while petrodollar recycling reduced the short-term recessionary impact of the 1973 oil crisis, it caused problems especially for oil-importing countries that were paying much higher prices for oil, and incurring long-term debts. the international monetary fund (imf) estimated that the foreign debts of 100 oil-importing developing countries increased by 150% between 1973 and 1977, complicated further by a worldwide shift to floating exchange rates. johan witteveen, the managing director of the imf, said in 1974: "the international monetary system is facing its most difficult period since the 1930s." the imf administered a new lending program during 1974–1976 called the oil facility. funded by oil-exporting nations and other lenders, it was available to nations suffering from acute problems with their balance of trade due to the rise in oil prices, notably including italy and the uk as well as dozens of developing countries.