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International Monetary Fund (Oil Facility)

Volume 886: debated on Friday 21 February 1975

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asked the Chancellor of the Exchequer what is the United Kingdom contribution to the new oil fund to be established by the International Monetary Fund.

It is not expected that the United Kingdom will contribute to the new IMF facility as a lender. It has, however, been agreed that a special account should be established, with appropriate contributions by oil exporting and industrial countries, to reduce interest charges for the poorer developing countries borrowing under the facility. The detailed arrangements for this account are still under discussion.