Announcement of India Consortium on June 21, 1988

.<·· .... :-.• -: • ·. Page ~ •• q,f .1. \ 1. 11 lNTBAFAAD PARIS Date: June 21, 1988 i: NU'oi8ER OF MESSAGE: .... 1 • • • • ••••••••••••••••• Nll'lBER OF PAGES : •••• 4 • • 4 •••••••••••••••••• TO ; Leandro Cor o nel, Exn,1c .ll.nn1 e Rina ldi EX'IEU M India Cor~ortl um - Press R~lease. Ar l.achc..<l -t '.iree p agf;'.S. 1,.  11\..1 • ._Jl.J ( European Off ict' 6 b, a-..envr Bankd'ltna 7;116 PARIS, France- Tttl,phon~.f1.2 3S421 -------------··-~--------------i,,----- PRESS RELEASE For I mmed14tQ Relea•• INDIA CON!ORTlUM l~~i Par lu, Ji.:n 21 :. 1, D3':3 e,11;. t.h conclu~l.on o{ th In :Ua c oneortJ.1.1!:l JC•• i nq L"\ Patia . ~. A -,;:r..; ort..iun c! Gov,arnm n~ ~l\d inat!.t.tjtion11 1fi~ 't :Jud 1n c~;12.:..:pm1:1r,: "'e ... .!.~t.4nca tc lnd.ia tu · t !., '.?i:!.rii> Of'I .Jun 20 ,I n~ 21, i98S und41r r.e ch~~t~~~.~~p ot Mr. Atti:4 X,,t.rao3m.&no1lu, Vie• Pr~oidont for AaiA, the w·rlc a~nx. The Gov~r~..m~n~ o! Indi w&• r•pr•e•nt•d by a daleg~tion l ed by Nr, S. Ve :,x. .1 t.,:r&a13n.tn, 1' inanca S0cr•u1ry to th• Gov rnmant. ot Infti.a. 2. :.."l l J .. t ., rn1 o· !n d i.i. ' ~ s~venth Fiv -'faar ti.velo~nt :?bn, ~d th't bountry •o &.:. · r :thcctt .!..ng yc.ar. 1 re ql.! .!.::-.,me,,L ., ~::,r t.hi., !c: Th~ miu,t.ing not d trA &dvorte .:...:+.s-:::. ,.A: -:. i.'" i.:L:37 <iro•..1,::ht , i):t .. .;f h<!I ·11o;r.at in history. 4Dd appl&udad :_._. .,1: :...~::1.._.,r,:. ~i:~0r:::1 ';o t1 <Jlp ':.~1-s -.,;:,.r.'it. iif.f'tlC!'..~d .1.t':.J,IHI o! tl11t country whil ~c.;v..:. . ':.1 .i, .!.. ,~.i;... ~n~o ..H1l~' >;.o i:i.!.ni~.l.~-a Gconcin!c .:::on,toqu•n13aQ, pa:ttieul& ry on t. · , ~ v~lfac~ or th~ ~urttl po ul;ation and gro~th Of th~ othar s•ctor.s, (),;:.r ..i i.!., : : i,·-.>l :nar. g~r! b<.lt.t,H th ·n in ~.aat;. .irou9ht.-. /  ,. . (~' - 2 - J. Alleviation we re acknowledg~d. Th• •• objactiVsl &ro b•in9 put'*~•4 in the conte,xt of ma .:nta !.ning an econo1Die gro~h rate o! at lo••t 5 porcant a yo~ r. The•~ obj~ctiV~i , t hQ m~eting agr••d, would bit achi•ved t~ro~9h grQa~~~ ~g rlculc~ ral p~oduc tlv ity, i ncrea•ed •X.P¢rta, i~prO"'l•m•nta in h\1&1.n r.es 1Ji:ce dev6lo;,r:tent 11nd cuntlnu d sound t:l.ilcrc-~cono:ni c ~n"g~nt.. ,:,, 1. e r-,i,pr114Qtr,~ati'le of th~ Govirnmerit o! Inoi~ i,,id th.t <:C\111try ...,H .Ji:>:i.e t:;; c;orr.~ through th!! drou ght b <icau.s,e ol do<:i1iv-a ,1,:tlon on • ;dt1 r-ll :~ 1~ :; t r, i, t ,1t .; lly coor;lin<11.':.~6 M.-a:n:ir s trJ c¢ni-1 fl t-11 .O~clin,- in :.\ 9 r :. cu :. ,:. Jr.,_1 , ~odvc ~ion , i mpl~n'i.rnt. •mploym~nt z;.ro<p"amg, a.1,1gment . ~u~ion of f.o j:!.:.r.: ,j 9r~!n 8, drinking wa'C. c 1.1.nd ot. ! ur~•, alonq with a.!lflii;.:an~e l r •:)t'I ths1 in-c.ernA - ion~ com.'\\~"'lity, \./ .i:-• l rgely inotrumntal in I I help ~11y tht:: cou r.~ry ~o a•1ert v~n wo:.·•e ~on q\l,•M••· Th• Gov rnment ..1<1d pna z re on Int'Lla' A b&l4n<=• ¢! paymantt repred~ :".t~t Lv~ }-.U~n-:1'd to c0nt..i.n • · oi;i ::.io:. ~nd ;;i11vl1e.si:? -ad -chll t th,i u-,,t long t ertti r 3!lody to thb problem u 2.d bi.! :.,:; ·:'ld .'