The General Arrangements to Borrow

Back Matter

Back Matter

Author(s):
Michael Ainley
Published Date:
September 1984
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    SELECTED BIBLIOGRAPHY

      Ainley, E.M., The IMF: Past, Present and Future (Bangor: University of Wales Press, 1979).

      de Vries, Margaret Garritsen, The International Monetary Fund, 1966-1971: The System Under Stress (Washington: International Monetary Fund, 1976), 2 vols.

      de Vries, Margaret Garritsen, The International Monetary Fund, 1972-1978: International Monetary Cooperation on Trial (Washington: International Monetary Fund, forthcoming), 3 vols.

      Gold, Joseph, The Fund’s Concept of Convertibility, IMF Pamphlet Series, No. 14 (Washington: International Monetary Fund, 1971).

      Gold, Joseph, International Capital Movements Under the Law of the International Monetary Fund, IMF Pamphlet Series, No. 21 (Washington: International Monetary Fund, 1977).

      Gold, Joseph, Legal and Institutional Aspects of the International Monetary System: Selected Essays (Washington: International Monetary Fund, 1979).

      Gold, Joseph, Legal and Institutional Aspects of the International Monetary System: Selected Essays, Vol. 2 (Washington: International Monetary Fund, 1984).

      Halm, George N., The International Monetary Fund and Flexibility of Exchange Rates, Essays in International Finance, No. 83 (Princeton, New Jersey: International Finance Section, Princeton University, March1971).

      Horsefield, J.K., and others, The International Monetary Fund, 1945-1965: Twenty Years of International Monetary Cooperation (Washington: International Monetary Fund, 1969), 3 vols.

      International Monetary Fund, Annual Report of the Executive Board (Washington), various issues.

      International Monetary Fund, Summary Proceedings of the Annual Meeting of the Board of Governors (Washington), various issues.

      Jacobsson, Erin E., A Life for Sound Money: Per Jacobsson: His Biography (Oxford, England: Clarendon Press, 1979).

      Selected Decisions of the International Monetary Fund and Selected Documents (Washington), various issues.

      United States, National Advisory Council on International Monetary and Financial Policies, Annual Report to the President and to the Congress for Fiscal Year 1982 (Washington: Government Printing Office, 1983).

      Williams, David, “Increasing the Resources of the Fund: Borrowing,”Finance & Development (Washington), Vol. 13 (September1976), pp. 1923

      Williamson, John, The Failure of World Monetary Reform, 1971-74 (Sunburyon-Thames, England: Nelson, 1977).

    United States, the United Kingdom, the Deutsche Bundesbank, France, Japan, Italy, Canada, Netherlands, Belgium, and the Sveriges Rjksbank.

    Gold (1979), Chap. 12, pp. 446-68.

    See Preamble to Executive Board Decision No. l289-(62/l), January 5, 1962, as amended, in Selected Decisions of the International Monetary Fund and Selected Documents. Tenth Issue (April 30, 1983) (hereinafter referred to as Selected Decisions. 10th (1983)), p. 117.

    Ibid., p. 486.

    Ibid., p. 492. The quotation is taken from Per Jacobsson’s concluding remarks delivered at the Fund’s Fifteenth Annual Meeting on September 30, 1960. See International Monetary Fund, Summary Proceedings of the Fifteenth Annual Meeting of the Board of Governors (September 1960), p. 125.

    de Vries (1976), Vol. 1, Chap. 1, pp. 11-24.

    Horsefield (1969), Vol. 1, Chap. 19, pp. 495-522.

    For a comprehensive account of this issue, see Gold (1977).

    Interpretation, Pursuant to Executive Board Decision No. 71-2, September 26, 1946, in Selected Decisions. 10th (1983), p. 18.

    Executive Board Decision No, 1238—(61/43). July 28, 1961, in Selected Decisions. 10th (1983), p. 18.

    For a detailed account of the guidelines, see Horsefield and others (1969), Vol. 2, Chap. 19, pp. 428-67.

    Article VII, Section 2 of the original Articles stated, inter alia, that:

    The Fund may, if it deems such action appropriate to replenish its holdings of any member’s currency...

    (i) Propose to the member that, on terms and conditions agreed between the Fund and the member, the latter lend its currency to the Fund or that, with the approval of the member, the Fund borrow such currency from some other source either within or outside the territories of the member, but no member shall be under any obligation to make such loans to the Fund or to approve the borrowing of its currency by the Fund from any other source.

