IMF reveals financial damage

THE INTERNATIONAL Monetary Fund yesterday revealed the extent of the damage the Asian crisis did to its balance sheet, after heavy pressure from the US.

The IMF has $219bn available in total resources, made up of members' currencies and gold holdings. But only $66bn of that is usable, a quarter of the level a year ago. Of that total, $25bn is already committed and $13bn required for its basic working balances, leaving only $28bn in net uncommitted usable resources. Liabilities have also increased. This takes the IMF's liquidity ratio down to 33.8 per cent. A year ago it was 115.8 per cent.