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International Monetary Fund

Published online by Cambridge University Press:  22 May 2009

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Extract

It was announced on May 1, 1961, that the government of Honduras had entered into a stand-by agreement with the International Monetary Fund designed to support the Honduran government in its effort to strengthen its foreign payments position, while maintaining the freedom and flexibility of its foreign exchange system. The agreement authorized drawings equivalent to $7.5 million from the Fund over the following twelve months. On May 17, 1961, the Fund arranged a one-year standby agreement for the government of Brazil for $160 million and rescheduled the payments to be made by that country to the Fund against previous drawings totaling $140 million. The Fund's financial assistance to Brazil was to support a broad financial program of fiscal, credit, trade, and exchange measures designed to combat inflation and to achieve balance of payments equilibrium within the framework of a free and simplified exchange system. The arrangement with the Fund was to be supplemented by additional credits from other sources and by renegotiation of maturities on Brazil's medium-term foreign indebtedness. The Fund also announced that on April 27, 1961, it had agreed to a drawing by the government of Australia of $175 million in currencies held by the Fund. At the same time it entered into a stand-by arrangement with the Australian government authorizing additional drawings up to $100 million over the following twelve months to support the government's efforts to improve its foreign payments position by means of fiscal, monetary, and other measures.

Type
International Organizations: Summary of Activities: II. Specialized Agencies
Information
International Organization , Volume 15 , Issue 3 , Summer 1961 , pp. 520 - 522
Copyright
Copyright © The IO Foundation 1961

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References

1 International Monetary Fund, Press Release 350, May 1, 1961; see also International Financial News Survey (hereafter cited as IFNS), May 5, 1961 (Vol. 13, No. 17), p. 129Google Scholar. For a summary of previous activities of the Fund, see International Organization, Spring 1961 (Vol. 15, No. 2), p. 299–305.Google Scholar

2 International Monetary Fund, Press Release 352, May 17, 1961; see also IFNS, May 19, 1961 (Vol. 13, No. 19), p. 145.Google Scholar

3 International Monetary Fund, Press Release 349, April 27, 1961; see also IFNS, April 28, 1961 (Vol. 13, No. 16), p. 128.Google Scholar

4 International Monetary Fund, Press Release 351, May 1, 1961; see also IFNS, May 5, 1961 (Vol. 13, No. 17), p. 132.Google Scholar

5 International Monetary Fund, Press Release 342, March 4, 1961; see also IFNS, March 10, 1961 (Vol. 13, No. 9), p. 65.Google Scholar

6 International Monetary Fund, Press Release 343, March 6, 1961; see also IFNS, March 10, 1961 (Vol. 13, No. 9), p. 65.Google Scholar

7 International Monetary Fund, Press Release 348, March 29, 1961; see also IFNS, April 7, 1961 (Vol. 13, No. 13), p. 97.Google Scholar

8 International Monetary Fund, Press Release 344, March 14, 1961; see also IFNS, March 17, 1961 (Vol. 13, No. 10), p. 74.Google Scholar

9 International Monetary Fund, Press Release 345, March 22, 1961; see also IFNS, March 22, 1961 (Vol. 13, No. 12), p. 89.Google Scholar

10 IFNS, March 10, 1961 (Vol. 13, No. 9), p. 72.Google Scholar

11 Ibid., March 31, 1961 (Vol. 13, No. 12), p. 96.

12 Ibid., May 5, 1961 (Vol. 13, No. 17), p. 136.

13 International Monetary Fund, Press Releases 678 and 679, March 29 and 30, 1961; see also IFNS, April 7, 1961 (Vol. 13, No. 13), p. 97.Google Scholar