Foreign Relations of the United States, 1981–1988, Volume XXXVIII, International Economic Development; International Debt; Foreign Assistance

298. Memorandum From Secretary of State Shultz to the President’s Assistant for National Security Affairs (Clark) and the Assistant to the President (Deaver)¹

Washington, September 20, 1983

SUBJECT

• Welcoming Remarks by The President at the World Bank-IMF Annual Meeting, September 27

Don Regan has sent you a memo urging that the President deliver, as is customary, short welcoming remarks to the Annual Meeting of the World Bank group and the International Monetary Fund on the morning of September 27.² I fully support his request and his rationale.

This meeting brings together the Ministers of Finance and Central Bank Governors from every nation in the non-communist world. It is the single most important annual gathering on the international economic scene. The President, just last Saturday, said the non-aligned countries were looking to the U.S. for leadership in the wake of the KAL tragedy.³ That leadership, in economic affairs, can be best exercised through the IMF and the World Bank. The President delivered a memorable address to this meeting in 1981⁴—only the most serious and pressing scheduling problem should interfere with his doing so again this year.

Our foreign policy efforts in the developing world are largely economic. We rely on the IMF and the World Bank to carry the ball for economic reforms based on market forces and free enterprise. As Don says, the President’s absence would be interpreted widely as lack of support for these institutions. For foreign policy reasons, not to mention the status of the IMF quota legislation on the Hill, that impression would be most regrettable.

I join Don in urging that the President make a brief appearance at the Annual Meeting and deliver the welcoming address for the United States.⁵

George P. Schultz⁶

1. Source: Department of State, Executive Secretariat, S/S–I Records, The Executive Secretariat’s Special Caption Documents, Lot 92D630: Not For The System: September 1983. No classification marking. A handwritten note at the top of the memorandum reads: “Sent to NSC and WH by S/S.”
2. The September 16 memorandum from Regan to Deaver and Clark is attached but not printed.
3. On September 17, Reagan delivered a radio address to the nation on the September 1 Soviet attack on KAL 007. For the text of Reagan’s address, see Public Papers: Reagan, 1983, Book II, pp. 1295–1296.
4. See footnote 3, Document 267.
5. Reagan delivered remarks at the annual meeting of the Boards of Governors of the World Bank Group and the International Monetary Fund on September 27. For the text of Reagan’s remarks, see Public Papers: Reagan, 1983, Book II, pp. 1362–1366.
6. Shultz initialed “GPS” above his typed signature.