An Evaluation of IMF-based Sources of International Liquidity for LDCs

Graham Bird

Chapter 8 in The International Monetary System and the Less Developed Countries, 1982, pp 160-209 from Palgrave Macmillan

Abstract: Abstract Through its various facilities, LDCs have made considerable use of the IMF as a source of international finance. Quantitatively the IMF has become a particularly significant source of finance in the middle 1970s. The general pattern of drawings on the Fund may be gleaned from Table 8.1. This table shows the fluctuations in drawings on the Fund which have occurred over the period 1952–76. It is also a fact that, more often than not, drawings on the Fund by industrial countries have exceeded drawings by LDCs.1 It is interesting to note, as an extreme example of this, that in 1961, when LDCs as a group drew the historically large amount of SDR 687.5 million from the Fund, the United Kingdom alone drew SDR 1500 million. The relatively large use of Fund resources by industrial countries tends, however, to reflect large drawings by a few countries rather than more general use by industrial countries. In eight of the ten years that drawings by LDCs exceeded those by industrial countries, drawings by industrial countries were zero.

Keywords: Trust Fund; Export Earning; International Liquidity; International Financial Statistics; International Monetary System (search for similar items in EconPapers)
Date: 1982
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-16903-0_8

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DOI: 10.1007/978-1-349-16903-0_8

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