- Title: USA: WASHINGTON: OPENING OF WORLD BANK CONFERENCE
- Date: 28th September 1965
- Summary: CHAIRMAN MR YILMA DERESSA (MINISTER OF FINANCE, ETHIOPIA) AND SECRETARY; BRITISH FINANCE MINISTER MR. CALLAGHAN AND EARL OF CROMER, BANK OF ENGLAND CHAIRMAN; AFRICAN AND AUSTRALIAN DELEGATES. Initials RC/V/CR/K Script is copyright Reuters Limited. All rights reserved
- Embargoed: 13th October 1965 13:00
- Keywords:
- Location: WASHINGTON D.C., U.S.A.
- City:
- Country: USA
- Reuters ID: LVA1L9XOLAGRO2L9D5LAK0ZEB2QS
- Story Text: THE MOOD OF THIS YEAR'S CONFERENCE OF THE INTERNATIONAL MONETARY FUND AND WORLD BANK IS REPORTED TODAY TO BE MORE RELAXED THANKS TO SEVERAL FACTORS.
A FORMULA FOR RECONCILING THE GROUP OF 10 INDUSTRIALISED NATIONS WITH 93 OTHER MEMBERS OF THE INTERNATIONAL MONETARY FUND WAS EXPECTED TO ACCORD WITH A SPEECH BY THE FUND'S MANAGING DIRECTOR, M.PIERRE-PAUL SCHWEITZER.
HE SAID THE FORMULA WAS "TO SEEK WAYS BY WHICH THE EFFORTS OF EXECUTIVE DIRECTORS (OF THE FUND) AND THOSE OF THE DEPUTIES OF THE GROUP OF 10 CAN BE DIRECTED TOWARDS A CONSENSUS AS TO DESIRABLE LINES OF ACTION."
THE GROUP DOES NOT WANT TO BE REGARDED AS A CLOSED SHOP, GANGING UP AGAINST ALL THE OTHER COUNTRIES, MANY OF WHICH ARE COMMERCIALLY IMPORTANT AND HAVE GOOD MONETARY RECORDS.
WORLD BANK PRESIDENT, MR.GEORGE WOODS, WELCOMED BRITAIN'S DECISION TO MAKE LONG-TERM LOANS TO SELECTED DEVELOPING COUNTRIES FREE OF INTEREST.
THREE RECENT SUCCESSFUL FINANCIAL MOVES WHICH HAVE ENABLED THE CONFERENCE TO DEBATE LONG-TERM FORMULAE INSTEAD OF EMERGENCIES OR CRISES ARE:
THE TEN-NATION ARRANGEMENT TO BACK THE POUND STERLING, LEADING TO THE EXPECTANCY OF GOOD FIGURES FOR BRITAIN'S GOLD AND CURRENCY RESERVES, AS WELL AS FOR THE STERLING EXCHANGE RATE - TO BE PUBLISHED ON OCTOBER 4.
UNEXPECTED GOOD RESULTS OF THE VOLUNTARY RESTRAINT ON AMERICAN BANK LEADING ABROAD.
THE GREAT CONFIDENCE OF THE AMERICAN BUSINESS COMMUNITY.
- Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2015. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None