International Economic Issues: Hearing Before the Committee on International Relations, House of Representatives, Ninety-fourth Congress, Second Session, February 19, 1976U.S. Government Printing Office, 1976 - 49 pages |
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agreed alternative sources amended arrangements Article authority balance of payments basic basis Buffer Stock Account ceiling prices cent Chairman MORGAN CIEC commitment Committee commodity agreements conference Congress consultations consumer countries contributions Council debt debt moratoriums decisions developing countries developing nations dialogue domestic effort embargo export control FASCELL Fifth ITA financing FINDLEY four commissions FRASER Fund going grain agreement grain reserve HAMILTON heavy crude IEA countries imported oil increase industrialized nations interest International Energy Agency investment Iran issues Jamaica letter of intent light crude major market forces meeting ment million minimum safeguard price negotiations OECD OIL AGREEMENT OPEC operations participants political predatory pricing problems producers and consumers producing countries projects proposed question quotas raw materials ROBINSON Secretary Kissinger Seventh Special Session Soviet Union special drawing right stability stockpiles STUDDS supply tion trade Trade Expansion Act U.S. Government UNCTAD WHALEN ZABLOCKI
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Page 43 - The Executive Directors should continue their consideration of the subject of a substitution account without delaying completion of the comprehensive draft amendment. (g) With respect to the obligation of participants in the Special Drawing Account to reconstitute their holdings of special drawing rights, it was agreed that the amended Articles should authorize the Fund to review the rules for reconstitution at any time and to adopt, modify, or abrogate these rules by a 70 per cent minority of the...
Page 41 - Mr. H. Johannes Witteveen, Managing Director of the International Monetary Fund, participated in the meeting. The following observers attended during the Committee's discussions: Mr.
Page 41 - GATT; and Mr Robert S. McNamara, President, IBRD. 2. The Committee endorsed the recommendations contained in the Report of the Executive Directors on the Sixth General Review of Quotas and the proposed Resolution on increases in the quotas of individual members to be submitted to the Board of Governors for its approval. In this connection, the Committee reaffirmed its view that the Fund's holdings of each currency should be usable in the Fund's operations and transactions in accordance with its policies....
Page 43 - Fund by a seventy percent majority of the total voting power, provided, however, that an eighty-five percent majority of the total voting power shall be required for a change in the principle of valuation or a fundamental change in the application of the principle in effect.
Page 48 - In determining these quantities, it shall be the duty of the Council to adjust supply to demand so as to maintain the price of tin metal between the floor and ceiling prices. The Council shall also aim to maintain available in the buffer stock tin and cash adequate to rectify any discrepancies between supply and demand which may arise through unforeseen circumstances.
Page 43 - ... considering the reduction, if possible, of the number and size of the special majorities that would be required under the amended Articles for such operational decisions. Such a review should be completed within the coming weeks and should not delay the completion of the comprehensive draft amendment. (e) The majority required for the adoption of decisions on the method of valuation of the SDR under the amended Articles should be 70...
Page 41 - October 2, 1976 1. The Interim Committee of the Board of Governors of the International Monetary Fund held its sixth meeting in Manila, the Philippines, on October 2, 1976 under the chairmanship of Mr. Willy De Clercq, Minister of Finance of Belgium. Mr. H. Johannes Witteveen, Managing Director of the Fund, participated in the meeting. The following observers attended during the Committee's discussions: GD Arsenis, Director, New York Office, UNCTAD; Henri Konan Bedie, Chairman, Development Committee;...
Page 41 - ... a satisfactory and sustained rate of economic expansion in the period ahead while continuing to combat inflation. A special source of concern to the Committee was the deterioration in the -external position of the primary producing countries, especially the developing ones. The general picture for the developing countries in 1975 was again one of large balance of payments deficits on current account, financed through heavy external borrowing and through the use of reserves already eroded by the...
Page 41 - ... contained in the Report of the Executive Directors on the Sixth General Review of Quotas and the proposed Resolution on increases in the quotas of individual members to be submitted to the Board of Governors for its approval. In this connection, the Committee reaffirmed its view that the Fund's holdings of each currency should be usable in the Fund's operations and transactions in accordance with its policies. Appropriate provisions for this purpose will be included in the draft amendments of...
Page 41 - ... conclusions of the Executive Directors on the state of the Fund's liquidity. The Committee urged that, pursuant to the resolution on quota increases adopted by the Board of Governors last March, all members that have not yet done so should make the necessary arrangements for the use of their currencies in the operations and transactions of the Fund in accordance with its policies. It was agreed that the Fund's liquidity should be kept under close review. The Committee stressed the fact that prompt...