Ministers from 14 rich industrial and major oil-producing nations agreed at a conference in Paris on Saturday (6 August) to finance a new multi-billion dollar international fund to help countries with serious balance-of-payments problems.
GV & CU Arc De Triomphe, conference centre and building plaque. (3 shots)
SV PAN Conference President H Johannes Witteveen from car walks into building. (2 shots)
SV PAN Nigerian delegates out of car & into building.
SV PAN Mr Otto Poahl of West Germany arrives and enters.
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Background: Ministers from 14 rich industrial and major oil-producing nations agreed at a conference in Paris on Saturday (6 August) to finance a new multi-billion dollar international fund to help countries with serious balance-of-payments problems. The International Monetary fund which sponsored the conference, will handle the new scheme as an addition to its routine activities.
SYNOPSIS: The IMF had invited to the meeting only nations able to put hard cash on the table immediately to finance the new scheme.
Conference chairman was the managing director of the IMF -- Mr Johannes Witteveen, who said the bulk of the money raised should go to the developing countries.
These were the delegates from Nigeria. Other oil-producing countries present were Saudi Arabia, Kuwait, the United Arab Emirates, Qatar and Venezuela. Altogether they pledged four and a quarter billion dollars, with more to come.
Dr Otto Poahl represented West Germany, one of the seven industrial nations present. They promised to put up about five and a quarter billion dollars, a figure which they'd originally hoped the oil countries would match dollar for dollar. Countries proving a special need will be able to borrow unlimited funds.