NAC Files, Lot 60D137, Box 367
Action No. 425 Taken Unanimously by the National Advisory Council By Telephone Poll Completed on October 13, 1950, on South African Restrictions
October 13, 1950
confidential
Doc. No. 88
The National Advisory Council advises the U.S. Executive Director of the International Monetary Fund that:
- 1.
- He should take the position in connection with South African
exchange restrictions that:
- (a)
- The South African program proposed to be adopted in January, 1951, appears to represent a welcome and substantial relaxation of discrimination;
- (b)
- The Fund should request the Union for data adequate to permit a continuing review of South Africa’s new program, including the propriety and actual effectuation of South Africa’s arrangements for gold sales to the U.K.
- 2.
- He should propose that the Fund’s report to GATT on the South African import
controls conclude that:
- (a)
- South Africa no longer has “very low monetary reserves”.
- (b)
- The South African decision to make a substantial reduction in discrimination represents progress in the right direction and the Fund will not propose at this time the complete elimination of discrimination.
The Council still considers that there is no adequate basis on financial grounds for the maintenance of discriminatory import restrictions by the Union.1
- On the basis of a statement made by the International Monetary Fund to the Contracting Parties on November 4, the South African item was deleted from the provisional agenda for the Fifth Session of the Contracting Parties.↩