206. Minutes of a Senior Interdepartmental Group-International Economic Policy Meeting1
ATTENDEES
-
Treasury
- Secretary Regan
- Beryl Sprinkel
- Marc Leland
-
State
- Secretary Shultz
- W. Allen Wallis
- Robert Morris
-
Defense
- Fred C. Ikle
- Don Goldstein
-
Agriculture
- Seeley G. Lodwick
-
Commerce
- Gus Fiske
- Lionel Olmer
-
Interior
- Robin West
-
Energy
- W. Kenneth Davis
- George Bradley
-
CIA
- Henry Rowen
- Maurice Ernst
-
USTR
- Ambassador William Brock
- John E. Ray
-
OMB
- Alton G. Keel
- Fred Khedouri
-
CEA
- Martin Feldstein
-
OPD
- Roger B. Porter
-
NSC
- Henry Nau
- Norman Bailey (Executive Secretary)
- Roger Robinson
- William F. Martin
The Chairman opened the meeting by asking for a review of the debt situation of Yugoslavia, Poland and Romania.
Yugoslavia
A Swiss-chaired meeting was held in Bern in early January to discuss multilateral assistance for Yugoslavia. The Fund stated the nature of the Yugoslav problem and set the size of the financing gap at $1–$1.5 billion. Most countries indicated their willingness to proceed with the pledging exercise on the basis of the Fund’s proposed program. The United States pledged $222 million in medium-term credits, an amount equal to 20 percent of total pledges of $1.14 billion. Most pledges were in the form of export credits which may not necessarily provide balance of payments financing needed by Yugoslavia. [Page 598] The Yugoslavs also requested a three-month, once renewable, bridging credit from the BIS, the feasibility of which will depend on whether a sound IMF program and a satisfactory medium-term loan package can be arranged and appropriate collateral provided for such a bridge.
[Omitted here is the portion of the minutes not related to Yugoslavia.]
- Source: Reagan Library, Secretary George Shultz Papers, Official Memoranda 1/18/88 (1). Confidential. The meeting took place in the Roosevelt Room. No drafting information appears on the minutes.↩