من الاية
C.FH.(66)6
31st August, 1966
CONFIDENTIAL-
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HER MAJESTY'S TREASURY
COMMONWEALTH ECONOMIC CONSULTATIVE COUNCIL
COPY NO.
KEETING OF FINANCE MINISTERS, SEPTEMBER, 1966
MATTERS ARISING AT THE FORTHCOMING I.M.F. MEETING
Note by the Treasury
54
SUMMARY
The main subject under thie agenda item will be international iiquidity. At the Kingston Meeting in 1965, the Chancellor promised that the United Kingdom, with Canada, would try to keep other Commonwealth countries informed of progress in the Group of Ten, und would make sure that the interests of countries outside the Group were kept in mind. These undertakings have been fulfilled. International liquidity was discussed at a meeting of sonior Commonwealth finance officials in London in July. The Group of Ten Report does represent
a step forward; particularly welcome is the agreement that all I.M.F. mombers must share in the distribution of any new reserve assets. Negotiations are now to be continued in parrallel in the Fund Board and the Group of Ten who will also have joint meetings. The problem will be to bring these discussions to a satisfactory conclusion in 1967. The Deputies have been instructed merely to prepare a further report by the middle of next year.
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A speaking note is attached to this brief.
Discussion of International Liquidity at Kingston, 1965
3. The main theme at last year's Finance Ministers Meeting was that
it was wrong for international monetary reform to be settled by 2
limited group of countries.
then Treasurer of Australia, who was supported by several other
speakers. In his speech, the Chancellor said that the main need
the political will to carry through the necessary changes.
Ther
ahould be a time limit to future discussions in the Group of Ten.
The Chancellor undertook to press the case for countries outside he
Group of Ten to come into the discussions before final decisions were
reached, and promised, with the Canadians, to do what he could tu
keep the Commonwealth informed of progress in the Group of Ten.
The lead here was taken by Mr. Holt
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