Question: nsjs Fund. Often called paper gold, SDRs held by an IMF member can be trans- ferred to another member in exchange for foreign currencies needed

nsjs Fund. Often called "paper gold", SDRs held

nsjs

Fund. Often called "paper gold", SDRs held by an IMF member can be trans- ferred to another member in exchange for foreign currencies needed to combat a payments deficit, or in exchange for its own currency. They can also be used to repay past borrowings from the IMF. They are not used for commercial transac- tions. Countries which have obtained currencies in exchange for their SDRs pay interest to the countries, or the IMF, which have received the SDRs, but all countries are required to limit their average borrowings over a period of years. The creation of SDRs, unlike gold, uses up none of the world's scarce resources. Unlike the accumulation of reserve currencies, it requires no disequilibrium in international payments between reserve and nonreserre countries. There is no negative impact on the United States taxpayer under the SDR system. Question 6. Since the inception of each, what have been the total annual contri- butions from United States citizens' tax dollars by the government (including next fiscal year's budget request) to: (a) the International Monetary Fund (b) the World Bank (c) the Inter-American Development Bank (d) the Asian Development Bank, and (e) every other governmental and quasi-governmental international bank? T05

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