    Ibid., p. 358.

    Ibid., p. 360. The quotation is taken from an entry in Per Jacobsson’s diary dated January 27, 1961. It describes Jacobsson’s estimation of the view of Jean de Largentaye. Executive Director for France, concerning replenishment of the Fund’s resources by borrowing.

    Gold (1979), Chap. 12, pp. 446-68.

    Preamble to Executive Board Decision No. 1289-(62/1), January 5, 1962, as amended, in Selected Decisions. 10th (1983), p. 117.

    See subsection 4, “Activation.”

    Denominating the credit lines in national currencies meant that the gold (later the SDR) value of individual credit lines could, and did, change in response to exchange rate changes. The participants felt that exchange rate changes would reflect shifts in their relative economic positions and, hence, in their ability to provide finance to the Fund. (See Section IV.)

    See subsection 4.

    Paragraphs 6 and 7 of Executive Board Decision No. 1289-(62/1). January 5. 1962, as amended, in Selected Decisions, 10th (1983). pp. 119-21.

    Ibid., pp. 128-31.

    Ibid., pp. 119-21.

    Ibid., Paragraph 10, p. 122.

    The gold tranche represented the first part of a member’s drawing rights in the Fund, namely the amount by which the Fund’s holdings of a member’s currency were less than 100 percent of quota. Use of the gold tranche became legally automatic after the First Amendment of the Articles in 1969, and various other improvements in its characteristics have been made since then. It was renamed the reserve tranche following the Second Amendment of the Articles in 1978.

    See de Vries (1976), Vol. 1, Chap. 19, pp. 370-72. and Section IV of this pamphlet.

    See Paragraph F of Wilfrid Baumgartner’s letter to GAB participants in Selected Decisions, 10th (1983), p. 130.

    Ibid., Paragraph B, p. 129.

    See Gold (1979), Chap. 12, pp. 446-68; and Paragraphs C and D of Wilfrid Baumgartner’s letter to GAB participants in Selected Decisions, 10th (1983), pp. 129

    See Paragraph 7(b) of Executive Board Decision No. 1289-(62/1), January 5, 1962, as amended, in Selected Decisions, 10th (1983), p. 120, and Paragraph B of Wilfrid Baumgartner’s letter to GAB participants, ibid., p. 129.

    See Paragraph 7(d) of Executive Board Decision No. l289-(62/1), January 5.1962, as amended, in Selected Decisions, 10th (1983), pp. 120-21.

    There is, however, some mingling of ordinary and borrowed resources so far as a GAB beneficiary is concerned. This is because, as in other Fund transactions, the beneficiary “purchases” the currencies, lent by GAB creditors, from the Fund with its own currency. This currency counterpart is mingled with the Fund’s other holdings of the beneficiary’s currency, which are available for the Fund to use in its ordinary operations. The Group of Ten, however, did not want the Fund’s resources effectively increased for the benefit of nonparticipants in the GAB. That was the reason for Paragraph 11(h) of the original 1962 Executive Board Decision No. 1289—(62/1), which stated that: “The Fund shall at no time reduce its holdings of a drawer’s currency below an amount equal to the Fund’s indebtedness to the participants resulting from transfers for the drawer’s purchases.” (Sec Horsefield and others (1969), Vol. 3, p. 250.) In other words, the Fund could not use the counterpart of the GAB loan, even though mingled, for the benefit of nonparticipants in the GAB.

    See Paragraph 11 of Executive Board Decision No. l289-(62/1), January 5. 1962, as amended, in Selected Decisions, 10th (1983), pp. 122-24.

    See Gold (1984), Vol. 2, Chap. 6, pp. 489-90.

    See Paragraph 11(e) of Executive Board Decision No. 1289-(62/1). January 5, 1962, as amended, in Selected Decisions, 10th (1983). p. 123.

    Ibid.

    See Paragraphs 11(a) and 11(f) of Executive Board Decision No. 1289-(62/1), January 5, 1962, in Horsefield and others (1969), Vol. 3, pp. 249 and 250, respectively. The concept of a currency “convertible in fact” was introduced into the GAB decision for several reasons. Perhaps the most important was that the Japanese yen had not yet become convertible in the Fund’s sense, under Article VIII, although it was broadly convertible in the market. It was implicitly understood that the currencies of all ten GAB participants should, in principle, qualify as currencies in which repayment could be made. The currencies of nonparticipants could also qualify. It was also recognized that a currency which was convertible under Article VIII might be subject to restrictions on current payments and transfers and would not, therefore, be a suitable means of repayment. A detailed account of the rationale behind this concept is contained in Gold (1971).

