Finance Ministers from the "Committee of Twenty" countries of the International Monetary Fund (IMF) have set a ten month deadline for agreement on a new currency system.
GV Jet arrives from Britain
SV Sign Nairobi airport.
SV Governor of Bank of England being met by British High Commissioner.
GV Pan delegates leaving Swiss aircraft PAN TO Austrian Minister of Finance being greeted by Austrian Ambassador to Kenya.
GV Delegates cross tarmac.
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GV Nairobi hotel.
SV INT. delegates registering (3 shots)
GV Kenyatta conference building.
SV PAN DOWN conference building to policemen at entrance.
SV Police checking delegates papers and suspect letter.
CU World Bank insignia.
SCU Mr. Witteveen speaking
Mr. Witteveen: "Certainly we cannot expect full agreement on all the very important aspects of reform. I think we will need the coming year in order to approach more and more closely to agreement on important aspects. I think we can hope that at this time, the next annual meeting, there will be agreement on the broad outlines of reform. We can hope that, but of course we're not all sure, but I think it's very important for governments to set themselves to achieve this. Then of course there's still quite a bit of work to be done in order to work this out in detail and incorporate it legally in changes in the outlooking corporation of the Fund. That work can start perhaps in the course of this year, but I expect that more work will have to be done."
Initials APSM/1615 APSM/1819
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Background: Finance Ministers from the "Committee of Twenty" countries of the International Monetary Fund (IMF) have set a ten month deadline for agreement on a new currency system.
At a meeting in Nairobi on Sunday (23 September) on the eve of the annual Ministerial meeting of the I.M.F., the Committee also decided on their next meetings. These will be to hammer out the reforms of the international monetary system that the group of twenty has been charged with drafting.
The 126 member states of the I.M.F. which began a week-long conference in Nairobi on Monday, are deeply concerned about the chaos that has beset international finance in recent years. Delegates arriving in Nairobi on Saturday (22 September) said they were doubtful whether any substantive headway will be made in the talks, but the conference should serve as a useful way station in the continuing negotiations.
The managing director of the I.M.F., Mr. Johannes Witteveen, forecast at a press conference on Saturday (22 September) that it should be possible to reach agreement on a broad outline of international monetary reform within the next 12 months. Mr. Witteveen is a former Finance Minister of the Netherlands.
SYNOPSIS: Finance Ministers and world finance experts have gathered in Nairobi for the week-long conference of the International Monetary Fund which opens on Monday.
Among the delegates was the Governor of the Bank of England. 126 countries are members of the I.M.F. and 20 of these have been charged with drafting reforms to the international monetary system.
At a meeting on Sunday, the Committee of Twenty set itself a ten month deadline for full agreement on a new currency system.
The Twenty agree there is little prospect of further substantive progress at the I.M.F. meeting, which is the second since the Smithsonian agreement of 1971. The leading Finance Ministers vowed then to forge a new currency system.
The conference is the first the I.M.F has held in Africa and highlights the growing influence the developing countries exert on international monetary matters. A committee of developing nations - the group of 24 - was formed last year to put forward their views on monetary problems.
The chaos in the world's money markets in recent years has been an overriding concern of the IMF and the delegates will again be devoting much of their attention to finding 4 permanent solution.
Security is always a problem at such gatherings and the possibility of letter bombs is being kept in mind by the Kenyan authorities.
The Managing Director of the I.M.F. Mr. Johannes Witteveen forecast at a press conference that agreement on reform was in sight.