President Carter of the United States has reaffirmed the United States' promises to fight inflation; cut oil imports; expand exports, and maintain a strong dollar.
GV EXT Conference venue.
SV Delegate getting out of car.
SV New President of IMF Jaques de Larosiere speaking.
GV IMF officials at rostrum.
GV & SV World Bank President Robert McNamara speaking. (2 shots)
LAROSIERE: "As long as the developing countries face enormous investment needs, and hence structural deficits on current accounts, their domestic economics are particularly vulnerable, and every effort should be made to minimise the impact of adjustment on their role. Expanding flows of capital aid to these countries are essential for their development and also for the proper functioning of the whole international economic and monetary system."
MCNAMARA: "Now, in projecting economic growth in the low income countries in the year ahead, we've assumed that confessional aid from developed members will rise be approximately five percent a year in real terms. This means in current dollars, annual confessional aid appropriations must triple between last year and 1985. And in relation to recent performance such increase look formidable. They 're unlikely to be realised, much less exceeded, unless action is taken in Japan, Germany and the United States to increase communities substantially. All three countries have made statements of their intentions to do exactly that. But it will be necessary to translate these statements into action at an early date. Today in September 1978 it's already too late to effect the flow of disbursements significantly before the end of 1980. Unless very substantial increase and communities therefore are undertaken in the next year and regularly thereafter, even the modest objective we've postulated for 1985 will not be realised."
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Background: President Carter of the United States has reaffirmed the United States' promises to fight inflation; cut oil imports; expand exports, and maintain a strong dollar. He was addressing delegates at the annual meeting of the International Monetary Fund and the World Bank on Monday (25 September).
SYNOPSIS: He told the meeting which is being held in Washington that there should be no doubt how seriously he took the pledges. The new Managing Director of the International Monetary, spoke on developing nations needs.
Former United States Secretary for Defence and President of the World Bank, Robert McNamara addressed the session.