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IMF History (1972-1978), Volume 1
Chapter

Chapter 22. The Fund as Lender: an Overall Picture

Author(s):
International Monetary Fund
Published Date:
February 1996
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DRAWINGS FROM THE FUND greatly increased in the period reviewed in this History and put the Fund in the forefront as a lending institution. Drawings were made under the newly introduced oil facility, the extended facility, the substantially liberalized compensatory financing facility, and the buffer stock facility, described in foregoing chapters. Moreover, in the seven years from 1972 to 1978, the Fund approved over 100 stand-by arrangements. Many members also drew all or part of their gold tranches.1

This chapter presents a very brief overview of the aggregate use of the Fund’s resources from 1972 to 1978. Much of the material is in statistical tables. In addition to drawings, members received money from the Fund in other ways and received allocations of SDRs, but amounts for these transactions are not included in the figures given in this chapter. Later in this History there is a discussion of the aggregate amounts of money made available by the Fund in all forms, including allocations of SDRs, distributions of gold, and loans from the Trust Fund.

TOTAL DRAWINGS

In the seven financial years from May 1, 1971 to April 30, 1978, total drawings from the Fund under its various facilities amounted to SDR 23.4 billion. Of this sum, drawings under the oil facility accounted for the largest amount, SDR 6.9 billion. Another sizable proportion of total drawings in these years consisted of drawings in the gold tranche, amounting to SDR 5.4 billion. Seven of the main industrial members (Denmark, France, the Federal Republic of Germany, Italy, the Netherlands, the United Kingdom, and the United States) as well as a number of more developed primary producing members (Finland, New Zealand, South Africa, Spain, Turkey, and Yugoslavia), and many developing members drew on their gold tranches in the Fund. Drawings under the gold tranche by industrial members were relatively large since countries of the ec used their net positions in the Fund to settle liabilities under the European narrow margins arrangement. Drawings under standby arrangements came to another SDR 6.3 billion.

Aggregate figures for the seven years beginning May 1, 1971 and ending April 30, 1978 are not really indicative of the increase in drawings, since most drawings were concentrated in the last four years. From May 1, 1971 to April 30, 1974, drawings from the Fund were small, totaling only SDR 4.3 billion. Drawings from the Fund by type of drawing for each of the financial years from 1972 to 1978 are given in Table 12 below.

Table 12.Drawings from the Fund, by Type of Drawing, Financial Years 1972–78(In millions of SDRs)
Type of Drawing11972197319741975197619771978Total2
Gold tranche drawings31,576.50641.00607.47981.451,324.12160.61135.695,426.84
Credit tranche drawings:
Under stand-by arrangements220.44212.78179.251,297.70303.862,210.431,922.686,347.14
Direct drawings in credit tranches44.50110.0059.50306.05157.10159.5914.13850.87
Drawings under:
Compensatory financing facility167.00206.35211.5018.00827.751,752.754321.753,505.105
Buffer stock facility20.055.304.6630.01
Extended Fund facility7.70190.00108.75306.45
Oil facility2,499.253,966.24436.946,902.43
Total22,028.491,175.431,057.725,102.456,591.424,910.332,503.0123,368.85

A dot (•) indicates that the facilities did not exist in that year. A dash (—) indicates that no drawings were made.

Components may not add to totals because of rounding.

When the Second Amendment became effective on April 1, 1978, the term “gold tranche” was changed to “reserve tranche.”

In addition, the following amounts purchased within credit tranches during the financial year ended April 30, 1976 totaling the equivalent of SDR 39.56 million were reclassified as having been made under the compensatory financing decision: Bangladesh—SDR 19.06 million, Pakistan—SDR 18 million, and the People’s Democratic Republic of Yemen—SDR 2.5 million.

Because of reclassification of credit tranche drawings as compensatory financing drawings in financial years 1972 and 1977, the grand total of compensatory financing drawings should be SDR 3,549.36 million and the grand total of credit tranche drawings correspondingly reduced.

