• Short Summary

    International finance ministers failed to reach agreement in Jamaica on Friday (9 January) on any concrete new steps to help the world's poor countries.

  • Description

    International finance ministers failed to reach agreement in Jamaica on Friday (9 January) on any concrete new steps to help the world's poor countries.

    The meeting of the joint World Bank-International Monetary Fund Development Committee in Kingston may even have seen a backward step in its bid to pump real resource into developing nations.

    For the United States refused to go along completely with a resolution calling for a substantial increase in funds to the International Development Association (I.D.A.) The association, an affiliate of the World Banke, makes interest-free loans to poor countries.

    Hundreds of demonstrators staged a protest outside the conference against the United States and other countries which they claimed were blocking third world progress.

    But the meeting --- which ended on Friday, a day earlier than planned --- did introduce sweeping reforms of the articles of the International Monetary Fund which have guided the world's monetary system since 1944.

    The Kingstom agreement legalises the present system of floating exchange rates. It also significantly reduces the role of gold at the centre of the international monetary system.

    British Chancellor of the Exchequer, Mr. Denis Healey, played a key role insecuring compromises. He said with the cause of the roughly 90 less developed members of the 128-members IMF in their quest for increased and immediate access to the fund's credit facilities.

    The Fund is expending, but some nations are becoming less powerful. Britain is the hardest hit. It will lose future access to IMF loans because as it loses power it loses creditworthiness.

    SYNOPSIS: In Jamaica on Friday -- the meeting of the joint World Bank-International Monetary Fund Development Committee finished a dary early. International finance ministers attending the meeting in Kingston agreed on reform of the World's monetary system, but failed to agree on any new concrete steps to help the world's poor countries.

    British Chancellor of the Exchequer, Denis Healey, played a key role in securing compromises which should help less developed members of the IMF.

    Security at the conference was strict. Hundreds of demonstrators turned out to protest at some of the IMF members -- particularly the United States.

    The United States refused to go along completely with a resolution calling for a substantial increase in funds to the International Development Association. The Association -- an affiliate of the World Bank -- makes interest-free loans to poor countries. The Kingston meeting, however, did agree to legalise the present system of floating exchange rates, significantly reducing the role of gold at the centre of the international monetary system.

  • Tags

  • Data

    Film ID:
    VLVA9EA3YFMGAO6PXEXIFQ2ZM713Y
    Media URN:
    VLVA9EA3YFMGAO6PXEXIFQ2ZM713Y
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    12/01/1976
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:17:00
    Time in/Out:
    /
    Canister:
    N/A

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