Jacques de Larosiere, managing director of the International Monetary Fund, said in a speech in Los Angeles that commercial banks must resume lending to heavily indebted Third World nations. Addressing the Los Angeles World Affairs Council, De Larosiere also said the industrial countries should adopt policies aimed at revitalizing the economies of the developing world. These policies include fighting inflation, keeping markets open and controlling interest rates. "Such a role is in their self-interest," he said.
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