A dot (•) indicates that the facilities did not exist in that year. A dash (—) indicates that no drawings were made.

Components may not add to totals because of rounding.

When the Second Amendment became effective on April 1, 1978, the term “gold tranche” was changed to “reserve tranche.”

In addition, the following amounts purchased within credit tranches during the financial year ended April 30, 1976 totaling the equivalent of SDR 39.56 million were reclassified as having been made under the compensatory financing decision: Bangladesh—SDR 19.06 million, Pakistan—SDR 18 million, and the People’s Democratic Republic of Yemen—SDR 2.5 million.

Because of reclassification of credit tranche drawings as compensatory financing drawings in financial years 1972 and 1977, the grand total of compensatory financing drawings should be SDR 3,549.36 million and the grand total of credit tranche drawings correspondingly reduced.

This table shows that in the four years from May 1, 1974 to April 30, 1978, drawings totaled SDR 19.1 billion. In one financial year alone, that ended on April 30, 1976, nearly SDR 6.6 billion was drawn from the Fund. In the previous financial year, over SDR 5 billion had been drawn.

USE OF STAND-BY ARRANGEMENTS

Apart from the oil facility, most drawings took place under stand-by arrangements. In the seven calendar years ended in 1978, the Fund approved 111 stand-by arrangements with 54 members, for a total amount of SDR 9,806 million. Stand-by arrangements with Italy and the United Kingdom (two with each) accounted for more than half of the amount authorized—SDR 5,510 million of the SDR 9,806 million. The first stand-by arrangement with Italy, approved in April 1974 (the first ever with Italy) was for SDR 1,000 million; the second, approved in April 1977, was for SDR 450 million. The first stand-by arrangement for the United Kingdom approved in the seven-year period ended in 1978 (the tenth arrangement for that member) was for SDR 700 million, approved in December 1975; the second of this period, approved in January 1977, was for SDR 3,360 million.

Six members for which nine stand-by arrangements were approved in these seven years for a total of SDR 1,029 million were classified by the Fund for statistical purposes as more developed primary producing members: Finland, Portugal, Romania, South Africa, Spain, and Turkey. The stand-by arrangements approved for Portugal and Romania were the first for those two members. All other stand-by arrangements approved during 1972–78 (totaling SDR 3,267 million) were for 46 developing members. Bangladesh, the Congo, Fiji, Gabon, The Gambia, Grenada, Israel, Kenya, Madagascar, Mauritania, Mauritius, Nepal, Tanzania, Thailand, Western Samoa, and Zambia all had stand-by arrangements for the first time although some of them, such as Israel and Thailand, had been members of the Fund for many years.

The largest single stand-by arrangements approved for developing members were for Argentina (SDR 260 million in August 1976), Zambia (SDR 250 million in April 1978), Peru (SDR 184 million in September 1978), Egypt (SDR 125 million in April 1977), Pakistan (SDR 100 million in May 1972), and Sri Lanka (SDR 93 million in December 1977). The largest aggregate amounts approved under stand-by arrangements in the seven years 1972–78 for developing members were for Argentina, Pakistan, and Peru. A number of developing members—Guyana, Haiti, Korea, Liberia, Pakistan, Panama, and the Philippines—had a succession of one-year standby arrangements, signaling fairly regular support from the Fund during these years.

Table 13 gives a complete listing of all the members for which the Fund approved stand-by arrangements and the amounts authorized from 1952, when stand-by arrangements were first inaugurated, until the end of 1978. In this table a brief statistical history of the Fund’s stand-by arrangements since 1952 can be seen. It is noteworthy that a substantial proportion of the stand-by arrangements that the Fund approved since 1952 were with members in Latin America and the Caribbean.

