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International Monetary Fund

Published online by Cambridge University Press:  22 May 2009

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Extract

It was announced on November 19, 1959, that France had purchased $200 million from the International Monetary Fund, thereby reducing the Fund's holdings of French francs to 98 percent of the French quota. A one-year$100 million stand-by arrangement between the government of Argentina and the Fund was announced on December 1, 1959; this was to enable the Argentine government to carry forward its program of economic stabilization, which was to be supplemented by additional credits from other quarters. Specifically, the arrangement was to provide for general payment support and help maintain an orderly foreign exchange system; it brought Argentina's outstanding drawings from the Fund to $117.5 million. On December 21, 1959, the Fund announced a stand-by arrangement with the Dominican Republic, which authorized it to draw up to $11,250,000 during the following twelve months, thereby enabling the government to undertake a stabilization program needed to offset the declining export earnings affecting the Dominican Republic. Lasdy, on March 1, 1960, the government of Peru entered into a one-year stand-by arrangement with the Fund for an amount of $27.5 million in support of its efforts to achieve economic and financial stability and to counteract the inflationary pressures the country had been experiencing.

Type
International Organizations: Summary of Activities: II. Specialized Agencies
Information
International Organization , Volume 14 , Issue 2 , Spring 1960 , pp. 337 - 338
Copyright
Copyright © The IO Foundation 1960

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References

1 International Financial News Survey (hereafter cited as IFNS), 11 27, 1959 (Vol. 12, No. 22), p. 175Google Scholar. For a summary of previous activities of the Fund, see International Organization, Winter 1960 (Vol. 14, No. 1), p. 210–211CrossRefGoogle Scholar.

2 International Monetary Fund, Press Release No. 310, December 2, 1959; see also IFNS, 12 4, 1959 (Vol. 12, No. 23), p. 181Google Scholar.

3 International Monetary Fund, Press Release No. 311, December 21, 1959; see also IFNS, 01 8, 1960 (Vol. 12, No. 26), p. 205Google Scholar.

4 International Monetary Fund, Press Release No. 315, March 1, 1960.

5 IFNS, 12 4, 1959 (Vol. 12, No. 23), p. 188Google Scholar .

6 Ibid., January 8, 1960 (Vol. 12, No. 26), p. 212.

7 Ibid., February 5, 1960 (Vol. 12, No. 30), p. 244.

8 International Monetary Fund, Press Release No. 312, January 15, 1960.

9 International Monetary Fund, Press Release No. 314, February 20, 1960.