The World Economic Crisis

A Commonwealth Perspective: Selected Background Papers Prepared for a Commonwealth Group of Experts

image of The World Economic Crisis

The papers included in this volume were prepared to assist the Group of Experts which the Commonwealth Heads of Government, meeting in August 1979, had requested the SecretaryGeneral to assemble in order to “investigate and report on the factors inhibiting structural change and a sustained improvement in economic growth” and to identify specific measures by which developed and developing countries, Commonwealth and nonCommonwealth might act to reduce or eliminate such constraints as a matter of urgency”. The Group consisted of 10 experts who served in their personal capacities and were drawn from a representative range of developed and developing countries. During the first half of 1980 they met three times, and in July 1980 their Report was published by the Commonwealth Secretariat under the title ‘The World Economic Crisis: A Commonwealth Perspective’ (ISBN: 085092183X).



The IMF's Role in the Balance of Payments Problems of Non-Oil Developing Countries

The IMF's response to developments in the balance of payments of ‘non-oil developing countries’(l) after 1973-74 has been largely ad hoc in nature. Temporary ‘oil facilities’ were established in 1974 and 1975 under which the Fund borrowed and recycled some SDR 6.9 billion(2). An Extended Fund Facility (EFF) was also created in 1974 to assist countries to overcome structural balance of payments maladjustments and at the end of 1975 the Compensatory Financing Facility (CFF) was liberalised.


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