The General Arrangements to Borrow

Front Matter

Front Matter

Author(s):
Michael Ainley
Published Date:
September 1984
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    Pamphlet Series

    No. 41

    The General Arrangements to Borrow

    Michael Ainley

    INTERNATIONAL MONETARY FUND

    Washington, D.C.

    1984

    International Standard Serial Number: ISSN 0538-8759

    Reprinted March 1986

    Reprinted March 1995

    Please send orders to:

    International Monetary Fund, Publication Services

    700 19th Street, N.W., Washington, D.C. 20431, U.S.A.

    Tel.: (202) 623-7430 Telefax: (202) 623-7201

    Internet: publications@imf.org

    CONTENTS

    PREFATORY NOTE

    This pamphlet examines the role of the Fund’s first and longest-lasting borrowing arrangements, the General Arrangements to Borrow (GAB), from their inception in 1961-62 to their fundamental reform and enlargement in 1983. They have played an important, but controversial, part in the Fund’s history, and will almost certainly do so in its future.

    The author has been involved in Fund issues since 1974, initially at the Bank of England and, since 1980, on secondment and leave of absence at the Fund as Assistant, first to the Executive Director for the United Kingdom and then to the Executive Director for Saudi Arabia. He was present at many of the discussions in 1982-83 leading to the reform and enlargement of the GAB and the associated borrowing arrangement with Saudi Arabia.

    The author is indebted to several colleagues in the Fund and member governments for advice, comments, and assistance. He is particularly grateful to Sir Joseph Gold, Yusuf A. Nimatallah, J.J. Polak, and David Williams for sharing their first-hand knowledge and experience of the issues and events discussed in the pamphlet. He would also like to thank Margaret Garritsen de Vries for her encouragement and permission to draw on her forthcoming history of the Fund (1972-78); Neil Ainley and John Anson for their informed guidance; and Dominique Berthet for his technical help. He is also grateful to Paul Gleason (editor), Cecilia Poppe and Bruce Barrington (secretaries), and the Composition Unit of the Graphics Section.

    The pamphlet was completed in September 1984 and does not take account of developments since then. The opinions expressed, and any errors or omissions, are those of the author and should not be construed as those of the International Monetary Fund.

    September 1984

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