The Finance Ministers from African countries in the Franc Monetary Zone met in Paris on Thursday (27 September), to be briefed before next week's meeting of the International Monetary Fund (IMF) in Belgrade, Yugoslavia.
GV & SV EXTERIOR Finance Ministry in Paris (2 SHOTS)
SV & CU African Ministers arriving and entering Ministry (3 SHOTS)
SV Ministers seated at conference table (4 SHOTS)
SV Ministers from Central African Republic seated at conference table
SV Ministers at conference table (2 SHOTS)
GV Conference table with delegates seated
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Background: The Finance Ministers from African countries in the Franc Monetary Zone met in Paris on Thursday (27 September), to be briefed before next week's meeting of the International Monetary Fund (IMF) in Belgrade, Yugoslavia. The Franc Zone embraces all those countries whose currencies are linked with the French Franc at a fixed rate of exchange, with reserves held mainly in Francs and using the French market for the exchange.
SYNOPSIS: The meeting, held in the French Finance Ministry in Paris, was brief -- lasting only part of the morning.
The two themes of the conference were concern about the sharp rise in the price of fuel and the solidarity of the member countries. The conference traditionally precedes the IMF and World Bank meetings, and this one's main propose was express solidarity and to acquaint the African countries with the modifications being introduced in the European monetary system, which directly concern the thirteen countries.
In his speech to the visiting delegates the French Finance Minister, M. Rene Monory referred to the recent modifications of exchange rates inside the European Monetary system, in particular the re-valuation of the German Deutschmark.
These changes directly effect the Franc Zone countries. But, M. Monory said the franc had strengthened and gained against the dollar. M. Monory said underdeveloped countries were particularly badly hit by increases in the prices of oil and raw materials.