INTERNATIONAL FINANCIAL SITUATION REPORT #58

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP86T01017R000201700001-0
• Release Decision: RIPPUB
• Original Classification: T
• Document Page Count: 14
• Document Creation Date: December 22, 2016
• Document Release Date: March 24, 2011
• Sequence Number: 1
• Publication Date: November 20, 1986
• Content Type: REPORT

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Washinoon,D 020505
DIRECTORATE OF INTELLIGENCE
International Financial Situation Report #58
20 November 1986
Summary
Venezuelan President Lusinchi plans to announce new stabilization measures soon to deal
with the nation's deteriorating financial situation, according to the US Embassy. Already the
anticipated $5.5 billion shortfall in OR revenues this year has caused the Central Bank's foreign
reserves to decline by almost $3 billion from the $13.7 billion on hand last December. The
government fears that continued weakness in oil export earnings in 1987 could exhaust the
Central Bank's liquid reserves -about $5.5 billion- before yearend 1987. In other developments:
o Mexico has obtained commitments for 78 percent of its $7.7 billion commercial loan
package and bankers expect to obtain the 90 25X1
percent required for triggering disbursement of t e banks' $500 million bridging loan
and IMF and World Bank loans no later than early December. Bankers indicate that
the loan signing and disbursement of the new financial package is likely to take place
in early 1987.
o After holding the IMF at arms length for nearly two years, Brazil will likely seek to
reconcile with the Fund early next year - perhaps agreeing to an enhanced
surveillance program. Brasilia's altered attitude partly reflects a rapidly
deterioriating external payments situation that could force the government to seek
new loans in 1987 to cover a growing current account deficit.
o After securing IMF assistance, the Philippines opened talks with its bank advisory
committee on 27 October only to have the talks collapse on 7 November. ~ 25X1
Philippine officials feel that the Philippines deserves favorable 25X1
treatment in light of the concessions Mexico received in its rescheduling package.
One press report quotes Finance Minister Ongpin as saying the Philippines could
declare a unilateral standstill on debt payments if the current impasse is not resolved
by 1 January.
o The IMF team has finished gathering data on Argentina and is now discussing policy
issues with government officials, according to the US Embassy. Current points of
contention include the continuing increase in real government expenditures, as well as
Buenos Aires's failure to liberalize foreign exchange payment procedures.
NOTE: REPORT #59 WILL BE PUBLISHED ON 18 DECEMBER 1986
This situation report was prepared by analysts of the Intelligence Directorate. Comments are
welcome and may be addressed to the Situation Report Coordinator, 25X1
GI M 86-20266C
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KEY ISSUE
Venezuela: Mounting Financial Difficulties Dictate Additional Stabilization Measures
President Jaime Lusinchi plans to announce new stabilization measures soon to deal
with the nation's deteriorating financial situation, according to the US Embassy. Already
the anticipated $5.5 billion shortfall in oil revenues this year has caused the Central
Bank's international reserves to decline by almost $3 billion from the $13.7 billion on
hand last December, feeding speculation of an impending devaluation. Reserves are
likely to fall even further before the end of the year, as Venezuela makes $750 million in
principal payments to foreign bank creditors on the external public debt. According to
the Embassy, the government fears that continued weakness in oil export earnings in
1987 could exhaust the Central Bank's liquid reserves -about $5.5 billion- before
yearend 1987, although some bankers believe this is highly unlikely. The on revenue
shortfall has also caused the public-sector fiscal accounts to swing sharply into deficit.
The Embassy believes that unless the deficit is reduced, inflationary pressures will
escalate, further depressing investment incentives and augmenting incentives for capital
flight.
Caracas' financial problems have been compounded by its dual exchange rate
system and by its price control strategy. The widening gap between the Bs 7.5/dollar
official rate available for authorized imports and the floating market rate-currently Bs
26/dollar-has encouraged over- and under-invoicing and has induced importing at the
controlled rate for subsequent reexporting at the floating rate. Meanwhile, government-
mandated low prices for consumer basics have encouraged illegal exports to neighboring
Colombia, resulting in domestic shortages and exacerbating Caracas' economic troubles.
