Press Release No. 96/35

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).  

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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.