MercoPress. South Atlantic News Agency

IMF allocation for Mercosur countries exceeds 7 billion USD

The allocation is equivalent to 74% of the country’s IMF quota

The IMF allocation of Special Drawing Rights, SDR, equivalent to 250 billion USD to provide liquidity to the global economic system will supplement Mercosur country members with approximately 7 billion US dollars.

The general SDR allocation will be made on August 28, 2009 to IMF members that are participants in the SDR Department (currently all 186 members) in proportion to their existing quotas in the IMF, which are based broadly on their relative size in the global economy.

The allocation will provide each participating country with SDR in amounts equivalent to approximately 74% of its quota, and could increase Fund members’ total allocations to an amount equivalent to about 283 billion USD, from about 33 billion USD (SDR 21.4 billion).

Separately the IMF will provide for a special one-time allocation of SDR to be distributed among IMF members on September 9, 2009. The total of SDR created under the special allocation would amount to SDR 21.5 billion (about US$33 billion).

According to the allocation Argentina will be receiving from the General allocation, 1.569.4 billion SDR; from the Special, 132.2 million, totalling 1.701.7 billion SDR, equivalent approximately to 2.636 billion US dollars.

Brazil’s hare is from the General allocation, 2.250,7 billion SDR; Special allocation, 277.7 million, totalling 2.528.4 billion SDR, equivalent to 3.9 billion US dollars.

Uruguay’s allocation share is estimated in 227.2 million and 16.1 million, totalling 243.3 million SDR, equivalent to 376 million US dollars.

Paraguay: 74.1 million SDR plus 7.4 million totalling 81.5 million SDR, which is equivalent to 125 million US dollars.

Associate member Chile, 634.6 million SDR plus 60.3 million totalling 695 million SDR equivalent to 1.077 billion US dollars.