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International Monetary Fund

Published online by Cambridge University Press:  22 May 2009

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Extract

On December 24, 1954, Colombia purchased $25 million from the International Monetary Fund with Colombian pesos. The purchase, Colombia's first transaction with the Fund, was equivalent to 50 percent of Colombia's quota, and required a waiver under Article V, section 4, of the Fund's Articles of Agreement. Colombia under took the purchase with the understanding that its pesos would be repurchased from the Fund within a period of three of five years. The drawing was designed to meet payments difficulties of a temporary nature that had resulted in the development of commercial arrears, particularly with the United States; the difficulties were attributed to a sharp decline in the price of coffee and a slackening of demand for it, beginning about the middle of August 1954.

Type
International Organizations: Summary of Activities: II. Specialized Agencies
Information
International Organization , Volume 9 , Issue 2 , May 1955 , pp. 277 - 278
Copyright
Copyright © The IO Foundation 1955

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References

1 International Financial News Survey, VII, p. 205.

2 For information on the initial agreement, see International Organization, VIII, p. 267.

3 International Financial News Survey, VII, p. 253.

4 New York Times, January 4, 1955.

5 International Financial News Survey, VII, p. 196.

6 ibid., p. 244.

7 ibid., p. 276.