Word: imf
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Dates: during 1960-1969
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...Partly in anticipation of rich revenues from the consortium, President Tubman and his ministers went on a spending and building spree that landed Liberia in bad financial straits last spring. Tubman, 68, had to promise the International Monetary Fund that Liberia would enact fiscal reforms in return for an IMF loan to tide the country over until its profits from LAMCO begin to build up in six or seven years...
More startling was Washington's "standby" arrangement to draw $500 million worth of convertible foreign currencies for one year from the IMF. The IMF is already stocked up with its full quota of dollars. The U.S. will therefore swap its borrowed currency for dollars held by foreign countries that need hard currencies to pay off debts to the IMF but cannot use dol lars to do so. These countries will thus be less tempted to convert the dollars they hold into U.S. gold. Sighed one U.S. official to the IMF: "I never thought...
...more conservative Treasury. Treasury Secretary Douglas Dillon has been worried that even in direct controls on capital movements might cause foreigners to fear that stiffer controls were coming, and thus precipitate a run on the dollar. Under Secretary Robert Roosa was opposed to any U.S. drawing from the IMF. The Treasury learned only recently that it had lost the battle inside the Administration, was given the job of drafting the tax measure and arranging for the IMF loan, both of which it has now come around to favoring...
Elegant and lanky, Schweitzer, 51, is not expected to make sudden or radical changes at the IMF. He is a pragmatist, and is wary of grandiose global formulas for solving the world's fiscal troubles. "I'm not an economist in my own right," says Schweitzer. "I'm a general practitioner." He believes that the IMF should concentrate its attention on the underdeveloped nations, feels that there should be a gradual increase in the world's money supply to finance increasing world trade. But he insists that any increase in funds should be initiated by national...
...graduation from Paris' Ecole Libre des Sciences Politiques, went underground as a Resistance fighter after France's fall in 1940, and spent the war's final months in Buchenwald. His education in international monetary affairs began in 1947, when he became an alternate member of the IMF board. In a succession of important French administrative posts, he helped conceive and carry out the devaluation and stabilization of the franc, laying the basis for France's remarkable economic renaissance...