    See Executive Board Decision No. 4421 -(74/132), October 23, 1974, in Selected Decisions of the International Monetary Fund and Selected Documents, Eighth Issue (May 10, 1976), p. 113. Under the First Amendment of the Articles of Agreement in 1969, the concept of a currency “convertible in fact” had been given a technical meaning in the provisions relating to the SDR facility. To avoid confusion, it was therefore replaced in the GAB decision by “currencies that are actually convertible.” The new language was chosen, as the original had been, primarily to ensure that the Fund could repay in the currency of any of the GAB participants.

    The SDR facility was established, after the GAB, as part of the First Amendment of the Articles of Agreement in 1969.

    See Paragraph 13 of Executive Board Decision No. 1289—(62/1), January 5, 1962, as amended, in Selected Decisions, 10th (1983), p. 124.

    de Vries (1976), Vol. 1, Chap. 19, pp. 370-97.

    Executive Board Decision No. 6068-(79/47), March 21, 1979, in Selected Decisions. 10th (1983), pp. 146-47.

    See subsection 10, “Association of Switzerland.”

    The March 1979 Decision was amended and updated in 1984. See Section V.

    See Paragraph 9 of Executive Board Decision No. 1289-(62/1), January 5, 1962. in Appendix I of this pamphlet. The paragraph also provided that if the 1.5 percent rate became different from a “basic rate” determined with reference to the charges then levied by the Fund on members’ drawings, the Fund would pay interest at the basic rate.

    See Gold (1984), Vol. 2, Chap. 6, p. 491; and subsection 6, “Repayment.”

    See Paragraph 9 of Executive Board Decision No. 1289-(62/1), January 5, 1962, as amended, in Selected Decisions, 10th (1983), p. 121.

    This was particularly so in 1978 when the Fund called on the GAB to help finance an interest-free reserve-tranche drawing by the United States. In line with the new formula, the Fund paid the two GAB creditors, the Deutsche Bundesbank and Japan, the minimum 4 percent rate for the five years their loans were outstanding. But this rate was below the rate of remuneration which the Fund paid creditor members for use of their ordinary (quota) resources following the Second Amendment of the Articles of Agreement. In this case, the General Arrangements were a relatively cheap source of money for the Fund.

    See Paragraph 9(c) of Executive Board Decision No. 1289-(62/1), January 5, 1962, as amended, in Selected Decisions, 10th (1983), p. 121; and subsection 6. “Repayment.’”

    See Paragraphs 15, 16, and 19 of Executive Board Decision No. 1289—(62/1), January 5, 1962, as amended, in Selected Decisions, 10th (1983), pp. 125—27.

    See Paragraphs 3 and 5, ibid., pp. 118–19.

    See “Exchange of letters between the Ambassador of Switzerland to the United States and the Managing Director of the Fund,” dated June 11, 1964, in Selected Decisions, 10th (1983), pp. 148-52.

    See Gold (1979), Chap. 12, pp. 446-68.

    See “Borrowing Agreement with Swiss National Bank, 1976” and “Borrowing Agreement with Swiss National Bank, 1977,” in Selected Decisions, 10th (1983), pp. 152–56 and pp. 156-60, respectively. It should also be noted that some of the provisions in these two agreements, and in other Fund borrowing agreements, were very much influenced by the provisions of the GAB.

    There was, however, a provision, which was never exercised, in the June 1964 association agreement for Switzerland and a GAB participant with which Switzerland had an implementing agreement, to “make resources available to each other...on the basis of reciprocal terms if required.” (See letter from the Ambassador of Switzerland to the United States to the Managing Director of the Fund, June 11, 1964, in Selected Decisions, 10th (1983), p. 149.)

    See subsection 2, “Principles and Practices.”

    In 1964, 1965, and 1966, for example, the Fund’s holdings of dollars were in excess of 75 percent of quota, and the Fund consequently could not accept dollars from other members in repayment. The United States therefore made drawings in currencies which the Fund could accept in repayment and made these currencies available to countries holding dollars who wished to repay the Fund. In 1966, the United States also drew US$250 million in Italian lire so that it could buy back from Italy an equivalent amount of dollar holdings. Because the Fund’s holdings of lire were low, it borrowed lire, bilaterally, from Italy, outside the GAB—the only occasion, before 1974, of bilateral borrowing by the Fund. The United States drew again in 1968 and 1970, when it needed specific currencies to redeem official dollar holdings held abroad; and it made its largest drawings, still within the gold tranche, in the first half of 1971 (US$1,362 million), just before the suspension of dollar/gold convertibility.

