International Monetary Fund

HC Deb 15 May 1959 vol 605 cc200-1W

Mr. Farey-Jones

asked the Chancellor of the Exchequer when the additional subscription to the International Monetary Fund will be paid.

Mr. Amory

This payment will be made before the end of this month. It amounts to about £58 million in gold and £174 million to be held in the form of interest-free notes. These sums will be returned if for any reason sufficient members of the Fund do not accept their increased quotas and the scheme fails to come into effect. Her Majesty's Government is making this payment now, which is in accordance with the authority given under the International Bank and Monetary Fund Act, 1959. in order to emphasise the importance it attaches to prompt implementation of the proposals, set out in Cmnd. 652, to increase the resources of the International Monetary Fund.