, 121; gross national product, 56; industrial production, 4*, 5, 55, 56, 71†, 72, 73*, 84*, 85*; interest equalization tax, 32, 69; interest rates, 3, 28†, 34, 66-67, 68, 69; international trade, 4*, 71†, 72, 73*, 75*, 76†, 84*, 85, 86, 87; investment, 26; investment, direct, 30, 31, 90-91; investment, direct, curbs on, 20; investment abroad, direct, 90*; investment and government expenditures, 26*; investment, government expenditures, and gross national product, 27*; monetary policy, 62-63, 69, 89; personal saving, 31, 65; prices, 5, 56, 58; standby arrangements, 138†; wages, 5, 59

    Upper Volta—Fund quota increase, 130*

    Uruguay—balance of payments and reserves, 97, 98*, 100, 154-55*; capital movements, 102*, 103*; drawing, 133*; economic developments, 107; export earnings, 98*; gold and foreign exchange reserves, 23*; international trade, 102*; repurchase from Fund, 136*; standby arrangement, 134*, 135

    Venezuela—balance of payments and reserves, 98*, 154-55*; capital movements, 102; currency used in Fund transactions, 48; export earnings, 98*; gold and foreign exchange reserves, 23*, 92; international trade, 102*; prices, 107

    Viet-Nam—balance of payments and reserves, 80, 97, 98*, 99, 100*, 154-55*; capital movements, 102*, 103; export earnings, 98*; Fund quota increase, 130*, 131; international trade, 102*; reserves, 92

    Wages—cost per manufactured unit, 59†; industrial countries, 59; rates, 59†

    Western Hemisphere—balance of payments and reserves, 81†; U.S. direct investment in, 90*; see also individual countries

    Wheat—prices, 95†

    Wool—prices, 93, 95†

    World Banksee International Bank for Reconstruction and Development

    World Reservessee Reserves, Gold and Foreign Exchangeand International Reserves

    World Trade—3, 4*, 71-76; export prices, 96*; industrial countries, 72-73, 75*, 85-87; primary producing countries, less developed, 72, 74*, 75*; primary producing countries, more developed, 71, 72, 73*, 74*, 75*

    Yugoslavia—balance of payments and reserves, 80, 99, 154-55*; capital movements, 102*, 103*; economic developments, 113; export earnings, 99*; industrial production, 113; international trade, 102*; repurchase from Fund, 136*; standby arrangements, 134*, 135

    Zambia—balance of payments and reserves, 97, 98*, 154-55*; export earnings, 98*

    Zinc—prices, 93, 95†

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