Finance ministers of ten of the world's richest nations tonight reached agreement on a draft plan for reforming the international monetary system.
Finance ministers of ten of the world's richest nations tonight reached agreement on a draft plan for reforming the international monetary system. The agreement was reached after a twelve-hour session under the chairmanship of Britain's Chancellor of the Exchequer, Mr. James Callaghan.
The basis of the plan is to make more money available to finance the world's expanding trade and economic and development.
The plan will now go forward to the annual meeting of the 103- nation International Monetary Fund to be held in Rio at the end of September.
The Ministers - known as the Group of Ten - had to reach agreement before the IMF could give its members a share of the extra funds they are hoping to make available.
Nations constituting the Group of Ten are Britain, the United States, Canada, France, West Germany, Italy, Belgium, Netherlands, Sweden and Japan. Switzerland attended as an observer.