Table 13.Stand-By Arrangements Approved, 1952–78(In millions of SDRs)
Date ofAmount of
MemberInception1Arrangement
AfghanistanJune 19656.75
Aug. 19668.00
July 19687.00
Oct. 196912.00
June 197310.00
July 19758.50
ArgentinaDec. 195875.00
Dec. 1959100.00
Dec. 1960100.00
Dec. 1961100.00
June 1962100.00
May 1967125.00
April 1968125.00
Aug. 1976260.00
Sept. 1977159.50
AustraliaMay 1961100.00
BangladeshJune 197431.25
July 197562.50
BelgiumJune 195250.00
BoliviaNov. 19567.50
Dec. 19573.50
May 19591.50
July 19617.50
Aug. 196210.00
Sept. 196310.00
Sept. 196412.00
Sept. 196514.00
Dec. 196618.00
Dec. 196720.00
Jan. 196920. on
Jan. 197327.30
BrazilJune 195837.50
May 1961160.00
Jan. 1965125.00
Feb. 1966125.00
Feb. 196730.00
April 196887.50
April 196950.00
Feb. 197050.00
Feb. 197150.00
Mar. 197250.00
BurmaNov. 196912.00
Feb. 197313.50
Nov. 197431.50
May 197735.00
July 197830.00
BurundiJan. 19654.00
Mar. 19665.00
Mar. 19676.00
Mar. 19686.00
April 19694.00
June 19701.50
June 19766.50
ChileApril 195635.00
April 195735.00
April 195810.00
April 19598.10
Feb. 196175.00
Jan. 196340.00
Feb. 196425.00
Jan. 196536.00
Mar. 196640.00
Mar. 196846.00
April 196940.00
Jan. 197479.00
Mar. 197579.00
ColombiaJune 195725.00
June 195815.00
Oct. 195941.25
Nov. 196075.00
Jan. 196210.00
Jan. 196352.50
Feb. 196410.00
Jan. 196636.50
April 196760.00
April 196833.50
April 196933.25
April 197038.50
April 197138.00
May 197240.00
June 197320.00
CongoJan. 19774.70
Costa RicaOct. 196115.00
Dec. 196211.60
Feb. 196510.00
Mar. 196610.00
Aug. 196715.50
July 197611.60
CubaDec. 195612.50
Dominican RepublicDec. 195911.25
Aug. 196425.00
EcuadorJune 196110.00
June 19625.00
July 19636.00
July 196413.00
July 196512.00
July 196613.00
April 196918.00
Sept. 197022.00
July 197216.50
EgyptMay 196242.50
May 196440.00
April 1977125.00
El SalvadorOct. 19587.50
Oct. 19597.50
Oct. 196011.25
July 196111.25
Sept. 196211.25
Sept. 19635.00
Oct. 196520.00
Dec. 196710.00
July 196917.00
Dec. 197014.00
Sept. 19728.75
FijiNov. 19743.25
FinlandDec. 19525.00
Mar. 196793.75
June 197595.00
FranceOct. 1956262.50
Jan. 1958131.25
Sept. 1969985.00
GabonMay 197815.00
Gambia, TheMay 19772.53
GhanaMay 196636.40
May 196725.00
May 196812.00
May 19695.00
GrenadaSept 19750.50
June 19760.23
GuatemalaJune 196015.00
Aug. 196115.00
Jan. 196615.00
April 196713.40
April 196810.00
Aug. 196912.00
Dec. 197014.00
Mar. 19729.00
GuyanaFeb. 19677.50
Feb. 19684.00
Mar. 19694.00
April 19703.00
May 19714.00
May 19722.80
May 19734.00
May 19745.00
June 19755.00
June 19767.25
Aug. 19786.25
HaitiJuly 19585.00
Oct. 19594.00
Oct. 19606.00
Oct. 19616.00
Oct. 19626.00
Oct. 19634.00
Oct. 19644.00
Oct. 19654.00
Oct. 19664.00
June 19702.20
June 19713.00
July 19724.00
July 19734.00
Aug. 19744.00
Aug. 19754.75
Aug. 19766.88
Aug. 19776.90
HondurasNov. 19573.75
Jan. 19594.50
Mar. 19607.50
May 19617.50
June 19627.50
July 19637.50
Aug. 19647.50
Jan. 196610.00
Jan. 196811.00
Feb. 196911.00
June 197115.00
June 197215.00
IcelandFeb. 19605.62
Feb. 19611.62
Mar. 19621.62
IndiaMar. 195772.50
July 1962100.00
July 1963100.00
Mar. 1965200.00
IndonesiaAug. 196141.25
Aug. 196350.00
Feb. 196851.75
April 196970.00
April 197046.30
April 197150.00
April 197250.00
May 197350.00
IranMay 195617.50
Oct. 196035.00
IsraelNov. 197432.50
Feb. 197532.50
Oct. 197629.25
ItalyApril 19741,000.00
April 1977450.00
JamaicaJune 196310.00
Aug. 197764.00
JapanJan. 1962305.00
Mar. 1964305.00
KenyaNov. 197817.25
KoreaMar. 19659.30
Mar. 196612.00
