International Monetary Fund

Anonymous

International Organization, 1961, vol. 15, issue 1, 194-195

Abstract: Two stand-by arrangements were announced by the International Monetary Fund on September 23, 1960, one with the government of El Salvador, authorizing drawings up to the equivalent of $11.25 million for a period of six months in order to strengthen El Salvador's international reserve position prior to the marketing season for the country's cotton and coffee crops, and the other to Haiti, making available the equivalent of $6 million for a one-year period, in support of Haitian currency convertibility. El Salvador had made similar arrangements with the Fund in previous years and had repurchased in full any drawings made under these arrangements. The arrangement with Haiti was to become effective on October 1, 1960, at the expiration of Haiti's current $4-million agreement with the Fund established a year previously in connection with a stabilization program.

Date: 1961
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