ayment periods than those associated with tranche loans. The extended facility loans were intended for nations where balance of payments problems were attributable to (a) structural weakness in the internal economy, pr (b) weak external positions which precluded the implementation of an effective development program.
2. In the mid-1970s, two temporary oil financing facilities were established. These facilities provided temporary loans, without respect to quota, to assist member nations meet the increased costs of oil imports. The oil facilities were (and continue to be) funded through borrowed resources. A subsidy account was also established to assist those member nations most seriously affected by oil price increases in meeting the interest payments on oil facility loans.
3. A Trust Fund was established in 1976, to both make direct distributions and to make loans to low-income developing nations which are also members of the IMF. Resources for the Trust Fund are derived from sales of IMF gold holdings.
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