The International Monetary Fund has just received an application from Britain to borrow a massive 3,900 million dollars to help prop up the ailing pound sterling.
The International Monetary Fund has just received an application from Britain to borrow a massive 3,900 million dollars to help prop up the ailing pound sterling. The IMF will almost certainly agree to lend the money. For the function of the IMF and its sister organisation, the World Bank, is to try to bridge the gap between rich nations and poor and to help stabilise the world's currencies. It's a job both bodies have been doing since 1945...
SYNOPSIS: Manila, chief city of the Philippines...and the venue for meetings of the International Monetary Fund and the World Bank, which open on Monday, October 4. On the agenda will be similar requests to Britain's. In 1975, the World Bank alone lent 4.5 billion dollars.
The IMF and the World Bank were both created in 1945 to fund postwar reconstruction. Since then, member nations have used the IMF to underpin currencies in danger of crumbling - like sterling and the Italian lira in recent years. At the same time, poor nations have used the World Bank to borrow money for a wide variety of projects.
Britain is just the latest example of a nation whose currency has come under fire in the economic-political battlefield. The IMF is there to help in such circumstances. Credits, special drawing rights and other financial resources are available on certain conditions.
The World Bank is concerned with more solid matters. Broadly, it is there to help the poor, emerging nations to help themselves. And, after thirty years of operation, the need is still there. As much as the rich nations can afford, the World Bank can use...in place like this.
The world's urgent need to find more food to feed itself, is a problem being tackled by the World Bank Expert groups have researched better rice strains to help feed the millions of Asia. Other branches of the bank provide finance to mechanise agriculture. Another branch provides training for government officials in managing development projects. All these functions have one common aim...to redistribute the world's wealth more fairly.
It is unlikely a developing nation could afford a dam like this. Yet the existence of the dam could transform the life and welfare of millions of people. With World Bank backing, work begins...and a better life dawns in one corner of the world. The need for such help never grows less. World Bank President Robert S. McNamara...