• Short Summary

    The International Monetary Fund (IMF) announced on Thursday (28 August) it plans to raise about twenty-five billion dollars from oil producing countries over the next three years to help developing nations.

  • Description

    GV General Assembly, United Nations

    SV Iraqi delegate, Manthir Araim, speaking in Arabic

    GV General Assembly

    SV Mozambique delegate Joaquim Alberto Ohissano speaking in Portuguese

    GV Delegates listening

    SV Tanzanian Minister of State, K.A. Malima, speaking in English

    MALIMA: "While the terms of trade of most developing countries continues to deteriorate, and their external debt, by then has become unbearable, inflation in industrial countries also continues to impose increasingly high costs to developing countries. The steady and rapid erosion of their capacity to import from the developed industrial countries, capital boost essential, manufactures, equipment, pharmaceutical, industrial raw materials fertiliser and food, has not only made a bad situation worse, but rendered the development effort completely ineffectual. The decade of the 1970's was characterised by severe international economic instability, underlying structural maladjustment, and fundamental disequilibrium in the world economy, and persistent iniquity in the distribution of international liquidity. It was also a period during which development concepts and aspiration were articulated, even though their implementation was likely frustrated."

    Initials BB/


    Script is copyright Reuters Limited. All rights reserved

    Background: The International Monetary Fund (IMF) announced on Thursday (28 August) it plans to raise about twenty-five billion dollars from oil producing countries over the next three years to help developing nations. The announcement came shortly after the opening on Monday (25 August) on a special session of the United Nations General Assembly on world economics and Third World development problems. Observers expected the oil producers to be subjected to some attacks on their aid policies by western governments who see only a fraction of OPEC surpluses being channelled back into Third World aid. Wednesday's (27 August) session heard from delegates from both the western and third world nations, on the need for a new development aid strategy.

    SYNOPSIS: Earlier, two leading industrialised countries, Japan and West Germany, called for global negotiation on energy.

    Then Iraqi delegate, Manthir Araim, said the special session was a historical opportunity for industrialised nations to face up to their responsibilities. He said it was time they rid their policies of economic explosion to lesser developed countries...

    For the past five years Third World countries have been asking for a "new international economic order" to replace the present monetary system. One aspect of this, they said, would be to ensure fair and stabilised prices for exports And these would be indexed to keep pace with the prices of goods imported.

    Iraq, fifth in world oil production has pledged interest-free long-term loans to eleven developing nations this year.

    The session had welcomed the admission of the General assembly's 153rd member, the newly independent country of Zimbabwe.

    Mozambique's Foreign Minister Joaquim Alberto Ohissano said "the liberation" of Zimbabwe had greatly improved conditions in southeast Africa. But he said, both countries are in dire need of economic aid.

    Mozambique, which won its independence from Portugal in 1975, supported Robert Mugabe's guerrilla forces during the years of bloody conflict leading to Zimbabwe independence. The war took a heavy toll on Mozambique's struggling economy.

    Tanzanian Minister of State, Professor Kigoma Malima outlined problems facing the Third World.

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