• Short Summary

    VIENNA TOOK THE CENTRE OF THE WORLD'S FINANCIAL STAGE THIS WEEK WITH THE SEPTEMBER 18 OPENING OF THE ANNUAL MEETINGS OF THE INTERNATIONAL MONETARY FUND, THE WORLD BANK, AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION AND THE INTERNATIONAL FINANCE CORPORATION.

  • Description

    VIENNA TOOK THE CENTRE OF THE WORLD'S FINANCIAL STAGE THIS WEEK WITH THE SEPTEMBER 18 OPENING OF THE ANNUAL MEETINGS OF THE INTERNATIONAL MONETARY FUND, THE WORLD BANK, AND THE INTERNATIONAL DEVELOPMENT ASSOCIATION AND THE INTERNATIONAL FINANCE CORPORATION.

    DELEGATES ASSEMBLED IN THE HOFBURG BUILDING IN THE AUSTRIAN CAPITAL FOR THE OPENING JOINT SESSION OF THE WORLD BANK AND THE INTERNATIONAL MONETARY FUND. THEY HEARD AN ADDRESS OF WELCOME FROM THE AUSTRIAN PRESIDENT, DR.SCHARF. MR.SELWYN LLOYD, THE BRITISH CHANCELLOR OF THE EXCHEQUER, AND MR.DOUGLAS DILLON, THE U.S.SECRETARY OF THE TREASURY WERE PRESENT.

    THE CHAIRMAN OF THE JOINT SESSION, MR.SUNTHORN HONGLADAROM, THE THAILAND MINISTER OF FINANCE, GAVE A BROAD HINT THAT STEPS WOULD SOON BE TAKEN TO ENLARGE THE RESOURCES OF THE INTERNATIONAL DEVELOPMENT ASSOCIATION, THE NEWLY FORMED SISTER ORGANISATION OF THE WORLD BANK. ALREADY WITHIN ITS FIRST YEAR OF OPERATION IT HAS CARRIED OUT A SERIES OF OPERATIONS TOTALLING SOME 100 MILLION DOLLARS. HE SAID THAT WEST EUROPE'S RAPID RECOVERY AND ECONOMIC GROWTH HAD CREATED AN EXPANDED MARKET FOR THE REST OF THE WORLD. IT HAD ALSO BENEFITED OPERATIONS OF THE WORLD BANK WHICH HAD DRAWN AN IMPORTANT PART OF ITS FINANCIAL RESOURCES FROM EUROPE. MR.HONGLADAROM SAID THAT WITH INCREASED PRODUCTION IN WEST EUROPE AND ELSEWHERE, INFLATIONARY PRESSURES HAD ABATED. BUT IN MANY COUNTRIES THIS HAD ALSO REQUIRED THE USE OF VIGOROUS FISCAL AND MONETARY MEASURES.

    DURING THE OPENING DAY HOPES WERE RISING STRONGLY AMONG THE LEADING DELEGATES AT THE I.M.F. MEETING THAT AN AGREED PLAN TO INCREASE THE BORROWING POWERS OF THE FUND WOULD BE ANNOUNCED WITHIN THE NEXT FEW DAYS. AGREEMENT IN PRINCIPLE IS NOW BELIEVED TO HAVE BEEN REACHED. BRITAIN, THE UNITED STATES, FRANCE, WEST GERMANY, ITALY, BELGIUM, HOLLAND, SWEDEN, JAPAN AND CANADA ARE NOW BELIEVED TO BE READY TO ASSURE THE PROVISION OF A TOTAL OF SOME GBP2,107 MILLION TO THE FUND.

  • Tags

  • Data

    Film ID:
    VLVA2U2D50QYVMN5433NP094L1DCM
    Media URN:
    VLVA2U2D50QYVMN5433NP094L1DCM
    Group:
    Reuters - Incuding Visnews
    Archive:
    Reuters
    Issue Date:
    19/09/1961
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Black & White
    Duration:
    00:01:08:00
    Time in/Out:
    /
    Canister:
    N/A

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