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

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NWE DELHI-Sell-Out on Aid

strong feelings of some of the developing countries both the US and West Germany, which are strongly opposed to any SDR-aid link, agreed to a compromise solution of referring the issue to a new joint IMF-IBRD Committee. However, since the US and West Germany are unlikely to revise their basic position of opposition to any SDR-aid link, the issue may beconsidered as good as lost On the question of gold, the Group of Ten decided that gold could Be used as collateral by countries for their international borrowings. That this small group of developed countries arrived at this important decision just a day before the meeting of the Committee of Twenty shows that the developed countries will increasingly try to settle their differences within their own small group and arrive at solutions to international monetary problems by bypassing the newly constituted IMF Super Board. The more noise the developing countries make in the discussions on monetary reform, the more inclined will the developed countries be to settle issues related to monetary reform outside the IMF

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