At the same time, the huge subsidies implicit in the low prices for gasoline and
electricity have contributed to the widening deficit in the public sector's fiscal
According to the Embassy, measures under government consideration include a
sharp devaluation and price increases for many items. But because such steps would
sharply increase the consumer price index, their promulgation has been delayed while the
administration and the leadership of the ruling Democratic Action (AD) Party package
the measures in a form acceptable to labor, AD's key constituency. If, as seems probable
from Embassy reporting, Lusinchi goes ahead with the advice of his principal economic
adviser, Minister of the Presidency Carmelo Lauria, and sharply devalues the bolivar, he
probably will cushion devaluation's inflationary impact by allowing limited increases in
the prices of gasoline, electricity, and other consumer basics. Although labor is also
angling for government-mandated across-the-board wage increases as compensation for
increases in the prices of consumer basics, Lusinchi's concern that such a move would
trigger a wage-price spiral probabl means that labor will have to settle, instead, for
limited increases in fringe benefits.
DEVELOPMENTS IN MAJOR COUNTRIES
Mexico
Mexico has obtained commitments for 78 nt of its $7.7 billion commercial
loan package and bankers expect to obtain the q0
percent required for triggering disbursement of the commercial banks' $500 million
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bridging loan and the IMF loan no later than early December. The World Bank has
already disbursed $300 million out of the $500 million trade policy loan. The release of
these funds should shore up Mexico's foreign exchange reserves-equal to about four
months of imports at the end of October-until the commercial loan is completed.
Bankers indicate that the loan signing and disbursement of the new financial package is
likely to take place in early 1987. a number of European
and US regional banks are continuing to resist participation in the loan for a variety of
reasons. Some of the banks object to having their share of the loan based on their 1982
exposure to Mexico-particularly if they have sold off or written down their portfolios-
while others are opposed to the package's contingency financing. The bank advisory
committee reportedly believes some banks will have to shoulder more of the burden to
make up for the banks that resist participation.
After holding the IMF at arms length for nearly two years, Brazil will likely seek to
President Sarney decided this month that Brazi must reach an agreement with the Fund
to reschedule its Paris Club debt, restore official export credit, and obtain a multiyear
debt rescheduling agreement with its commercial creditors. To avoid a domestic
political backlash, Sarney remains opposed to a formal IMF program,
We believe, however, he will entually agree to an enhanced surveillance
program like Colombia's.
Brasilia's altered attitude toward the IMF may also reflect a rapidly deterioriating
external payments situation that could force the government to seek new loans in 1987.
US Embassy reporting indicates that booming domestic demand and an overvalued
exchange rate already have dampened exports and raised non-oil imports sharply.
According to our projections, the trade surplus is likely to drop by at least 8 percent this
year to $11.5 billion, causing the current account to post a $1.5 billion deficit, despite
savings from lower oil prices and interest rates. With foreign investment at a 15 year
low and new borrowing extremely limited, Brasilia will be forced to draw down reserves
to meet its current debt servicing obligations.
the Sarney government is expected to announce
measures to curb domestic demand and encourage foreign investment, and to resume
frequent minidevaluations soon. Nevertheless, most observers expect that these
measures will have only limited impact on the erosion in the external payments accounts
in the short run. Rather than cut imports or deplete its reserve cushion, Brasilia
probably believes that its willingness to implement its own economic reforms and
reconcile with the IMF would pave the way for a resumption of new lending by its
commercial creditors after a formal rescheduling agreement is reached.
Philippines
On 24 October, the IMF Executive Board approved a $519.4 million assistance
package for the Philippines-$240.4 million in a standby arrangement and $279 million in
a compensatory financing facility. After securing IMF assistance, the Philippines opened
talks with its bank advisory committee (BAC) on 27 October only to have the collapse on 7 November.
while the interest rate is the
most isible sue, there are several other sticking points as well.
