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Petrodollars

Volume 885: debated on Monday 27 January 1975

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asked the Chancellor of the Exchequer if he will detail the differences in purpose and operation between the Kissenger OECD fund and the facility set up under the International Monetary Fund for the recycling of petrodollars.

I refer my hon. Friend to the text of two communiqu├ęs circulated in the Official Report immediately following my statement on the International Monetary Fund (Meetings) on 21st January 1975. Both schemes are designed to provide assistance to countries having difficulty in financing balance of payments deficits. The IMF facilitity will be expected to draw the bulk of its resources from OPEC countries and all members of the IMF will be eligible to apply for assistance; the OECD fund will be available for borrowing by participants only and will draw funds either from its own members or from international capital markets under multilaterally guaranteed borrowing arrangements.