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President Reagan yesterday bluntly warned conservative Republicans who threaten to block an $8.4 billion authorization bill for the International Monetary Fund that, if they succeed, the consequences could be "an economic nightmare that could plague generations to come."In an address to the opening session here of the IMF and the World Bank, Reagan pushed hard for passage of the legislation supporting an institution that he described.
BANKER DEFENDS THIRD WORLD AID Some experts say it's several hundred billion dollars down the drain. But Eugene Rotberg, treasurer of the World Bank, argued Sunday that money lent by Western banks to Third World countries is not lost and was not ill-spent."We can say, 'Let's not throw good money after bad' or 'Let's not bail out the banks,' but that is simply unfair and inappropriate," he said.
Philadelphia Inquirer, The (PA) - June 23, 1983 FED BACKS A TAKEOVER IN SEATTLE The Federal Reserve Board yesterday approved a takeover of Seattle's ailing Seafirst Corp., making California's BankAmerica Corp. the world's largest bank-holding company.Seafirst Corp., the Northwest's largest bank, has assets of $9.6 billion, which will be added to BankAmerica Corp.'s $119.7 billion in assets, pushing it ahead of its East Coast rival for the top, Citicorp.
Recent agreements by international lending and fi Recent agreements by international lending and financial institutions: World Bank * A $126.4 million loan to Portugal for construction of a power plant and transmission lines.* A $15 million loan to Ghana, Ivory Coast and Togo for development of a regional industrial project.* A $102 million credit to Uganda for rehabilitation of agriculture and education.* The World Bank will reduce its front-end borrowing fee for new loans from 0.75 percent to 0.25 percent.
Dr. Fawzi Habib, 61, a senior adviser in the Offi Dr. Fawzi Habib, 61, a senior adviser in the Office of the Executive Vice President of the International Finance Corp. of the World Bank, died Dec. 10 at Alexandria Hospital following a heart attack.Dr. Habib, who lived in Alexandria, was born in Egypt. He earned a law degree at Cairo University and came to this country in 1953 to take a master's degree in agricultural economics at North Carolina State University.
Marjorie B. Billings, 76, a retired staff relatio Marjorie B. Billings, 76, a retired staff relations officer with the World Bank who was a member of the Friday Morning Music Club and a volunteer with the Women's Committee of the National Symphony Orchestra, died of a heart ailment Dec. 1 at Sibley Memorial Hospital.Mrs. Billings, who lived in McLean, was born in Riverside, Calif. She graduated from the University of California at Berkeley and later taught English, Latin and music at a high school in Downey, Calif.
IMF Moves To Suspend New Loans For the first time in its history, the International Monetary Fund has suspended all new negotiations for loans to needy countries in the wake of its own cash shortage and the refusal of wealthy European nations and Saudi Arabia to provide an emergency $6 billion advance.IMF Managing Director Jacques de Larosiere told the fund's executive board last week that after the conclusion of the IMF's joint annual meeting with the World Bank.
FLAMBOYANT FINANCIER'S KNOXVILLE BANK GOES BUST The saga of brash Jake Butcher, super salesman and go-go banker who lured a World's Fair to Knoxville, Tenn., took an abrupt turn for the worse Monday when his United American Bank was declared insolvent and shut down by Tennessee banking officials.It was the fourth-largest commercial bank failure in American history. Late Monday night, FDIC spokesman Steve Woodrough said the First Tennessee Corp. of Memphis, the state's largest bank- holding company.
De Larosiere: U.S. Needs 'Credible' Deficit Policy International Monetary Fund Managing Director Jacques De Larosiere yesterday bluntly challenged the United States--and other nations running big budget deficits--to produce "a credible plan" for curbing the flow of red ink to bring down high interest rates.In his annual address to the joint meeting of the IMF and World Bank, de Larosiere joined President Reagan in appealing to Congress to pass the $8.4 billion appropriation bill for his agency.
Maria (Odette) Lourdes Villanueva-King, 37, a res Maria (Odette) Lourdes Villanueva-King, 37, a researcher for a Washington law firm since 1979 and a consultant with the World Bank, died May 30 at Calvert Memorial Hospital in Prince Frederick as a result of injuries she had received in a car accident earlier that day.A spokesman for the Calvert County Sheriff's office said that the car in which she was riding was turning left off Rte. 4, in Lusby when it was struck by another car, pushed into another lane where it was hit.
MORE NATIONS SEEK DEBT DELAYS Poor countries are arranging to delay payment on over $40 billion worth of debts coming due in the next few years - four times the amount delayed in 1982, according to officials of the World Bank. The cost of delay is estimated at hundreds of millions of dollars. On Friday, Brazil requested other governments to hold off on $1.5 billion worth of debts due this year and next. It already has an agreement to "reschedule" $4.4 billion due this year alone.
World Bank Posts Record 6-Month Gain Suppose you were the manager of a huge money market fund last year, and were smart enough to have foreseen the sharp drop in interest rates that has taken place. What would you have done?You would, of course, have at least partially shifted your portfolio to long-term bonds of good quality, knowing that, as interest rates dropped, bond prices would soar--and your shareholders would have a neat capital gain, as the price of these bonds showed a big premium over par.
The Reagan administration is fond of household an The Reagan administration is fond of household analogies to explain federal budget choices. So what do you think of the family that, having fallen behind in its department store bills, decides to hold down expenses by dropping its contribution to the UGF?That's not a bad description of President Reagan's position on IDA, the International Development Association. The question is whether the United States is to contribute $1 billion a year for the next three years.
The IMF Bill Is Really a Jobs Bill Congress has before it a particularly important jobs bill; legislation increase the resources of the International Monetary Fund. Its fate will significantly affect that of hundreds of thousands of American workers whose jobs depend on exports to developing nations. In fact, because roughly 4 percent of U.S. GNP depends on Third World markets, this legislation, and additional support for the World Bank, must be part of any serious strategy for sustained U.S. recovery.
Regan Cites Roles of Smaller Banks Treasury Secretary Donald T. Regan said today that the world debt crisis is being aggravated by the withdrawal of regional and smaller banks from lending to underdeveloped nations.Speaking to reporters traveling with him to Manila, where he is to attend the annual meeting of the Asian Development Bank, Regan also said he expects to hold more conversations in the International Monetary Fund and elsewhere about a possible overhaul of the world money system, but cautioned.
OUTLOOK IS 'BLEAK' FOR POOR COUNTRIES The outlook for reversal in the fortunes of poor countries is "bleak indeed" unless the world economy is put on a firm footing, the World Bank said Sunday.Most developing countries could regain their momentum of growth in the coming years, the bank said in its sixth annual Development Report. But first, industrial nations will have to create a better world economy and developing countries themselves will have to take steps to more efficiently use available.
Brazil's Hopes for Compromise On Debt Suffer Severe Setback British Prime Minister Margaret Thatcher's former personal economic adviser said yesterday that the time has come for the International Monetary Fund and major commercial banks to admit that the banks' Third World loans "aren't worth 100 cents on the dollar," and should be sold on the open market.Sir Alan Walters, a Johns Hopkins University professor and staff member at the World Bank staff.
Son Pleads Guilty To Slaying of McLean Couple Alain Paul de Cock, sobbing through most of an hour-long appearance before a Fairfax County judge, pleaded guilty yesterday to murdering his mother and father in the family's McLean home last December."I was hurt. I wanted to hurt her," the 22-year-old de Cock said, detailing the emotional tumult that he said led to the shooting death of his mother, Simone Irene de Cock, 50.
Boston Globe - September 20, 1983 VENEZUELAN ASKS MARSHALL PLAN TO SAVE HEAVILY INDEBTED LATIN AMERICA CARACAS, Venezuela - A meeting of Latin American central bank governors with the International Monetary Fund and World Bank opened here yesterday under claims that if the region is forced to pay its massive debt under original terms, economic and social unrest of unpredictable proportions will be released. "The creditors demand in eight or nine years we are to transfer massive, indispensible capital resources and maintain an acceptable level of development."
IN BRIEF\ WORLD BANK APPROVES CHINA LOAN The World Bank approved a $100.8 million loan by its affiliate, the International Bank for Reconstruction and Development (IBRD), to support a petroleum project in China. The bank said in a statement that China's efforts to increase production of crude oil, gas and natural gas liquids will be assisted by the Zhongyuan-Wenliu Petroleum Project, the second World Bank-supported petroleum project.