a financial correspondent
Britain is to request a drawing on nearly the whole of the $1,450m. (£517,857,000) credit available to her at the International Monetary Fund. The final figure, it is thought will be in the region of 1,300m. (£458.6m.) and it is anticipated that only a token proportion will be left undrawn,
It is still not clear how much the British drawings will be bolstered by renewed swap arrangements with countries who put together the $3,000m. rescue operation last November. The swap facilities with the New York Federal Reserve of $750m. and the $250m, credit at the American Export- Import Bank will certainly be renewed, but which Continental countries will be prepared to renew their credit lines remains obscure.
The Fund has not yet decided to what extent it will rely on the General Arrangements to Borrow and how much it will use its own resources by sales of gold. In order to finance the British drawing of #1,000m. last year the Fund borrowed $405m., mainly from Germany and France and sold $250m. in gold for Continental currencies.