• Short Summary

    The Western World's major industrial nations re-affirmed their commitment to the rapid reform of the world monetary system at the annual meeting of the World Bank and the International Monetary Fund at Nairobi, the Kenyan capital on Tuesday (September 25th).

  • Description

    The Western World's major industrial nations re-affirmed their commitment to the rapid reform of the world monetary system at the annual meeting of the World Bank and the International Monetary Fund at Nairobi, the Kenyan capital on Tuesday (September 25th).

    But they made it clear that major differences still divide them, and the prospects for an early agreement on the reforms looked slim at the end of the day's session.

    The International Monetary Fund's "Committee of 20", charged with drafting the reforms, announced it would conclude its work by the end of July next year. But in the light of speeches by the Secretary of the United States Treasury, Mr. George Schultz, and the British Chancellor of the Exchequer, Mr. Anthony Barber many nations doubted whether the deadline could be met.

    The issue of monetary reform is the major problem dominating the meeting, attended by more than 2000 official delegates from 126 nations and more than 3,000 observers. The conference was expected to reach major decisions in the monetary field, but after one year's work, the committee of Twenty Ministers have failed to agree on the mechanisms for implementing reforms
    The strongest call for urgency in completing the reforms came from Mr. Anthony Barber, the chief British delegate. Mr. Barber said there was a growing sense of frustration and impatience everywhere over the slow progress. He said that to the ordinary man and woman, the constant succession of financial crises appeared incomprehensible, frustrating and Indicrous.

    Mr. Goorge Schultz, the chief United States delegate, said the stage should be set for agreement on international currency reforms in the first half of next year. But he said, any lasting reforms would depend on whether the United States could eliminate its balance of payments deficit.

    Another major issue facing the conference is the problem of contributions by the rich nations to the World bank's aid program for developing nations. The Kenyan Finance Minister, Mwai Kibaki, called for a review of the problems of international poverty, and urged the setting up of a permanent "Committee of 20" on development finance, similar to the existing Committee of 20.

    The Governor of the Bank of Italy, Signor Guido Carli said monetary reform could not easily be reached within the Committee of 20, which was too unwieldy to complete its tasks within its deadline.

  • Tags

  • Data

    Film ID:
    VLVAF047EXG3VXSDEQEFIX6PV71Z1
    Media URN:
    VLVAF047EXG3VXSDEQEFIX6PV71Z1
    Group:
    Reuters - Including Visnews
    Archive:
    Reuters
    Issue Date:
    25/09/1973
    Sound:
    Unknown
    HD Format:
    Available on request
    Stock:
    Colour
    Duration:
    00:02:51:00
    Time in/Out:
    /
    Canister:
    N/A

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