The International Monetary Fund recently announced that it has set the interest rate on special drawing rights for the first calendar quarter of 1982 at 11.63 percent. The rate was 13.99 percent in the preceding quarter.
The IMF has also set the rate of remuneration which it pays on members' creditor positions in the general department at 9.89 percent. This rate, which compares with 11.89 percent in the preceding quarter, went into effect Jan. 1.
Under IMF rules, the special drawing rights interest rate is equal to the combined market interest rate, rounded to two decimal places. The rate of remuneration is 85 percent of the SDR rate, also rounded to two decimal places.
The combined market interest rate is the weighted average of short-term rates in the United States, the Federal Republic of Germany, the United Kingdom, France and Japan, based on rates for the three-week period ending two business days before the calendar quarter for which the SDR interest rate is determined.
The combined market rate for the period ended Dec. 29, 1981, averaged 11.6329 percent, compared with the rate of 13.9947 percent that prevailed in the period ended Sept. 28, 1981.
Recent agreements by international lending and financial instutitions:
* The World Bank and the International Development Association have approved loans and credits totaling $249 million to Indonesia, Nicaragua, Nigeria, Oman and Sudan. A loan of $100 million will be used for the development of rural communication in Indonesia. Nicaragua will use a $16 million loan to help improve municipal services and facilities in Managua's low-income neighborhoods. In Nigeria, the National Electric Power Authority will receive a loan of $100 million to support a power project which will serve 23 cities and towns. Oman's national program for highway maintenance will be assisted by a second World Bank loan of $15 million. Sudan's agricultural bank will receive an $18 million IDA credit, to be used in part to increase lending to private farmers.
* A $26 million bank loan to Peru to help finance the foreign exchange cost for about 1,500 investments by small enterprises. About 10,000 new jobs are expected to result from the investments, which will be made primarily in manufacturing.
* A $4 million loan to Kenya to prepare a petroleum exploration promotion program. Information will be prepared to identify and open up new areas for exploration, and these opportunties will then be promoted to interested oil companies. The bank reports that if the promotional effort is successful, the Kenyan government will be assisted with the negotiation of contracts and monitoring of company activities.
* An $8 million loan to the Philippines to complete the engineering studies necessary for the preparation of two urban development projects. The studies will be used to establish cost estimates for investments in urban services such as transportation, shelter, sanitation and markets.
* An IDA credit of 15.9 million special drawing rights ($18 million) to Zambia to help improve the productivity of small-scale farmers. The credit will support a $24.6 million project designed to increase use of modern agricultural practices which, in turn, is expected to boost crop and livestock production, as well as farm incomes. The project is intended to affect about 65,000 rural families, made up primarily of subsistence farmers whose methods range from hand tools to ox ploughs.
* An IDA credit of 14.2 million special drawing rights ($16 million) to Burundi to support a project aimed at improving the quality of coffee and food crops produced by small farmers. A regional development company has been charged with establishing 15 new coffee washing stations, safe water sources and roads and the development of wood resources.
International Monetary Fund
* A purchase equivalent of 23.3 million special drawing rights by the government of Honduras because of a recent decline in exports. Coffee exports declined by 36 percent because of a fall in world prices and reduced shipments following the imposition of export quotas under the International Coffee Agreement. A decline in banana exports resulted from an 8 percent drop in volume following adverse weather.
* A purchase equivalent of 151.5 million special drawing rights by the government of Kenya, to support its economic and financial program. The proposal aims to promote domestic savings, contain the balance of payments deficit and restore sectoral growth in the economy. To achieve these goals, a reduction in the budget deficit is planned through a cutback in public spending. Interest rates have also been increased.
* The bank announced that Foster Wheeler Energy Corp. of Livingston, N.J., will be the principal U.S. supplier of a $27 million coal-fired boiler for the Compostilla thermal power plant in northwest Spain's Leon province. Foster Wheeler will provide the boiler equipment and installation, engineering, auxiliaries, spares, construction supervision and start-up services. Westinghouse will supply generator components; Baily Meter will provide controls, and Tubeco-Babcock will supply heaters. Endesa, Spain's ninth largest utility company, will receive a bank credit of $20.3 million to support the project.