The International Monetary Fund began a series of meetings in Mexico City on Thursday (27 April).
The International Monetary Fund began a series of meetings in Mexico City on Thursday (27 April). High on the agenda is a proposal to activate an IMF facility aimed at easing the balance of payments problems of the "Group of 24" developing nations.
SYNOPSIS: The IMF meetings are being held at a hotel close by this memorial state of Britain's World War Two Prime Minister, Sir Winston Churchill. Delegates from the organisation's 134 members states discussed a variety of problems over the weekend (29 and 30 April). At the "Group of 24's" session on Thursday the emphasis was on urging the United States to speed up its contribution to the balance of payments facility.
Minister from the African, Latin American and Asian countries that make up the Group are also expected to ask the industrialised nations to set and meet economic growth targets, to provide expanding markets for raw materials from the developing world. The 10.5 billion U.S. dollar balance of payments facility, named after retiring IMF Managing Director Johannes Witteween, who conceived the idea last year, is being financed by the richest industrial and oil producing states. But it cannot become operational without the U.S. contribution of 1.5 billion dollars, which is still awaiting approval by Congress.