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Press Release Number 96/35
June 26, 1996
International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA

IMF Approves Compensatory Drawing for Algeria

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.


IMF EXTERNAL RELATIONS DEPARTMENT

Public Affairs    Media Relations
E-mail: publicaffairs@imf.org E-mail: media@imf.org
Fax: 202-623-6278 Phone: 202-623-7100