Ministers to Consider Plan for Task Force
Third World finance ministers met today to consider a plan for a high-level task force to explore new measures for coping with the global debt crisis, an idea almost certain to be opposed by rich nations.
The proposal has been discussed by delegates from developing countries to the so-called Group of 24 nations.
They have conferred here over the past two days prior to talks by the International Monetary Fund’s policy-shaping interim committee and the joint IMF-World Bank development committee.
The idea is expected to run into opposition from industrial countries which believe the present practice of dealing with the debt crisis on a country-by-country basis is the correct one.
Developing countries have grudgingly accepted the IMF’s case-by-case system but believe some changes should be explored because of the seriousness of the debt problem.
Monetary sources said the task- force idea stemmed from a growing belief among debtor countries that they should have more say in controlling their economic destinies.
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