• Short Summary

    Ministers from 14 rich industrial and major oil-producing nations agreed at a conference in Paris on Saturday (6 August) to finance a new multi-billion dollar international fund to help countries with serious balance-of-payments problems.

  • Description

    Ministers from 14 rich industrial and major oil-producing nations agreed at a conference in Paris on Saturday (6 August) to finance a new multi-billion dollar international fund to help countries with serious balance-of-payments problems. The International Monetary fund which sponsored the conference, will handle the new scheme as an addition to its routine activities.

    SYNOPSIS: The IMF had invited to the meeting only nations able to put hard cash on the table immediately to finance the new scheme.

    Conference chairman was the managing director of the IMF -- Mr Johannes Witteveen, who said the bulk of the money raised should go to the developing countries.

    These were the delegates from Nigeria. Other oil-producing countries present were Saudi Arabia, Kuwait, the United Arab Emirates, Qatar and Venezuela. Altogether they pledged four and a quarter billion dollars, with more to come.

    Dr Otto Poahl represented West Germany, one of the seven industrial nations present. They promised to put up about five and a quarter billion dollars, a figure which they'd originally hoped the oil countries would match dollar for dollar. Countries proving a special need will be able to borrow unlimited funds.

  • Tags

  • Data

    Film ID:
    VLVAB7SAKHQQ8WS86VGLSIK4LIJH6
    Media URN:
    VLVAB7SAKHQQ8WS86VGLSIK4LIJH6
    Group:
    Reuters - Source to be Verified
    Archive:
    Reuters
    Issue Date:
    06/08/1977
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:01:33:00
    Time in/Out:
    /
    Canister:
    N/A

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