    For a comprehensive account of the drawings by Italy and the United Kingdom, see de Vries (forthcoming), Vol 1, Chaps. 23 and 24. respectively.

    For a comprehensive account of the U.S. drawing, see de Vries (forthcoming), Vol. 2, Chap. 44.

    See Section III. As explained earlier, the participants confirmed in mid-1968 that the GAB could be used to cover drawings, including gold-tranche drawings, by all participants. The Fund asked for such confirmation at that time because the exchange markets were unsettled and its ordinary holdings of participants’ usable currencies were low. This is described in de Vries (1976), Vol. 1, Chap. 19, pp. 370-72.

    This group of senior officials of the Group of Ten came to play an increasingly important role in influencing Fund policies and Conditionality, in particular, from the mid-1960s onward.

    See Gold (1984), Vol. 2, Chap. 6, p. 491.

    The Fund had sold gold to the United States in the 1950s, to replenish its stock of dollars, and to the major industrial countries in 1961, to help finance a large U.K. drawing.

    See Jacobsson (1979). pp. 383 and 384. respectively: and Horsefield (1969), Vol. 1. Chap. 19, pp. 495-522.

    See Gold (1984), Vol. 2, Chap. 6, pp. 496-98 and 508-509. Gold notes that the (apparently divisive) formation of two groups of Fund members produced the reaction that issues affecting the system as a whole should be considered in bodies which represented the community as a whole. This is evident in the broad composition of the Fund’s Committee of Twenty and its successor, the Interim Committee. Many developing countries, however, would still argue that it is the Group of Ten, or rather its major members led by the United States, which takes or blocks the key decisions and moves the Fund in the direction the Group of Ten wants, irrespective of the forum for discussion.

    This view was consistent with the original rationale for denominating the credit lines in the national currencies of the participants. See Section III.

    It should, however, be mentioned that the European Monetary System was established by the European Community countries in 1978.

    International Monetary Fund, AnnualReport (1983), p. 30.

    One political factor which may have been a consideration at the time was the differing attitudes of the United States and certain Latin American countries toward the South Atlantic crisis in May 1982.

    Statement by Donald T. Regan, Governor of the Fund and the Bank for the United States, to the Fund/Bank Annual Meetings in Toronto, Canada at the Second Joint Session on September 6, 1982. See International Monetar Fund, Summary-Proceedings (1982), p. 51.

    As a rough guide, only about half of the resources from a general quota increase is provided by countries which are sufficiently strong to lend their currencies to the Fund.

    See Paragraph 5 of Executive Board Decision No. 7337-(83/37), February 24, 1983, in Selected Decisions, 10th (1983), p. 133.

    Ibid., Paragraph 3, pp. 132-33.

    Switzerland formally adhered to the enlarged GAB in April 1984 after completion of the necessary domestic legislative procedures.

    See Paragraph 23 of Executive Board Decision No. 7337-(83/37), February 24, 1983, in Selected Decisions, 10th (1983), p. 144.

    See Executive Board Decision No. 7403-(83/73), May 20. 1983, in International Monetary Fund, Annual Report of the Executive Board for the Financial Year Ended April 30. 1983 (1983), pp. 154-57.

    See Paragraph 21 of Executive Board Decision No. 7337-(83/37), February 24, 1983, in Selected Decisions, 10th (1983), p. 142.

    Ibid.

    Ibid., p. 117, See also Section III of this pamphlet.

    See Gold (1984), Vol. 2, Chap. 6, pp. 486, 501. I am indebted to Gold for explaining this important point to me.

    Ibid., p. 502.

    See Paragraph 10 of Executive Board Decision No. 7337-(83/37), February 24, 1983, in Selected Decisions, 10th (1983), p. 136.

    See Paragraph 9 of Executive Board Decision No. 7337-(83/37). February 24, 1983. in Selected Decisions. 10th (1983), pp. 135-36. The paragraph provides, inter alia, that a change in the method of calculating the combined rate will apply to GAB loans (both outstanding and subsequently provided) only with the agreement of the Fund and “at least two thirds of the participants having three fifths of the total amount of the credit arrangements.” with the further caveat that a GAB creditor may choose, at the time such agreement is reached, not to have the new method applied to its outstanding GAB claims.

