Abstract
We on the staff of the Fund have listened carefully to the views of the governors, and we have tried to explain the policies of our institution, the environment in which we operate, and also the guidelines which we follow for our operations. You have raised important issues. Looking at the different papers, particularly the paper of Professor Loxley on alternative approaches to stabilization, I think the most important issue is the problem of resource flows. I agree that if we had no constraint on the amount of the resources, adjustment would be easier. As you all know, the resources of the Fund are limited. They are limited in duration and they are limited relative to quota. I have indicated that I feel that these resources are expensive for many of the African countries that have fairly difficult debt-servicing problems. It is important, when looking at the problem of access, as Governor Fadiga indicated, that account be taken of this aspect of the problem.
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