The week long annual meeting of the International Monetary Fund ended in Manila on a solemn note.
GV EXTERIOR OF CONFERENCE CENTRE
SV MR. WITTEVEEN ADDRESSING DELEGATES
CU SIGN READING "WORLD BANK"
GV ZOOM INTO SV MR. MCNAMARA ADDRESSING DELEGATES
SV DELEGATES LISTENING TO MR MCNAMARA
SV MR. MCNAMARA SPEAKING
GV DELEGATES LEAVING HALL
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Background: The week long annual meeting of the International Monetary Fund ended in Manila on a solemn note. Finance Minister, representing more than 120 nations, concluded the conference with a warning from the IMF Managing Director, Mr. Johannes Witteveen, that the world was bound for a period of financial stringency with governments attempting to cut excessive spending.
The President of the World Bank, Mr. Robert McNomara, told the delegates that the World Bank.....the IMF's joint organisation.....was in need of more assistance from the industrialised nations of the world. Mr. McNamara said that although governments themselves needed to put what the termed, "their own financial houses in order" co-operation between developing countries and nations of the Third World should be increased.
The World Bank President warned that financial co-operation between nations would have to be increased if a violent confrontation between poor and rich countries was to be avoided.