At the United Nations Conference on Trade and Development (UNCTAD) in Nairobi, eight countries formally pledged contributions on Monday (24 May) to a proposed Common Fund to finance commodity buffer stocks.
SV INT United Arab Emirates delegation
SV Soviet Union delegation
CU Dr. Henry Matida of Zambia speaking
MATIDA: "May I first of all express my gratitude and the gratitude of my delegation for this opportunity to make a few comments on the proposed common found. Mr. President, Sir, it is Zambia's sincere feeling that the creating of the fund will herald an important beginning in the establishment of a new economic order, an order which will guarantee change in the status quo, beneficial to us all in the field of commodities. this status quo has, of course, continued to work to the disadvantage of developing countries. On the instruction of my Party and Government--and therefore my President--Zambia pledges to contribute to the common fund in principle at this stage. Thank you, Sir."
Initials BB/1930 YA/AW/BB/1935
This film is serviced with part of an address to the conference by Dr. Henry Matida, Zambia's Minister of State in the Ministry of Commerce. A Transcript follows.
Script is copyright Reuters Limited. All rights reserved
Background: At the United Nations Conference on Trade and Development (UNCTAD) in Nairobi, eight countries formally pledged contributions on Monday (24 May) to a proposed Common Fund to finance commodity buffer stocks.
They included oil exporters Iran, United Arab Emirates and Kuwait, together with Mexico, Zambia and Pakistan.
Indonesia, which had earlier announced support for the Fund, said its contribution would be 25-million dollars (14-million pounds sterling). Norway, the first industrial country to offer a specific sum to the Fund, said its contribution would also be 25-million dollars, subject to parliamentary approval.
UNCTAD's target is 1,000-million dollars (670-million pounds sterling) to be raised by government subscription plus a further 2,000-million dollars (1,140-million pounds sterling) borrowed commercially.
The common fund is at the core of an integrated programme backed by the developing countries and aimed at stabilising commodity markets to ensure that prices are fair to producer and consumers alike.
SYNOPSIS: Eight countries pledged contributions on Monday to the proposed Common Fund to finance commodity buffer stocks. Dr. Henry Matida of Zambia delivered his country's pledge.