- International Monetary Fund. External Relations Dept.
- Published Date:
- September 1959
The developments in the year under review provide a basis for optimism that there will be continued progress in eliminating restrictions imposed for balance of payments reasons. As already stated in this Report, the Fund is currently examining the questions raised by the remaining discriminatory restrictions. In the meantime, it is urging members to proceed with the elimination of discrimination, including bilateralism, as rapidly as possible.
As far as the less industrialized countries are concerned, economic and financial difficulties will undoubtedly continue to confront them, although it is to be expected that renewed expansion in world trade will ease the decline in export earnings which they have recently suffered. Much effort will be needed nationally and internationally to create the conditions which will enable these countries to reap the full advantages of growth combined with domestic stability and external equilibrium. In this endeavor, those countries which conduct their transactions in convertible currencies, and which have relatively simple exchange systems, will be in a better position to cope with the financial problems arising out of urgent needs for development.
Although many obstacles remain, there is in the world today an increased understanding of the issues involved, and the possibility of achieving the full benefits of a multilateral system is now greater than at any previous time in the Fund’s history.