International Monetary Fund

HC Deb 24 March 1977 vol 928 cc628-9W

Mr. Gow

asked the Chancellor of the Exchequer what reply he has received from the Managing Director of the International Monetary Fund to his letter of 15th December 1976.

Mr. Healey

None. The request in my letter of 15th December 1976 to the Managing Director of the IMF for a standby arrangement of $3.9 billion was considered and approved by the Executive Board on 3rd January 1977. It is not customary for the Managing Director to reply to such letters—but he did agree to give me the $3.9 billion.

30. Mr. Hooley

asked the Chancellor of the Exchequer what is the policy of Her Majesty's Government concerning the forthcoming review of quotas of the International Monetary Fund in 1978.

Mr. Healey

To seek to ensure that IMF financing facilities are adequate in relation to the growth of world trade and to the likely scale of imbalances in the world payments system.