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The IMF as a Source of International Liquidity for LDCs

In: The International Monetary System and the Less Developed Countries

Author

Listed:
  • Graham Bird

    (University of Surrey)

Abstract

It has already been established that many developing countries experience balance-of-payments difficulties. These difficulties are caused in part at least by export instability. Furthermore, it would appear that, judged on the basis of certain reasonably objective criteria, such as the degree of export instability, a large number of LDCs have inadequate international reserves. Mainly and perhaps exclusively in order to avoid or defer the imposition of restrictionary trade and/or exchange-rate policies, the IMF has stood ready to provide relatively short-term financial help to members experiencing balance-of-payments difficulties. Although the significance of the IMF as a source of short-term financing varies amongst LDCs, it is true that LDCs as a group have relied very heavily on drawings from the IMF. These drawings are basically of two types: first, drawings within the ordinary facilities provided by the Fund; and, second, drawings made under certain special facilities which have been established during the lifetime of the IMF.

Suggested Citation

  • Graham Bird, 1982. "The IMF as a Source of International Liquidity for LDCs," Palgrave Macmillan Books, in: The International Monetary System and the Less Developed Countries, edition 0, chapter 7, pages 142-159, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-16903-0_7
    DOI: 10.1007/978-1-349-16903-0_7
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