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IMF-WB meet opens putting aside rich-poor differences
MADRID Oct 4. After nearly a week ol sometimes sharp debate, rich and poor nations put aside their differences to day to open the annual meet Ings of the International /Monetary Fund and World
Bank, reports AP
Spanish King Juan Carlos, accompanied by his wile. Qu een Sofia, led off ceremonies at an imposing glass-and-mar •>le conference centre on the outskirts of the Spanish capital
The gathering brought together finance chiefs and cen-u al bank governors from, 1 79 nations that belong to the two institutions, which lend bil lions of dollars annually to financially strapped economies
The meeting has taken on added Importance because it coincides with the 50th an niversary of the two which were treated out of the eco iiomic devastation ol World
War 11.
Many political and economic leaders have used the occasion to call for an overhaul of the institution*. which have drawn fire because of their in sistence on rough economic reforms tn return for loans
The global economic architecture doesn t need lo be re built, but after 50 years it is time fbr a renovation. ' said US Treasury Secretary Lloyd Bentsen
During the opening cere mony. two demonstrators from the environmental group Greenpeace climbed across a steel cajwalk high above the auditorium and threw fake dol lar bills down on the partici pants
The green and-whtte notes, some of which fluttered down during the kings remarks, carried the slogans. World ‘Bankenstein and Fifty years ol destruction
After the ceremony. I lie climbers. Peter Morris of Australia and John Mead of England, were taken away In a police van.
Bangladesh s finance minis ter, Saifur Rahman who is chairman of tlie meeting, said the institutions have new challenges to face in their sec ond half century
Kenneth Clarke Britain s Chancellor ol the Exchequer, said a key task will be helping Russia and other former com munist nations modernize their economies
IMF Managing Director Michel Camdessus and his counterpart at the World Bank Lewis Preston acknowledged the need for a redo
The context in whit h we work today is vastly different from 50 years ago said Preston
Still, he said the challenge of development remains unchanged: Over a billion people still live in absolute poverty.'
Juan Carlos told the group. The burning needs arising from poverty should encourage us to renew our efforts and p/obably to revise our set of priorities."
’ Camdessus noted the bright prospects for the world's economy, finally pulling out of a prolonged slump, and urged the nations to guard against rising inflation rales, curtail government spending and fight unemployment.
We should not miss the opportunity offered by this recovery to secure durable, more broadly based, higher-quality growth, and to raise living standards worldwide.' he luid the conferees.
To do so.' he said. w> v ' act decisively on the h lessons we have learned in il» past 50 years.'
The three-day annual meeting may well be antlclimalic after the angry words that marked some of the preparatory talks between the rich and poor nations.
The rich and the poor clashed over the weekend during discussions of proposals for greater assistance to the poor.
In a setback for the United States and Britain, the developing countries refused to back down and accept a modest increase in money for IMF lending in Ihe coming years.
Today. Bentsen. Clarke and other Western officials ap-jwaled for a resolution of the dispute.
It is a difficult issue, but it's a must that we find an approach that works,' Bentsen said.