Mar. 196718.00
April 196825.00
April 196925.00
Mar. 197025.00
Jan. 197125.00
Jan. 197230.00
April 197320.00
May 197420.00
Oct. 197520.00
May 197720.00
LiberiaJune 19635.70
June 19644.40
June 19654.00
June 19666.00
June 19674.40
June 19683.20
June 19692.00
June 19702.00
Mar. 19724.00
May 19734.00
Aug. 19744.00
Jan. 19765.00
MadagascarDec. 19779.43
MaliJuly 19649.90
Aug. 19676.50
Aug. 19685.00
Oct. 19693.00
July 19714.50
MauritaniaMay 19774.71
MauritiusFeb. 19787.97
MexicoApril 195450.00
Mar. 195990.00
July 196190.00
MoroccoNov. 195925.00
Sept. 196545.00
Sept. 196650.00
Oct. 196750.00
Oct. 196827.00
Dec. 196925.00
Mar. 197130.00
NepalFeb. 19764.50
NetherlandsSept. 195768.75
New ZealandOct. 196787.00
NicaraguaNov. 19563.75
Oct. 19577.50
Sept 19587.50
Nov. 19607.50
Mar. 196311.25
April 196411.25
Mar. 196819.00
May 196915.00
Aug. 197014.00
Feb. 197210.75
PakistanDec. 195825.00
Mar. 196537.50
Oct. 196875.00
May 1972100.00
Aug. 197375.00
Nov. 197475.00
Mar. 197780.00
PanamaJuly 19657.00
May 19683.00
Jan. 19693.20
Feb. 197010.00
Mar. 197114.00
June 19729.00
Aug. 19739.00
Oct. 19749.00
Nov. 19759.00
April 197711.25
June 197825.00
ParaguayJuly 19575.50
July 19581.50
Aug. 19592.75
Oct. 19603.50
Dec. 19615.00
Nov. 19645.00
Sept. 19667.50
Jan. 19688.00
Jan. 19697.50
PeruFeb. 195412.50
Feb. 195512.50
Feb. 195612.50
Feb. 195712.50
Feb. 195825.00
Mar. 195913.00
Mar. 196027.50
Mar. 196130.00
Mar. 196230.00
Mar. 196330.00
Mar. 196430.00
April 196530.00
Mar. 196637.50
Aug. 196742.50
Nov. 196875.00
April 197035.00
Nov. 197790.00
Sept. 1978184.00
PhilippinesApril 196240.40
April 196340.40
April 196440.40
April 196540.40
April 196626.70
Jan. 196755.00
Mar. 196827.50
Feb. 197027.50
Mar. 197145.00
May 197245.00
May 197345.00
July 197438.75
May 197529.06
PortugalApril 197742.40
June 197857.35
RomaniaOct. 197595.00
Sept. 197764.13
RwandaApril 19665.00
April 19672.00
April 19683.00
April 19692.00
Sierra LeoneNov. 19667.50
Jan. 19683.60
Mar. 19692.50
June 19779.02
SomaliaMay 19644.70
Jan. 19655.60
Jan. 19662.80
Jan. 19675.00
Jan. 19687.00
Jan. 19696.00
Jan. 19703.98
South AfricaApril 195825.00
July 196175.00
Jan. 197680.00
Aug. 1976152.00
SpainAug. 195925.00
Aug. 196025.00
Feb. 1978143.19
Sri LankaJune 196530.00
June 196625.00
May 196819.50
Aug. 196919.50
Mar. 197124.50
April 197424.50
Dec. 197793.00
SudanSept. 196628.50
Sept. 196710.00
Dec. 196812.00
Mar. 197240.00
Aug. 197324.00
Aug. 197424.00
Syrian Arab RepublicMay 19607.50
Mar. 19626.60
Mar. 196418.50
TanzaniaAug. 197510.50
ThailandJuly 197845.25
TunisiaOct. 196414.25
Nov. 19655.60
Dec. 19669.60
Dec. 19679.61
Jan. 19696.00
Jan. 19707.50
TurkeyJan. 196137.50
Mar. 196231.00
Feb. 196321.50
Feb. 196421.50
Feb. 196521.50
Feb. 196621.50
Feb. 196727.00
April 196827.00
July 196927.00
Aug. 197090.00
April 1978300.00
UgandaJuly 197110.00
United KingdomDec. 1956738.53
Dec. 1957738.53
Dec. 1958738.53
Aug. 1961500.00
Aug. 19621000,00
Aug. 19631000,00
Aug. 19641,000.00
Nov. 19671,400.00
June 19691000,00
Dec. 1975700.00
Jan. 19773,360.00
United StatesJuly 1963500.00
July 1964500.00
UruguayJune 196130.00
Oct. 196230.00
June 196615.00
Mar. 196825.00
May 197013.752
June 197220.00
May 197517.25
Aug. 197625.00
Sept. 197725.00
VenezuelaApril 1960100.00
Western SamoaNov. 19750.50
Jan. 19770.59
Feb. 19780.73
YugoslaviaJan. 196130.00
July 196580.00
Jan. 196745.00
Feb. 1971351.75
July 197183.50
ZaïreJuly 196727.00
Mar. 197640.96
April 197745.00
ZambiaMay 197319.00
July 197662.00
April 1978250.00

