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Drumbeat: Ad Buzzaar
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Friday, July 17, 1998
US house panel approves limited funding for IMF
Adam Entous
Washington, July 16: A key US Congressional panel voted on Wednesday to give the International Monetary Fund $3.4 billion, a fraction of the money the White House says the IMF needs to deal with global financial emergencies.Despite warnings that IMF cash reserves are depleted, the House appropriations' foreign operations subcommittee approved, by voice vote, only $3.4 billion for the lending agency as part of a $16.2 billion spending package. The legislation also called on the IMF to carry out reforms to increase transparency and promote free trade. The $3.4 billion approved by the panel will pay Washington's share of the new arrangements to borrow (NAB), a special fund to help the IMF cope with future crises. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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