Patch Up Over Yemen

September 9, 1967 billion annually. Unlike the quotas hitherto, 70 per cent of SDR would, in effect, form part of the foreign exchange reserves of member countries because they are automatic without the liability to repay within five years, and can be used to buy any currency or gold. The scheme thus allows for both non-repayment and transferability, the twin hurdles which have been obstructing the progress of discussion on international liquidity. The fixation of SDR limits would require, however, 85 per cent voting majority of IMF members, which confers the power of veto on ECM countries jointly with USA and Britain.