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Thursday, 23 March 1961


Mr Ward d asked the Treasurer, upon notice -

1.   Has he on a number of occasions classified Australia's drawing rights of £211,000,000 from the International Monetary Fund as being part of our overseas financial reserves?

2.   Are these unconditional drawing rights, and is the £211,000,000 available to Australia immediately upon request?

3.   If not, will he state the conditions that must be satisfied by Australia before this nation's full drawing rights from the International Monetary Fund can be exercised?


Mr Harold Holt - The answers to the honorable member's questions are as follows: -

1.   I have referred to Australia's maximum drawing rights of £A. 2 11, 000,000 on the International Monetary Fund as Australia's " second line " of international reserves. They are in addition to and not part of Australia's own international reserves.

2.   No.

3.   The fund makes its resources available to meet temporary balance of payments difficulties and its requirements in relation to requests for use of its resources vary according to the size of the requested drawing and the circumstances of the country concerned. A description of the fund's policy is contained on page 22 of its 1959 annual report which is available in the Parliamentary Library. In recent times the fund has shown increasing willingness to make its reserves available to meet the needs of its members.







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