News In Brief
Manila — 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.