ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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WORLD TRADE AND PAYMENTS-Whistling in the Dark

in the ruling party, There has been no adequate answer to his contention so far from the other side. The initiative of the Steel Ministry in dealing with the problems of the steel industry, if properly appreciated, might provide a better perspective in dealing with the industry vs agriculture controversy. After all, the only THE Interim Committee (IC) of the IMF met in Mexico on April 29-30 to discuss the economic prospects facing the capitalist world during the next few years and to suggest measures to assuage the consequences of the near- brinkmanship of a few powerful developed countries. The IC reportedly reached a consensus on the general outlines of a co-ordinated strategy for the world economy in the medium term upto 1980. The objectives of this strategy include all those good things which no one is likely to find unpalatable. The strategy, we are told, is designed to promote non-inflationary growth leading to high employment, reduction in imbalances in international payments and conservation of energy. The IC has even discovered certain favourable developments during the recent past. These are "the progress made by a number of countries in achieving stabilisation and growth objectives'' and "improved access, over the last few years, by the non-oil developing countries as a group to sources of finance for their current deficits, even though the combined current account deficit of these countries is expected to show an increase from 1977 to 1978" (emphasis added).

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