The annual general meeting of the World Bank and International Monetary Fund has ended in Yugoslavia with plans for more assistance to developing countries in financial trouble.
GV/SV: President of International Monetary Fund Robert McNamara speaking and delegates listening.
GV/SV: Mr De Larosiere speaking in English delegates listening (5 shots)
CU/SV: New Zealand Prime Minister Robert Muldoon speaking and delegates listening (4 shots)
McNAMARA: "There has been strong support of the donor nations for an early completion of the negotiations of the sixty replenishment of IDA (International Development Agency). In order to allow a substantial increase in real terms of IDA resources and thereby to help meet the pressing needs of our poorest member countries. the early completion of these negotiations is essential if the necessary legislative action is to take place before IDA's resources are exhausted as of June thirty next year."
LAROSIERE: "I was deeply impressed by the degree of anonymity in the statements by governors of this organisation. There was agreement that inflation must be tackled with greater determination and accorded higher priority among the objectives of national economic policies"
MULDOON: "The need for co-operation between countries and groups of countries. The need to rigorously resist inflationary and protectionist pressures and the need to join together in seeking as much international economic growth as possible. In this context there has been a recognition perhaps stronger than ever before of the role the Bank and Fund must play as focal point of a co-operative effort to achieve stability, growth and development.
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Background: The annual general meeting of the World Bank and International Monetary Fund has ended in Yugoslavia with plans for more assistance to developing countries in financial trouble. World Bank President Robert McNamara said the assistance, in the form of increased loans, would be made to countries who were willing to make changes in their economies to solve their own financial problems. He was supported by Monetary Fund Managing Director, Jaques De Larosiere who warned there'd be no increase in living standards until inflation was beaten. New Zealand Prime Minister Robert Muldoon called for more co-operation between countries. As the closing session began Mr. McNamara said the severe problems of the third world called for new policies and additional resources for the International Development Agency.