Press Release: IMF Approves Compensatory Drawing for Algeria
June 26, 1996
The International Monetary Fund (IMF) today approved a credit for Algeria equivalent to SDR 174.62 million (about US$252 million) under the compensatory and contingency financing facility (CCFF)1. The drawing relates to an excess in the cost of cereal imports during the period July 1995-June 1996 reflecting the exceptional increases in world grain prices which have been taking place over the last year.
Algeria joined the IMF on September 26, 1963; its quota2 in the IMF is SDR 914.4 million (about US$1,318 million); and its outstanding use of IMF credit currently totals SDR 1,116 million (about US$1,608 million).
1. The compensatory element of the CCFF provides resources to members to cover excesses in import costs that are temporary and arise from events beyond their control.
2. A member's quota in the IMF determines, in particular, the amount of its subscription, its voting weight, its access to IMF financing, and its allocation of SDRs.