    Under the Fund’s present practice, “freely usable” currencies are the U.S. dollar, the pound sterling, the deutsche mark, the French franc, and the yen.

    Paragraph 11(c) of the revised decision states, inter alia, that:

    If the Fund is indebted to a participant as a result of transfers to finance a reserve tranche purchase by a drawer and the Fund’s holdings of the drawer’s currency that are not subject to repurchase are reduced as a result of net sales of that currency during a quarterly period covered by an operational budget, the Fund shall repay at the beginning of the next quarterly period an amount equivalent to that reduction, up to the amount of the indebtedness to the participant.

    Executive Board Decision No. 7337-(83/37), February 24, 1983, in Selected Decisions, 10th (1983), p. 137.

    See Executive Board Decision No. 7628-(84/25), February 15, 1984, effective April 10, 1984, in International Monetary Fund, Annual Report (1984). pp. 139-40. As in the past, a participant will be able to transfer a GAB claim at any time to another participant, but the previous requirement that the transferee should be a net Fund creditor has been dropped. The sole requirement, to protect the Fund’s liquidity, is that the transferee will acquire the right of early encashment of the transferred claim on balance of payments grounds only if. at the time of the transfer, its external position is sufficiently strong for its currency to be usable by the Fund in net sales in the operational budget.

    See Executive Board Decision No. 7629-(84/25), February 15, 1984, effective April 10, 1984, in International Monetary Fund, Annual Report of the Executive Board for the Financial Year Ended April 30, 1984 (1984), pp. 140-41.

    See subsections (d) and (e)—”Associated Borrowing Arrangements” and “Associated Arrangement with Saudi Arabia,” respectively.

    This loan, which was agreed in April 1984, is designed to cover the Fund’s commitments of borrowed resources under the enlarged access policy.

    The figure of SDR 23 billion in new usable resources is based on the Fund’s working assumption that half of the quota increase (SDR 15 billion) and two thirds of the increase in the GAB and the associated arrangement with Saudi Arabia (SDR 8 billion) will be available for on-lending by the Fund.

    From 1981—83, the Fund’s guidelines for drawings under the enlarged access policy provided for annual access of up to 150 percent of quota; up to 450 percent over three years; and cumulative access up to 600 percent, excluding special facilities and scheduled repurchases. In 1984, these limits were replaced by a two-tier system of access, agreed by the Interim Committee in September 1983, providing for maximum annual limits of 102 or 125 percent of quota: three-year limits of 306 or 375 percent: and cumulative limils of 408 or 500 percent, depending on the seriousness of members’ balance of payments needs and the strength of their adjustment efforts. In 1985, the maximum limits will be further reduced, following agreement by the Interim Committee in September 1984, to 95 or 115 percent annually; 280 or 345 percent over three years; and 408 or 450 percent for cumulative access, again depending on members’ balance of payments needs and on their adjustment efforts. The Fund, however, retains the flexibility to allow access above the agreed limits in exceptional circumstances.

    After the Eighth General Review of Quotas, and including Saudi Arabia. See International Monetary Fund, International Financial Statistics (Washington), various issues.

    Percentage of total reserves of participants, including Saudi Arabia and Switzerland, valued in SDRs, with gold at SDR 35 per ounce. See International Monetary Fund. International Financial Statistics (Washington), various issues.

    IMF PAMPHLET SERIES

    International Monetary Fund Pamphlet Series

    (All pamphlets have been published in English, French, and Spanish, unless otherwise stated)

    *1. Introduction to the Fund, by J. Keith Horsefield. First edition. 1964. Second edition, 1965. Second edition also in German.

    *2. The International Monetary Fund: Its Form and Functions, by J. Marcus Fleming. 1964. In English only.

    3. The International Monetary Fund and Private Business Transactions: Some Legal Effects of the Articles of Agreement, by Joseph Gold. 1965.

    4. The International Monetary Fund and International Law: An Introduction. by Joseph Gold. 1965.

    *5. The Financial Structure of the Fund, by Rudolf Kroc. First edition, 1965. Second edition, 1967.

