Reagan Calls for ‘Global Economy’ : $12-Billion Rescue Plan for Mexico Takes Shape at IMF

President Reagan called on world financial leaders today to join the United States in developing “a truly global economy” with open markets and stable exchange rates.

Acknowledging that there would be some economic “dislocation” in the process, Reagan sought to assure his audience at the annual meeting of the International Monetary Fund that the United States and other nations already are enjoying the fruits of freer markets and lowered trade barriers.

At the same time, a $12-billion rescue plan for debt-plagued Mexico appeared to be taking final shape in a series of high-level negotiations.

The private talks continued today after the IMF extended by one day a Monday deadline for the accord.

Mexican officials and private banks failed to nail down the rescue package on Monday in talks that continued after midnight. Agreement was reported to be close.

‘Celebrates the Diversity’

“My friends, I believe that the challenge before us is to develop a truly global economy--one that celebrates the diversity of our nations while it opens us to uninhibited trade and investment among our peoples,” Reagan said in his address to the IMF.

He offered no specific plan for building on the agreement worked out at last May’s economic summit in Tokyo to help stabilize international exchange rates.

He said instead, “Let us look with open minds at ways of promoting stable exchange rates and assuring sound money. Let us approach with open minds the next round of trade talks and push them as far as we can to our goal of eliminating all trade barriers.”

Boasting of improvements in the U.S. economy during his six years in office, Reagan said, “Our growth has fueled the growth of the entire world economy.”

And the “message of economic freedom” he has preached for years “is at last being heard and acted upon in Europe and Africa, in Asia and Latin America,” the President said.

Citing adoption of lower tax rates and the opening of capital markets to entrepreneurs, Reagan said, “Europe has begun to put behind it a decade in which not one net new job was created and once more is seeing new growth, new jobs, new companies, new opportunities--new hope.”

Indian Exports

In India, he continued, “we have seen, within just a few harvests, a country that imported agricultural products turn into a food exporter, this after incentives were introduced and controls removed.”

Similar examples can be found in China and even in famine-stricken Africa, Reagan said.

The President called for other nations to join the United States.

“While America’s expansion is beneficial, other industrial nations must also contribute their fair share to world recovery and adopt more growth-oriented policies,” Reagan said. “Of course, some dislocations may come in the process, but we must recognize that if we are all to prosper together, then we must all work together toward that end.

“We must do more than repeat this high-sounding sentiment,” Reagan said. “We must take practical steps,” he said, although he did not attempt to offer specific prescriptions for other countries.