The membership granted Israel last week in the International Monetary Fund and the International Bank for Reconstruction and Development entitles Israel to apply for long-term development loans, it was indicated here today.
However, a spokesman for the Israel Embassy here declared last night that Israel did not plan to borrow money from the world bank “at least during the next twelve months.” He said that the Jewish State would take immediate advantage of the possibility of obtaining advice on monetary and related matters from the bank’s technicians.
Membership in the International Monetary Fund also entitles Israel to draw foreign currencies, on approval of the fund, when it runs into temporary shortages of foreign exchange. As a member of the fund, Israel cannot devalue her currency without its permission. The fund’s rules also require that members not maintain multiple exchange rates but this will, it is understood, be waived in Israel’s case, as it has been for several other nations.
Israel’s quota contribution to each agency will be $4,500,000, of which 25 percent must be turned over to the Monetary Fund in dollars and two percent to the World Bank in dollars.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