    6. Maintenance of the Gold Value of the Fund’s Assets, by Joseph Gold. First edition. 1965. Second edition, 1971.

    7. The Fund and Non-Member States: Some Legal Effects, by Joseph Gold. 1966.

    8. The Cuban Insurance Cases and the Articles of the Fund, by Joseph Gold. 1966.

    9. Balance of Payments: Its Meaning and Uses, by Poul Høst-Madsen. 1967.

    *10. Balance of Payments Concepts and Definitions. First edition, 1968. Second edition. 1969.

    11. Interpretation by the Fund, by Joseph Gold. 1968.

    12. The Reform of the Fund, by Joseph Gold. 1969.

    13. Special Drawing Rights, by Joseph Gold. First edition. 1969. Second edition, with subtitle Character and Use, 1970.

    14. The Fund’s Concepts of Convertibility, by Joseph Gold. 1971.

    15. Special Drawing Rights: The Role of Language, by Joseph Gold. 1971.

    16. Some Reflections on the Nature of Special Drawing Rights, by J.J. Polak. 1971.

    17. Operations and Transactions in SDRs: The First Basic Period, by Walter Habermeier. 1973.

    18. Valuation and Rate of Interest of the SDR, by J.J. Polak. 1974.

    19. Floating Currencies, Gold, and SDRs: Some Recent Legal Developments, by Joseph Gold. 1976. Also in German.

    20. Voting Majorities in the Fund: Effects of Second Amendment of the Articles, by Joseph Gold. 1977.

    21. International Capital Movements Under the Law of the International Monetary Fund, by Joseph Gold. 1977.

    22. Floating Currencies, SDRs, and Gold: Further Legal Developments, by Joseph Gold. 1977. Concluding section also in German.

    23. Use, Conversion, and Exchange of Currency Under the Second Amendment of the Fund’s Articles, by Joseph Gold. 1978.

    24. The Rise in Protectionism, by Trade and Payments Division. 1978.

    25. The Second Amendment of the Fund’s Articles of Agreement, by Joseph Gold. 1978.

    26. SDRs, Gold, and Currencies: Third Survey of New Legal Developments, by Joseph Gold. 1979. Concluding section also in German.

    27. Financial Assistance by the International Monetary Fund: Law and Practice, by Joseph Gold. First edition. 1979. In English only Second edition. 1980.

    28. Thoughts on an International Monetary Fund Based Fully on the SDR, by J.J. Poluk. 1979.

    29. Macroeconomic Accounts: An Overview, by Poul Host-Madsen. 1979.

    30. Technical Assistance Services of the International Monetary Fund. 1979.

    31. Conditionality, by Joseph Gold. 1979.

    32. The Rule of Law in the International Monetary Fund, by Joseph Gold. 1980.

    33. SDRs, Currencies, and Gold: Fourth Survey of New Legal Developments. by Joseph Gold. 1980.

    34. Compensatory Financing Facility, by Louis M. Goreux 1980.

    35. The Legal Character of the Fund’s Stand-By Arrangements and Why It Matters, by Joseph Gold. 1980.

    36. SDRs, Currencies, and Gold: Fifth Survey of New Legal Developments, by Joseph Gold 1981.

    37. The International Monetary Fund: Its Evolution. Organization, and Activities. First edition. 1981 Fourth edition, 1984.

    38. Fund Conditionality Evolution of Principles and Practices, by Manuel Guitián. 1981.

    39. Order in International Finance, the Promotion of IMF Stand-By Arrangements, and the Drafting of Private Loan Agreements, by Joseph Gold. 1982.

    40. SDRs, Currencies, and Gold: Sixth Survey of New Legal Developments, by Joseph Gold, 1983. In English French and Spanish in preparation.

    41. The General Arrangements to Borrow, by Michael Ainley. 1984 In English, French and Spanish in preparation.

    42. The International Monetary Fund: Its Financial Organization and Activities, by Anand G. Chandavarkar. 1984 In English, French and Spanish in preparation.

    43. The Technical Assistance and Training Services of the International Monetary Fund. In English. French and Spanish in preparation.

    Copies (unless out of print) may be requested from:

    External Relations Department, Attention: Publications

    International Monetary Fund, Washington, D.C. 20431, U.S.A.

    Telephone number: 202 623-7430

    Cable address: Interfund

    Out of print. Photographic or microfilm copies of all English editions, including numbers that are out of print, may be purchased direct from University Microfilms International, 300 North Zeeb Road. Ann Arbor, Michigan 48106, U.S.A., or, for those living outside the Western Hemisphere, from University Microfilms Limited, 30/32 Mortimer St., London. WIN 7RA, England

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