I.M.F. sees growth ahead

Press, 27 September 1988, Page 8

I.M.F. sees growth ahead

NZPA-Reuter West Berlin Western Finance Ministers expect further world economic growth and see progress on the debt crisis, but developing countries believe more must be done to combat their poverty. “We are encouraged by this year’s successes, which have gone beyond anything we could expect,” said the West German Finance Minister, Gerhard Stoltenberg. Mailson da Nobrega Brazil, Finance Minister of the. Third World’s biggest debtor, Brazil, said the benefits of that economic growth had not trickled down to the developing world. , And he warned that industrial nations may fight inflation at the expense of poor countries. Finance Ministers and central bankers from 151 countries are in West Berlin for the annual meeting of the International Monetary Fund (1.M.F.) and World Bank. The talks, which run until September 29, resume today with a series of official and fringe meetings, lavish receptions and political protests. In week-end meetings, the industrial Powers and developing countries did make some progress on the debt problem. Argentina, whose debt arrears had been expected to keep bankers on edge, struck a deal with the World Bank for SUSI.2S billion ($2.06 billion) of loans, which forstalled a crisis. The industrial countries reached an accord to relieve the poor countries of subSaharan Africa of some of their debt, provided they reform their economies. That could save them up to SUSSOO million a year.