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Strategies & Market Trends : Asia Forum
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To: Thomas Haegin who wrote (1764)1/30/1998 11:33:00 AM
From: Mohan Marette  Read Replies (1) of 9980
 
Carla Anerson Hills on IMF bail-out [For personal
use only] courtsey:NBR

Thomas: Thanks for all that reposts,good info. For those of you who didn't see NBR last night here is the commentary by Carla Anerson Hills. Wasn't she Regan's Trade representative or Commerce Secretary or something??? She seems like a very informed and knowledgeable person.
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CARLA ANDERSON HILLS, COMMENTARY: High on the Congressional agenda is whether to approve a $3.5 billion regular pledge and an additional $14.5 billion emergency pledge for the

International Monetary Fund. The IMF extends credit in particular currencies to governments that need help in balancing their accounts. And it issues an interest bearing asset to the member nation who's

currency is used. Following World War II, the United States pushed to create the IMF to help its allies and former foes with payment imbalances. In the intervening years IMF credit has contributed to the extraordinary growth of the global and U. S. economies without assessing our taxpayers. And we have drawn upon the fund more often than any other nation. Now the IMF has its hands full trying to prevent a financial melt down in the world's largest growth area, Asia. Foreign banks which lent billions to Thailand, Indonesia, the Philippines, and South Korea for investments that have gone sour

are fleeing. Currencies have plummeted. Banks in the region have stopped financing local

businesses. And unemployment has skyrocketed. The IMF has promised substantial help to the afflicted

governments conditioned on improved supervision of their banks. The goal is to restore confidence and stability as fast as possible. Some say its workout plans have flaws. But the IMF is the

best protection we have. The United States will not be secure economically or strategically if the Asian turmoil persists or spreads. Congress should support our nation's pledge to the IMF.

I'm Carla Anderson Hills.

Nightly Business Report transcripts are available on-line post-broadcast. The program is transcribed by
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