.. r. a mor~ tnt: ~.::rilltior.~l ly com_? tit.:l'l!D c-ono:ny ..,,,ith • dynamic @xport ~ector. c.ne CC J :1 t. ~J • o ll'l.aj O .:: obj~~t.1·,..c11 •.i.:i. ~ to Ji:1.lov!.~t pov.arty, An . xt n.iiv ;it ;;, ! ~ :: .:. f.l ~e .. ·,d •~· t.o d ~~l ;,,it:1 th l• ~robl.i:i:n-- _p4trht1;>S the largt1at ov41r u. • un..i,ain;,1 k -;1: bJ ~:-iy ,;..-::,untL' }·~- an.i 1:hl:1 would n.,o•~eit.at~ inors a.:¥1.ph iill on ~gri ~~:~ ~1·n ~rc·i- : t.'..on , pa·ticul rly ln rainf~d ar aa , incrs•eed attention t..> ii..,i.! d i: :.:- ~ao :.:x,:;.., 1 .t,ve l opman t. , ,t,;s_p t::i lly qducation, &nd enhanced effort.a tc prcL~~~ I~di•'~ natural r~ ouro•~, ita ~nv!ronrnent. / \ -- 6, Th$ outlooK for the Indian •conomy i• 9ood, the repre,entative con t i nued, particularly it th e ~•ather thi• year ia good. H• aatd that th< ch•llangea fdcod by I ndi a in all v!ating pcv•r ty an~ •u•tainin9 ~velop~~ with social jue ti ca havQ no parallel and whil• the Qountry would oontinu• to p:·og:resis by :r,ob il.iz.i n9 iti O lol?l tinar.cl«l re•O'.lro••, international bsslstance o n conc~s1ional tarma wou ld continue tQ be r•quirad • ,. . an d~ vclo~~.ant ~ of th~ Guv~ri~&nt, ~r.oy ~lao pointed to ths many ch.allengc~ .t'e:cing tha ~. :::,:morr.y, ;0~$Cially th neod to oontinu• vith poll,:.!.ea t.v .!.;npr0v~ '<!tt.lci,ancy a,,tl !l:.l?tvi:it-a po~~rty \fhil• -::n.aint:aining 2 • ,rn:l iri~ci ;-ta,.;..:.r.cr.1:-; b.:i.J.':.,1cos. T':i~ rr...~Qr.il'l9 -and.orsad India•• ovar&.l 1. d..,ue .. ;:;r, ,;.~ r.L ~ 1,::-'..l ::?: an1 e:.i c,;r,t.i.rH:!.r.9 l'! a! tcr ~)(1';. rn11l ,1 ai.llt.a.nc,a .at. h.!.g ri r1r c.:mc1.1 s.,i...:.;;.,1l ltr·: 1.». ·'.N1.i..1 :.!.d in1.ic.;;tion~ giv'1!n t t;..~,e .n41ating f,vln :.~ d. ;:.., .'! ,.;.:,,:::n.:.rn.~:it l ,:Jr-.·!'!l ~! .,_co•.:.~ US$ $.2 billion :!..n i988/1989. Tr,:;..i e;-.::.n:p<lr~u ,~.!..t.t: th@ Bar;X'.:. r con:.1\.11rnj~t.ion c! ~t. l;, uit. TJB $ 5,8 billion and 1.2 t y,e . r-'ill i ndi.cu.i:;n~ of US$ 5,4 .bill .ion. Of t.h• tot.1tl 1 USS 3,8 mil~ion t~ llkal y t~ b• on conc~As!on~l ta~~, •• cotnpar•d ~ith US$ 3.3. m~llion luat year. B• o~ r".usc.:.'...:,., 3-=10:u.r.r., C<'ln cl.a, D>ll'lln-5.rk, !'t· nca, Csrm~ny , I ~ly, J-t.J>,8n, .• ::;y, S·.J1'd0n, tJn!.t:a1 Y.ingde,-m, Unita d Bt~tea. N~chcL' i...1,.,b, ~;,.:,r • AL:aio !."~pt'B.'H!l C..o , · ! .: :U1 c.,,.,;., ::.l;.g '.19:'3 !h., ~31..i D'lJ\l'r! lo;~-• n'~ ~tl.!1~, t:h-1.1 C~i ,o L n I :"i .'.SO t. .. :".C ; , C ;; !..i :-·.. :..: , ! : . r. .:? !" :-,..f. ~ ! -· ~·~. l Ft.H ': ~ f. ";J~ ~ :;= i .-:'tJl 1: U: ~l O~v~lc:rpm-a nt 1 ~h~ Dcvt.d.J~u~e :-. t. ;·1.:i\;:..:H.. an ,.:s C~,ffil!iit:to.,;, Qf th Cr~ nb:at!.ori !or Sr; or.otnlo ,u .~,L ...a.t..!.on tor Sr:o,~i:;.11ic Cc.-.c;p')r~t1on 4nd , .,:,i.,.1. : -::.;;.1 :,!'. :.::.:. or ~ C..;-:,·· o,r.li-;:. _ ::,;, ~ O<:vo opmt::i-:: ~i,. . . ;r. !.t..;;;:; :~.1-;.:.:::::~ r::;~vilL:·puh1n-::. · P"t'?<jJC.t.;lUU-lt, .. nd t.hQl Gov,orn~l!'l!lnt. of Switzerlcrn<l,