Abstract

More Important Role for the International Monetary Fund

The most important conclusions of the Monetary Conference in Washington from September 30 to October 3, 1980 are the following: 1. Both the industrial countries and the developing countries are agreed that first priority must continue to be given to the fight against inflation. The balance of payments disequilibria o£ many member countries of the IMF, and in particular those of the non-oil exporting developing countries, have considerably worsened. No improvement over the short term is in sight. In future, the International Monetary Fund is to play a more important role in the adjustment process and in the financing of current account deficits. The confrontation between the industrial countries and the developing countries that had been feared in many quarters did not materialize. There is to be no change in the character of the Fund as an institution for granting temporary balance of payments assistance to deficit countries.