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Global currency crisis threatens Third World
WASHINGTON. Sept 25: The global currency artels poses yet another problem tor developing nations, threaten Ing to syphon off aid and push Ing prosperity further and further Into the future, the head of the World Bank said on Thursday, reports Reuter
World Bank President ixwls Preston said that traditionally generous donors to Third World countries are now scaling back their offers of aid as the currency crisis cuts shar ply into the budgets of richer nations.
The most worrisome side of the currency turbulence from the perspective of the (world) bank ts the Impact on budgets (of rich nations) and therefore on aid flow to the poorest nations.' Preston told a news conference al the end of the International Monetary Fund and World Bank s annual meeting.
"The last week has seen traditionally generous donors now cutting back on ODA (Overseas Development Assistance).' Preston said. 'Developing countries ... will suffer If this event leads to a further slowing of growth in the industrialised countries.'
V Poor countries, already be-
set by daunting social and political ills. agreed that unrest in financial markets pose* yet another obstacle In the strug gle to create viable and com petltlve economies in the de veloptng world
They fear that a currency crisis would make rich coun tries more pmxupied with their own problems and less willing to help their poorer neighbours
The market turmoil even threatened to show their pleas off the agenda of this years meeting - traditionally an op portunitv to raise more money from wealthier nations.
"Exchange rate volatility in major industrialised countries haji added to insialabty.' Indian Finance Minister Manmohan Singh, told the IMF/World Bank annual meeting.
Other finance minister* and central banker* from poor countries, concluding a week long meeting here, echoed Singh s view and warned agai nst currency market turbulence.
The recent turmoil tn European markets is creating growing uncertainties as to fu ture economic prospects." said Hubert Ingraham. Prime Ml
nl*ter and Minister of Finance of the Bahamas and chairman ol a group representing Car
These conditions exacerbate economic difficulties for developing countries, especially those small economies on whose behalf I speak," he said
Many officials also feared that the financial market crisis was occurring at the worst possible time for developing countries, many of which were In the early stage of building market driven economics.
A common theme among the speeches here was a call for rich countries to get their act together by Instituting some of the same tough eco nomlc reforms they haw been preaching to the developing world.
'I find it 'somewhat ironic that many of the developed countries have not willingly adopted the pofir-ies they have urged and in some cases forced upon the developing world," said John Dawkins. Australia s Treasurer
Another report adds from London: Speculator* seemed to declare a 'partial truce tn Europe’s currency wars but the future of the European Mon
tary System still looked uncertain
'It's a lot quieter today." ■atd a head of foreign eachangr dealing at a US bank in London.
The German Bundesbank, which on Wednesday inter vened massively along with the bank of France to defend the franc, bought francs again on Thursday, currency deafer* said.
But they said that selling of the French currency in the market waa on a much smaller scale than on Wednesday.
Two leading newspapers. Die Welt and The European, said Germany and France had abandoned the original plans for European Monetary Union and now favoured a different approach based on a merger of their two currencies.
The reports were immedl ately denied by the German
Chancellor Helmut Kohl's spokesman. Dieter Vogel, said these claims are Invented and have no basis infart "
Both newspapers said ihat Kohl and French President Francois Mitterrand had agre ed at a meeting on Tuesday to forge and the Benelux states
There * still franc *elling going on but the Joint stand of the Bupdesbank and Itank of France and the exchange controls from Spain and Ireland have given the market pause for -thought, the US bank dealer said "
A government official, speaking on condition of anonym! ty. said Bonn and Paris would hardly opt for a slimmed-down Europe before seeing whether the broader European union envisaged in the Maastricht Treaty Is finally approved by all member states
He told Reuters, Kohl did not discuss any concrete plans with Mitterrand during his lightening visit to Paris on Tuesday.
The meeting with Mitterrand has been over estimated." he said of hectic press speculation about the closed-door talks.
Things arc not as far along as some people think." Die Welt quoted what it called reliable sources In Brussels saying the two men had decided on a slimmed down Europe because of opposition to Maastricht In Denmark and Britain.
As the strong economic nucleus within the EC, France.
Germany and the Benelux states should arr-ording to this plan complete the monetary and political union by 1997." It
"Other states In the com munity would have the oppor (unity to follow as soon as they felt able."
The European quoted sources tn Mitterrand * Eiysee Palace as saying the mark-franc merger reflected the two leaders' belief the Maastricht Treaty was domed and a two speed Europe" led by France and Germany was Inevitable.
Kohl has said he wants a special EC summit on October 16 to come up with additional texts that will further define parts of Maastricht. The treaty only barely survived a cHffha nger referendum in France on Sunday
In a televised statement on Monday. Kohl supported cut Ung back the Brussels bureaucracy and assure citizens they would not lose their national Identities in a united Europe.
He did not mention the planned monetary union, a sensitive topic here since almost three-quarters of all Germans want to keep the mighty mark.