§ Mr. DenhamTo ask the Chancellor of the Exchequer which Government agencies and Departments currently subscribe funds to the International Monetary Fund, and what is the level of subscription for each agency and Department.
§ Mr. NelsonAs a member of the International Monetary Fund, the United Kingdom pays a subscription, its "quota", by placing a proportion of the reserves at the IMF's disposal. These funds are available for use by the United Kingdom in the event of balance of payments need. The quota is transferred to the IMF by the Bank of England acting as the Treasury's agent for the management of the reserves. In addition, the Overseas Development Administration makes an annual contribution to the interest subsidy account of the enhanced structural adjustment facility—ESAF—which is a trust fund administered by the IMF.
Details of the level of these payments were provided in my response to a question from the hon. Member for Islington, South and Finsbury (Mr. Smith) on 10 December 1993 at columns 403–4, to which I refer the hon. Gentleman. In addition, the ODA has made a one-off pledge of up to £50 million towards the enlarged ESAF and I refer the hon. Gentleman to the statement made by the Secretary of State for Foreign Affairs on 3 December 1993 at columns 795–96.