§ 32. Mr. Foulkesasked the Chancellor of the Exchequer if he will make a statement on the present policy of Her Majesty's Government in relation to International Monetary Fund loans to the Argentina.
§ Mr. MooreThe IMF standby facility of SDR 1.5 billion— about $1.65 billion—was agreed in January 1983. Disbursement is in five quarterly instalments of SDR 300 million each over a period of 15 months, subject to fulfilment of quarterly performance criteria—covering balance of payments deficit, public sector borrowing, domestic credit expansion and public sector net external borrowing—the elimination of all external arrears by the end of June, and the removal of exchange restrictions including the removal of discriminatory exchange restrictions.
The United Kingdom is represented on the executive board of the fund, which has the responsibility for reviewing the progress of the programme and ensuring that the criteria are met.