Stand-by arrangements approved before 1972 are in italics; stand-by arrangements approved in 1972–78 are in roman.

After being fully utilized, the stand-by arrangement with Uruguay was augmented by $13.75 million because of repurchases in October and November 1970. The full amount of these augmentations was also utilized, and the stand-by arrangement was again augmented in May 1971 by $9.5 million because of repurchases.

Canceled by Yugoslavia in July 1971 when a stand-by arrangement for a larger amount was arranged.

Stand-by arrangements approved before 1972 are in italics; stand-by arrangements approved in 1972–78 are in roman.

After being fully utilized, the stand-by arrangement with Uruguay was augmented by $13.75 million because of repurchases in October and November 1970. The full amount of these augmentations was also utilized, and the stand-by arrangement was again augmented in May 1971 by $9.5 million because of repurchases.

Canceled by Yugoslavia in July 1971 when a stand-by arrangement for a larger amount was arranged.

Many members did not draw the full amounts authorized for them under stand-by arrangements. Some never really intended to draw on these arrangements. They wanted them because stand-by arrangements with the Fund helped them to formulate and implement financial programs and to maintain international recognition of their creditworthiness. Brazil was such a member, for example.2 Other members failed to observe the specified performance criteria, and their right to draw under the arrangements was suspended. Members which for one reason or another did not draw at all on at least one of the stand-by arrangements that they had concluded with the Fund in 1972–78 included not only Brazil but also Colombia, Costa Rica, Finland, Fiji, Guatemala, Guyana, Haiti, Honduras, Indonesia, Korea, Liberia, Panama, the Philippines, Tanzania, and Uruguay. Although they used some of the authorized amounts, many other members did not draw the full amounts allowed. These members included Italy and the United Kingdom, as well as Argentina, Bolivia, Burma, Chile, Egypt, Haiti, Israel, Jamaica, Korea, Nicaragua, Pakistan, the Philippines, Sri Lanka, Sudan, and Uruguay. As a result, actual drawings under stand-by arrangements constituted only about 25 percent of total drawings from the Fund during 1972–78.

