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Gold/Mining/Energy : Gold Price Monitor
GDXJ 106.75-0.5%Dec 3 4:00 PM EST
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To: Alex who wrote (14048)7/2/1998 6:35:00 PM
From: goldsnow  Read Replies (1) of 116791
 
IMF warns of need for cash to aid Asia and Russia

MICHEL Camdessus, managing director of the International Monetary Fund,
warned yesterday that the fund will need more money to help deal with
the economic crises in Asia and Russia.

His plea came as the Russian Duma approved nine bills last night as part
of an economic reform package which is a pre-condition to receiving any
new funding from the IMF, in addition to the $10 billion loan already
being paid out.

Mr Camdessus said that having paid out about $80 billion as part of
rescue packages in Asia, the IMF was dangerously short of funds and if
Russia did require another loan of up to $15 billion the IMF would have
to "launch its lifeboat".

This was a reference to the general arrangements to borrow, agreed in
the early 1960s by the G10 countries, including Britain and the United
States, to provide the IMF with additional emergency funds worth about
$24 billion. The arrangements can be activated only by the managing
director with the approval of the G10. It has not been used since the
late 1970s when Britain required an IMF loan at the same time as the US,
and Italy also needed funds.

Mr Camdessus said that whether the arrangement was activated depended on
the US Congress, which is holding up additional funding for the IMF.

telegraph.co.uk
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