§ Mr. Arnoldasked the Chancellor of the Exchequer whether there are plans for the International Monetary Fund to raise money on the international market; and if he will make a statement.
§ Mr. Bruce-GardyneThe fund has no such plans at present. My right hon. Friend supports the view of the interim committee in Washington in September 1981 that the possibility of borrowing by the fund in the private markets should remain open in the light of the evolution of the fund's commitments and available resources.
§ Mr. Arnoldasked the Chancellor of the Exchequer what is the present value of a special drawing right in the International Monetary Fund; and what is the current interest rate charged.
§ Mr. Bruce-GardyneOn 31 January the United States dollar value of 1 special drawing right—SDR—was 1.08645 and the sterling value was £0.709634. For the quarter 1 January to 31 March 1983 the interest rate on the SDR is 8.47 per cent.
§ Mr. Arnoldasked the Chancellor of the Exchequer how many countries are associate contributors to the general arrangement to borrow of the International Monetary Fund.
§ Mr. Bruce-GardyneUnder a formal association agreement with the fund, Switzerland agreed in 1964 to make resources available to participants in the general arrangements to borrow up to a total of Swiss francs 865 million. At the meeting of the Ministers of the Group of Ten in Paris on 18 January this year, Switzerland indicated its intention to become a full participant in the GAB. Its share was set at 6 per cent. of the total of SDR 17 billion. There are no other associate contributors.