DISTRIBUTION OF DRAWINGS BY GROUPS OF MEMBERS

Statistics relating to the distribution of total drawings by members indicate that of the SDR 23.4 billion of total drawings in the seven financial years ended on April 30, 1978, nearly SDR 10.2 billion was drawn by industrial members, SDR 4.5 billion by more developed primary producing members, and SDR 8.7 billion by non-oil developing members. Of the amount drawn by industrial members, well over one third (SDR 3.7 billion) was accounted for by drawings in the gold tranche; the rest, nearly SDR 6.5 billion, represented drawings by Italy and the United Kingdom. In contrast, only a relatively small proportion of the drawings made by more developed primary producing members and by non-oil developing members represented drawings in the gold tranche; most drawings by these members were under stand-by arrangements, the oil facility, and the compensatory financing facility.

Table 14 gives statistics for total drawings from the Fund in the seven financial years 1972–78 by major economic groupings of members, listing gold tranche drawings separately.

Table 14.Use of Fund Resources, by Economic Groups, Financial Years 1972–78(In millions of SDRs)
Gold TrancheOtherTotal
Economic Group1DrawingsDrawingsDrawings
Industrial members3,6686,49610,164
More developed primary producing members5453,9154,460
Major oil exporting members80787
Non-oil developing members1,1347,5248,658
Total5,42717,94223,369

For names of members comprising each of these groups, see fn. 11 in Chap. 2.

For names of members comprising each of these groups, see fn. 11 in Chap. 2.

Among industrial members, the largest drawings were made by Italy and the United Kingdom. Among the 11 more developed primary producing members which drew from the Fund in 1972–78, SDR 250 million or more was drawn by 10 of them, in order of descending magnitude, by Spain, South Africa, Turkey, Yugoslavia, New Zealand, Romania, Australia, Greece, Portugal, and Finland. Among the non-oil developing members, the largest amounts drawn—SDR 150 million or more—were, in order of descending magnitude, by Argentina, India, Pakistan, the Philippines, Chile, Mexico, Egypt, Korea, Israel, Bangladesh, Zaïre, Peru, Sri Lanka, Uruguay, Zambia, Sudan, and Morocco. Table 15 lists the amounts drawn by each member in each of the seven financial years 1972–78.

