INTRODUCTION Efforts by UNCTAD, the United Nations Conference on Trade and Development, to create a common fund to stabilise commodity prices continued in Geneva, Switzerland, this week.
GV INTERIOR: meeting (3 shots)
SEMI CU: Gamani Corea, UNCTAD Secretary-General speaking.
TRANSCRIPT SEQ 2: GAMANI COREA: "The fund would be subscribed to by governments from the point of view of lending, as an outlet for the surpluses of governments. It would also be eligible to borrow from international financial institutions as well as the capital and money markets. It wasn't essentially designed as a source of attracting private funds. And since you mention the Socialist countries again and ask what is their view, it's not for me to explain their view, but I think that it should be stated that the Socialist countries have not only subscribed to the resolution, they have participated in all the preparatory meetings and have expressed their willingness to contribute to this process in a constructive way. So I don't want to give the impression that the Socialist countries have been negative."
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Background: INTRODUCTION Efforts by UNCTAD, the United Nations Conference on Trade and Development, to create a common fund to stabilise commodity prices continued in Geneva, Switzerland, this week. The third preparatory meeting for the forthcoming negotiating conference on a common fund under UNCTAD's integrated programme for commodities ended on Tuesday (1 March). The meeting began on 21 February. Delegations continued discussion on the main elements of a common fund and the meeting recommended to the conference rules of procedure and a provisional agenda.
SYNOPSIS: The issue of a common fund is a controversial one. The crucial commodity issue threatened the conference with collapse in Kenya last year. There was intense and often bitter confrontation between the rich and poor nations at the conference, called UNCTAD Four, in Nairobi in May. But the 154 nations managed to drag the conference back from the brink of failure over the issue.
UNCTAD Secretary-General Gamani Corea comments on the fund.