In the United States, the annual meeting of the International Monetary Fund and the World Bank has been treated to a display of confidence from President Jimmy Carter.
LV INTERIOR President Carter announced and walks to rostrum.
CU Carter speaks in English.
CARTER: "I urge all nations and especially the major industrial countries to reduce energy waste along with us and to pursue economic growth and stabilisation policies along with us leading to an expanding non-inflationary world economy, growing international trade and an improved pattern of world trade balances. The International Monetary Fund has played already a vital role in keeping the international monetary system so flexible and effective. I'm particularly grateful for the enlightened fiscal discipline that the fund and the bank encourage throughout the world with their loans. The present system is working well. The United States has ratified the amendment to the article of agreement of the IMF and we hope that other nations, other members, will do the same so as to increase the fund's resources and strengthen its capacity for surveillance of exchange rates policies and the oversight of monetary agreement. The new IMF supplementary credit facility adds an important element to the IMF capability. If has my country's full support. The United States will also join with others in working towards adequate increases in IMF quotas during the seventh special review of these quotas. The Unites States remains firmly committed to policies that will promote freer and wider trade without the deleterious consequences of protectionism. My country joins others in fighting to seek substantive progress in the ongoing multi-national trade negotiations by the end of this year. Restoring health to the world economy will help us toward what we all recognise as a vital human obligation.... assisting poor countries in the task of human development. If the roughly 1 billion people who now live in extreme poverty are to have their chance every nation must take more effective action and the United States is ready to join such an international campaign. The study of all development issues now being undertaken by the Bank and the Fund should provide a framework in which all nations can expand our efforts to a common development effort. Of course the developing countries are ultimately responsible for their own growth. Only they can mobilise the skills and resources necessary for development. Only they can be sure that the benefits of growth, when and if it does come, expands throughout the country involved for those who need it most.
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Background: In the United States, the annual meeting of the International Monetary Fund and the World Bank has been treated to a display of confidence from President Jimmy Carter. He told delegates from 131 nations that the United States would meet its 6 per cent growth target this year and maintain vigorous and non-inflationary growth in the next.
SYNOPSIS: President Carter went on to praise the International Monetary Fund for its work in maintaining fiscal discipline, but not before sounding a note of warning on the question of energy and its possible misuse.