AUST. DRAWS ON I.M.F.
£7Bm To Boost Reserves (N ZP. A.-Rentier—Copyright) CANBERRA. April 28. The Federal Government has drawn £78.125.000 from the International Monetary Fund to build up Australia’s overseas reserves. It has a “stand-by’’ credit of £4sm, which will ' remain in operation for a year and can be drawn on in : full, if needed, in the next ' si * mo " ths - ... „ ~ The Treasurer (Mr Harold Holt) said in the House of Representatives yesterday : that the drawings were a ffSSiS. front-line reserves. Finance writers this moming commented that the decision strongly suggested the Government was still determined not to reihtroduce import restrictions. No Anxiety no^'b^n 1 of any real anxiety that our reserves will prove to be inemffirient a On the contrary, they have recently shown some tendency to increase, and the Government is confident that its policies will continue to restore a state of balance in our international dealings. “But the normal seasonal trend of our overseas business will produce extra calls ; on our reserves in the slacker , part of the export season.
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Press, Volume C, Issue 29500, 29 April 1961, Page 15
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173AUST. DRAWS ON I.M.F. Press, Volume C, Issue 29500, 29 April 1961, Page 15
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