Canadian Press
TORONTO--The major industrial nations of the world must continue to supply foreign aid if they expect developing countries to repay outstanding loans, says David Rockefeller of the Chase Manhattan Bank.
In a speech to a Toronto business group, he dismissed current Third World disaffection with the International Monetary Fund, which imposes strict economic measures as a loan condition.
"The IMF has become a convenient whipping boy because it recommends the things that intelligent governments should do anyway," Rockefeller said.
"But they can blame it on the IMF.
"The fact of the matter is that, unless they pursue (austerity programs), the countries are not going to recover."
However, Rockefeller said, he is in favor of continued financial aid to developing countries and a range of options for the repayment of current debt.
Those options could include equity swaps or offering discounts to countries in return for measures that support the foreign policy goals of the industrial nations.
Rockefeller, chairman of the U.S. bank's international advisory committee, was in Toronto to accept an award from the Canadian Executive Service Organization.
(text of October 4, 1987 The Province article)
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