ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Old Baggage

Old Baggage On the eve of the Bank-Fund annual meeting this year in West Berlin, Michel Camdessus, the IMF managing director, pleaded for a 50 to 100 per cent increase in the Fund's capital base of $ 115 billion. This would enable the Fund to provide more financial assistance to its member countries and become a net lender once again instead of being a net recipient of funds. The IMF's capital base is built out of the quota subscriptions of its member countries. A larger capital base would not only raise directly the Fund's access to resources but also, given its charter, enhance its borrowing power although, unlike the World Bank, the Fund does not normally go to the market to borrow but negotiates its borrowings with the lending countries, individually or collectively.

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