News In Brief

Marcos, seeking credit, lifts foreign-exchange controls

President Ferdinand E. Marcos announced the lifting of foreign exchange controls Saturday as part of an economic recovery program approved after a year of negotiations with the International Monetary Fund (IMF).

The lifting of the controls was required in exchange for a $650 million credit from the IMF, as were previously announced increases in tax collections, removal of price controls, and cuts in government spending.

The United States, Japan, and South Korea have approved $80 million in ''stopgap'' loans until the first IMF credit comes through.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK