Washington, 30 September 1996 (RFE/RL) -- The policy-making Interim Committee of the International Monetary Fund (IMF) has endorsed a proposal to give member countries that joined in recent years an equal share of its currency, the SDR (Special Drawing Rights).
But the committee, meeting yesterday in Washington, stopped short of agreeing on an actual amount to be allocated for an equity distribution.
Early members of the fund each received an allocation of the IMF's currency, but there was none left for those that took membership more recently, such as most of the Central and East European and former Soviet countries.
IMF Managing Director Michel Camdessus has proposed the creation of another $26.6 billion SDRs, worth about $38.6 billion, but several of the fund's richer members, such as the United States, have balked at that. U.S. officials have proposed only half that amount.
After yesterday's committee meeting, however, Camdessus says the concensus is getting closer to the higher figure, and he expects agreement in the coming months.
The proposal is expected to be submitted to the membership along with a general quota (membership fee) increase within the next year. The proposal requires an amendment to the IMF's Articles of Agreement, which needs an 80 percent approval margin from member nations.