ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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period (1992-1996). The G-24 developing countries have rightly described this as a modest proposal likely to meet only a pan of the projected demand for reserves. Apart from the growing global demahd for reserves, Camdessus cited the needs of the 38 new members of the IMF as also "the problem for many developing and transforming countries in having to tackle reserve shortage by compressing domestic demand and imports". The Interim Committee, however, once again ritually remitted the subject back to the IMF board The only issue on which a positive signal was given relates to the successor to the ESAF which was launched in December 1987 with about SDR 6 billion as additional loanable resources, ESAF-II now proposed will have SDR 5 billion. While admitting that specific pledges of contributions were yet to come, Camdessus was clear that to attract contributions from the developed countries the assistance to the very poor countries under ESAF-II would be subject to strong condittonalities. But while funds for ESAF-II may be forthcoming, US contributions to multilateral agencies intended for poor countries are clearly slated to dwindle. In a major break from the past, the US Congress has voted to limit American contributions to IDA funds to a two-year period instead of three years and also cut the treasury department's 1994 pledge to IDA by $ 200 million after pressing for increased information from the World Bank on its operations.

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