President Velasco of Peru has threatened to withdraw from the Inter-American Development Bank unless there are loan policy changes within the organisation.
President Velasco of Peru has threatened to withdraw from the Inter-American Development Bank unless there are loan policy changes within the organisation. At the opening session of the Twelfth annual Meeting of the Bank's Governors in Lima on Monday (May 10) he accused the Bank's executive board -- on which the United States of America has 42 per cent of the votes -- of deliberately withholding loans to Peru. Visnews cameraman Derek Furlong was at the meeting, and he shot this film.
SYNOPSIS: At the Twelfth Annual Meeting of the Governors of the Inter-American Development Bank in Lima on Monday President Velasco of Peru threatened to withdraw his country from the organisation.
The British Ambassador to Peru, Mr. Hugh Morgan, was among delegates who heard President Velasco accuse the Bank of "not understanding" the revolutionary national feeling among the poorer South American nations.
In his address the President complained that the Bank had been used as a political pressure weapon against countries like Peru which had decided to "break with the past and initiate a policy of national liberation". Peru is among one of several South American countries currently following a socialist line. The United States Ambassador to Peru was also at the meeting to hear President Velasco accuse the executive board --- on which the U.S. has 42 per cent of the votes -- of deliberately
withholding loans to Peru.
Without a change of policy, the President continued, Peru and other countries would be "forced to look elsewhere" -- a direct threat, say news reports, to withdraw Peru from the Development Bank. Secondly, said President Velasco, the Bank should support Latin American development plans and not those put forward by the bigger powers.