§ Mr. Skeet
asked the Chancellor of the Exchequer whether State subscriptions, including that of the United Kingdom, to the IMF will be revised in the event of the Chancellor's proposals being accepted for the recycling of Arab funds; 231W and if he will detail the current subscriptions of the USA, the United Kingdom and other major European States.
§ Mr. Dell
No. The 1975 IMF oil facility, which is a development of the Chancellor's proposals, will be financed by loans from member countries—in particular the oil producers—in strong balance of payments and reserves positions. Plans for the revision of IMF quotas, and hence subscriptions, are now at an advanced stage, but have no bearing on the financing of the oil facility. The present IMF subscriptions of the USA, United Kingdom and major European countries, are as follows:
(SDR millions) USA 6,700 United Kingdom 2,800 West Germany 1,600 France 1,500 Italy 1,000