asked Her Majesty's Government:
Whether they will press the International Monetary Fund to promote a fresh distribution of Special Drawing Rights particularly to the non-oil producing underdeveloped countries, to help to counteract the very depressive effect on world trade of the recent increase in the price of oil.
§ Lord COCKFIELD
A fresh distribution of SDRs was agreed by the IMF Board of Governors last October and is now in progress. The first allocation of SDR 4 billion took place on 1st January this year and there will be similar allocations on 1st January 1980 and 1st January 1981. The IMF Articles require SDR allocations to be made in proportion to members' quotas.
The question of any further allocation is a matter for the Board of Governors of the IMF and in view of substantial new allocation now in progress an initiative by Her Majesty's Government at this stage would not be appropriate.
House adjourned at twenty-five minutes before six o'clock.