Aid refers only to those parts of capital inflow which normal market incentives do not provide. It consists of long term loans repayable in foreign currency, grants and "soft loans" repayable in local currency, sale of surplus products for "local currency" payments (PL 480 in the USA) and technical assistance which is a most important part of aid to underdeveloped [...]
The fund initiated its system of standby arrangement in 1952. According to this provision instead of immediately borrowing from the IMF when it needs additional reserves, a country can obtain fund's assurances that permission to borrow will be granted in the event that this should become necessary. The General Agreement to Borrow was established in 1962 among IMF and ten [...]
For the world's monetary system the year 1968 was easily the most testing and dangerous since the Second World War. It is a remarkable tribute to its resilience and flexibility that it avoided a major disaster and that the rate of world trade expansion remained so high. This point alone justified the sanguine tone of the report which Schweitzer, the [...]