U.S. criticised over I.M.F.

Press, Volume CXII, Issue 33032, 27 September 1972, Page 2

U.S. criticised over I.M.F.

(N.Z.P.A. Staff Correspondent) WASHINGTON, September 26. The New Zealand Minister of Finance (Mr Muldoon) is perturbed about the trend of American policy on reformation of the world monetary structure.

He was deeply impressed yesterday by the burst of applause which greeted the executive director of the International Monetary Fund when he spoke at the opening session of the I.M.F.’s annual meeting. “The applause for him was much, much louder than for President Nixon when he spoke, and I think this indicates the strength of feeling against the American policy to have Mr Schweitzer replaced as director,” Mr Muldoon said. Mr Muldoon said that it was not in the interests of monetary reform to have the I.M.F. become simply a rubber stamp for American views.

"There is considerable resentment in Europe at America’s tactics, and by this latest move it is tending to solidify opposition to its re-

form proposals rather than win converts," he said. New Zealand, said Mr Muldoon, had to take into account that its major trading markets were still in Europe. Because of its dominant trade in primary products its interests were best served by multi-lateral trading, and an open break in the U.S.-Euro-pean trade and monetary relationship would cause it immense problems. After listening to the speeches of President Nixon and Mr Schweitzer, Mr Muldoon worked on the speech he is to make to the meeting today.

He also worked on arrangements for a series of meetings with senior American monetary officials, bankers, and economic experts. He is expected to meet the United States Treasury Secretary (Mr George Schultz) later this week.