Table 15.Drawings from the Fund, Financial Years 1972–781(In millions of SDRs)
1972197319741975197619771978Total2
Industrial Members
Denmark85.385.3
France138.078.3216.3
Germany, Federal Republic of19.6123.530.48.341.1222.9
Italy1,942.8780.290.02,813.0
Netherlands280.4280.4
United Kingdom583.61,700.01,700.01,250.05,233.6
United States1,312.01,312.0
Total21,312.0583.6438.02,151.62,588.91,708.31,381.110,163.6
More Developed Primary Producing Members
Australia332.5332.5
Finland135.0115.1250.1
Greece138.086.258.0282.3
Iceland28.733.562.2
New Zealand159.9230.450.5440.7
Portugal144.058.575.6278.2
Romania95.0135.055.072.5357.5
South Africa171.2349.0123.0643.2
Spain413.6275.998.8788.3
Turkey15.0151.0132.191.5161.2550.8
Yugoslavia88.515.0185.2129.456.2474.2
Total2103.515.095.01,076.31,472.71,166.2531.24,460.0
Major Oil Exporting Members
Indonesia3.81.880.085.6
Nigeria0.80.71.5
Total24.62.580.087.1
Non-Oil Developing Members
Africa
Burundi3.33.3
Cameroon11.57.521.840.8
Central African Republic3.97.811.6
Chad5.06.511.5
Comoros0.50.5
Congo8.58.016.5
Equatorial Guinea1.01.82.8
Gambia, The5.25.2
Ghana51.951.9
Guinea6.06.28.720.9
Ivory Coast21.936.458.3
Kenya60.332.527.1120.0
Liberia1.02.84.68.4
Madagascar19.39.428.8
Malawi7.55.412.9
Mali4.55.04.013.5
Mauritania1.012.01.94.719.7
Mauritius5.516.522.0
Morocco8.2125.718.0152.0
Rwanda2.12.1
Senegal20.39.930.2
Sierra Leone11.112.05.57.035.6
Somalia4.84.8
Sudan15.017.519.065.718.326.7162.2
Swaziland0.20.50.6
Tanzania52.541.64.798.8
Togo7.57.5
Tunisia24.024.0
Uganda16.519.220.055.7
Zaïre28.228.3101.573.533.2264.8
Zambia38.019.019.056.957.3190.2
Subtotal83.270.844.5340.1545.4268.8124.01,476.8
Asia
Afghanistan7.52.58.518.5
Bangladesh62.51.182.188.656.2290.4
Burma6.513.515.024.035.094.0
China59.930.029.930.0149.7
Fiji2.68.411.0
India138.2435.0201.3774.5
Kampuchea, Democratic12.56.218.8
Korea7.5140.0152.749.0349.2
Lao People’s Democratic Republic6.53.29.8
Malaysia11.793.0104.7
Nepal7.67.6
Pakistan84.060.0174.0152.099.580.0649.5
Papua New Guinea19.810.029.8
Philippines15.035.038.840.0203.4145.2108.8586.1
Sri Lanka32.224.550.544.915.855.0223.0
Thailand2.267.069.2
Viet Nam46.546.5
Western Samoa1.81.02.8
Subtotal147.4201.2285.0980.7909.4594.0317.23,435.1
Latin America and the Caribbean
Argentina179.2110.015.2406.1159.5870.1
Barbados3.53.06.5
Bolivia6.021.04.731.6
Chile77.541.039.5178.0125.279.0540.2
Colombia30.030.0
Costa Rica6.021.512.06.846.3
Dominican Republic10.810.836.558.0
Ecuador15.22.617.635.4
El Salvador8.822.431.2
Grenada1.50.21.7
Guyana4.09.622.235.8
Haiti3.78.58.43.023.5
Honduras23.023.0
Jamaica13.332.042.526.519.2133.4
Mexico516.9516.9
Nicaragua4.012.015.531.5
Panama16.417.218.051.6
Peru61.5128.061.510.0261.0
Trinidad and Tobago6.66.6
Uruguay9.522.216.465.391.2204.6
Subtotal316.2299.4115.7376.6847.5951.332.22,939.0
Middle East
Bahrain5.05.0
Cyprus14.614.021.049.6
Egypt32.047.040.020.2105.5105.0349.7
Israel32.5107.0101.277.0317.8
Jordan4.52.87.4
Syrian Arab Republic25.012.537.5
Yemen, People’s
Democratic Republic of15.611.813.240.6
Subtotal61.52.879.5177.2147.3221.6117.5807.4
Total Non-Oil Developing Members608.4574.3524.71,874.62,449.72,035.7590.88,658.2
GRAND TOTAL22,028.51,175.41,057.75,102.56,591.44,910.32,503.023,368.8

A dot (•) indicates that the country was not a member at the time; a dash (—) indicates that no drawing was made.

Components may not add to totals because of rounding of figures for individual members.

A dot (•) indicates that the country was not a member at the time; a dash (—) indicates that no drawing was made.

Components may not add to totals because of rounding of figures for individual members.

Drawings in the gold tranche were purchases from the Fund which did not increase the Fund’s holdings of a member’s currency to more than 100 percent of the member’s quota after allowances for excluded holdings.

The Fund’s stand-by arrangements with Brazil from 1966 to 1971 were described in History 1966–71, Vol. I, pp. 360–63.

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