• Short Summary

    Britain proposed a new plan for channelling the vast profits of oil producing countries into consumer countries hit with increased oil bills.

  • Description

    Britain proposed a new plan for channelling the vast profits of oil producing countries into consumer countries hit with increased oil bills.

    The proposal was put to Tuesday's (1 October) session of the annual meeting of the International Monetary Fund by the British Chancellor of the Exchequer, Mr. Denis Healy.

    The plan gained the immediate backing from European countries and guarded endorsement from the United States Treasury Secretary, Mr. William Simon.

    Mr. Healy proposes that the IMF greatly expand its existing facility for borrowing from oil producing countries.

    This has so far raised 3,500 million dollars, GBP 1,450 million) and Mr. Healy told reporters after his speech. that it was difficult to estimats a goal, but he would like to see the IMF raise about 30,000 million dollars (GBP 12,500 million) a year.

    Mr. Simon said although the United States believed existing financial arrangements are standing up well to the strains of the present situation if the need arose for additional international lending, his country would support it.

    SYNOPSIS: Washington's Sheraton Park Hotel, the scene of the International Monetary Fund's annual meeting. At Tuesday's session the British Chancellor of the Exchequer, Mr. Denis Healy, proposed a plan to redistribute the profits of higher priced oil.

    The European countries endorsed the proposal to greatly extend the IMF's present oil-money facility. But the United States Treasury Secretary, William Simon, gave only his guarded approval

  • Tags

  • Data

    Film ID:
    VLVA6KEDOMPRXPM2YCHV3EJ5VHDC4
    Media URN:
    VLVA6KEDOMPRXPM2YCHV3EJ5VHDC4
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    02/10/1974
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:03:07:00
    Time in/Out:
    /
    Canister:
    N/A

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