[asia-apec 653] Price of Asian crisis tops IMF accounts

[ALARM (APEC Labour Rights Monitor)]

Washington (Xinhua) - The Asian financial crisis that appeared in July 1997
in Thailand and its subsequent global reverberations dominated the
International Monetary Fund's (IMF) work report in 1997/98, also prompted a
record level of IMF lending in the year.

According to the Annual Report 1998 released here yesterday by the IMF,
member countries drew some US$25.6 billion from the IMF's General Resources
Account in the credit tranches in the year 1997/87, ended on April 30,
1998, nearly four times the level of the previous year.

Meanwhile, the IMF approved nine new Stand-By Arrangements, with total
commitments of 27.3 billion Special Drawing Rights (SDR), which is
equivalent to some US$27.3 billion (as of April 30, SDR1 is equal to
US$1,34666). Besides, there were 4 new Extended Arrangements with total
commitments of SDR2.8 billion, which is about US$3.77 billion.

The largest Stand-By Arrangements were for South Korea, Indonesia, and
Thailand; the largest Extended Arrangement was for Argentina.

In addition, the IMF also approved eight new ESAF (the Enhanced Structural
Adjustment Facility) Arrangements with commitments totalling SDR1.7
billion, or some US$2.29 billion.

As of April 30, this year, 14 Stand-By Arrangements, 13 Extended
Arrangements, and 33 ESAF Arrangements were in effect with member
countries. Net of repayments of previous drawings rose to a record US$75.4
billion as of April 30 this year as compared with US$55.3 billion a year
earlier. 

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