Finance Ministers from 126 countries ended on Friday (28 September 1973) the five-day annual conference of the International Monetary Fund in Nairobi, Kenya.
Finance Ministers from 126 countries ended on Friday (28 September 1973) the five-day annual conference of the International Monetary Fund in Nairobi, Kenya. They had made little significant progress on the main issue facing them; the reform of the world monetary system. But the new Managing Director of the IMF, Dr. Johanas Witteveen of the Netherlands, was confident that agreement would be reached on a blueprint for reform by July 31st, 1974.
Where the ministers did agree was on the urgency of stabilising currency values and exchange. So the "Committee of Twenty", ministers charged by the Conference to negotiate the reform, set themselves a ten-month deadline to produce reform proposals.
Dr. Witteveen told newsmen that there is "a bread measure of agreement on the basic principles of a new monetary system". But the major stumbling block is seen by observers to be the extent to which the international community will be able to control policies of individual countries, in the interest of worldwide stability.
The following is a transcription of the closing address at the conference, gives by Chairman, Mr. G. M. Chambers:
SYNOPSIS: At the Kenyatta Conference Center in Nairobi, Kenya, the annual meeting of the International Monetary Fund ended on Friday. Finance Minister from one hundred and twenty-six countries attended the five-day gathering. But they failed to reach agreement on the major item on the agenda: reform of the world monetary system. Though they found much in common on basic principles, there were reservations on how, for instance, to establish international control over finance policies of individual countries. However, the urgent need to stabilises currency values and exchange was recognised by all, and a committee of twenty ministers set themselves a ten-month deadline to produce a blueprint for reform. The closing address was given by the Chairman, Mr. G. M. Chambers: