Finance Ministers of 24 developing countries met in the Washington HQ of the International Monetary Fund on Monday (13 January) to discuss strategy for getting a bigger share of the IMF funds.
GV IMF Building and sign on wall (2 shots)
GV Ministers arriving
SV Chairman seated PAN TO Vice chairman seated
SCU MacNamarra listening on headphone PAN TO Argentina's delegate
SV Yugoslavian delegate PAN TO Zaire delegate
SV Philippine delegate PAN TO Peruvian delegate and Pakistan delegate
SV Ethiopian delegatee PAN TO Gabonese delegate
SV Nigerian delegate ZOOM OUT TO GV Mexican delegate
GV Conference room
Initials ET/1658 ET/1914
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Background: Finance Ministers of 24 developing countries met in the Washington HQ of the International Monetary Fund on Monday (13 January) to discuss strategy for getting a bigger share of the IMF funds. They want their issues of Special Drawing Rights (SDR) - sometimes known as +paper gold+ to be linked to their needs for development aid.
Paper gold is a form of international credit which can be created by the IMF as needed to help countries short of money.
The developing countries also want their share of the IMF quotas - the slice of the fund to which they can lay claim - to be increased.
Larger quotas would also give them a bigger say in running the IMF because, under the Fund's rules, voting powers are linked to the size of the quota.
Members of the Organisation of Petroleum Exporting Countries (OPEC) want their share of IMF quotas to be raised from five to 15 per cent.
This week's talks will end with a four-day meeting of key finance ministers, the outcome of which will be of vital importance in the world-wide battle against recession. Agreement on recycling petro-dollars would do much to restore business confidence in the industrial world.