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Philippine officials feel that the Philippines deserves favorable treatment from
banks in light of the concessions Mexico received in its rescheduling talks. While not
asking for new money or contingency funds, Manila has stood firm in its demand for low
interest rates-0.8125 percentage point above LIBOR-and the length of the payback
period-20 years. The BAC's rescheduling proposal carried an interest rate of 1.375
percentage points above LIBOR and a 16-year repayment period.
as Philippine officials stated, "a single bank's intransigence" caused the talks to
collapse. According to press reports, the BAC is scheduled to meet later this year but
without Philippine representation. One press report quotes Finance Minister Ongpin as
saying the Philppines could declare a unilateral standstill on debt payments if the current
impasse is not resolved by 1 January.
The Philippines has received a substantial amount of new money from official
sources. During President Aquino's recent trip to Japan, Tokyo pledged over $600 million
in new financial assistance. According to US Embassy reporting, the funds include $249
million to be used for the Calaca II coal-fired thermal power plant, $62 million in grant
aid, and $308 million in assistance under the 14th yen loan package. Manila is also
expecting to receive a $300 million structural adjustment loan from the World Bank to be
used to minimize strains caused by the denationalization and breakup of the corporations
that previously monopolized the cocoa, sugar and other commodity sectors.
REGIONAL SITUATIONS
Latin America
In Latin America, Argentina continues to negotiate a standby arrangement with the
IMF, Chile reached a preliminary agreement with the IMF on the second stage of its
extended fund facility, Costa Rica's negotiations with its commercial bank creditors
remain on hold, and Panama is still trying to obtain a World Bank structural adjustment
Argentina
An IMF team has finished gathering data and is now discussing policy issues with
government officials, according to the US Embassy. Current points of contention include
the continuing increase in real government expenditures, as well as Buenos Aires' failure
to liberalize foreign exchange payment procedures. Moreover, the IMF is concerned that
fiscal objectives will be overridden by increasing pressure on Buenos Aires to grant salary
increases and boost pension payments. We believe such doubts could delay approval of a
$1.55 billion combined standby agreement/compensatory financing facility until early
next year. We do not expect Argentina to approach commercial banks for an estimated
$1.0-1.5 billion in new lending until after it successfully concludes the IMF discussions.
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.
San Jose announced it will also seek a new IMF standby agreement; a Fund mission will
travel to Costa Rica on 24 November. Despite a resumption of negotiations, San Jose
and the BAC remain far apart on terms of a debt resehedulinar.
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Chile has reached preliminary agreement with a visiting IMF team on its 1987
macroeconomic targets under the second stage of its three-year extended fund facility,
according to US Embassy reporting. The targets closely parallel this year's performance
and include a 4- to 5-percent GDP growth rate, a 15-percent inflation rate, and a non-
financial public-sector deficit equaling 1.7-percent of GDP. Santiago anticipates
achieving these goals by incurring another billion dollar current account deficit in 1987.
The economic team plans to finance most of the gap with a $250 million World Bank
Structural Adjustment Loan (SAL)-expected to be approved in late November-$400
million in World Bank and IDB project loans, and part of a $650 milli 7
1987-88
commercial loan/interest concession package yet to be negotiated. 25X1
Costa Rica
San Jose and its creditor banks averted for the moment a confrontation last month
that could have led to a seizure of Costa Rican assets by banks, but negotiations likely
will remain slow as differences on key issues remain. Costa Rica made a token $5
million payment of overdue interest to creditor banks 23 October-backtracking on its
earlier threat of withholding all payments until it was granted a multiyear rescheduling
agreement-in order to resume negotiations with its bank advisory committee (BAC)
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t e banks seem willing to settle for
less an complete payment of overdue interest prior to reaching an agreement. The
making its next move. For its part, Costa Rica is confident that it can use the letter of
intent, which may be agreed to by 1 Janu r 987, to complete talks with the banks,
according to the US Embassy.
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Panama
Despite the rapidly approaching World Bank deadlines, Panama has yet to send to
the national assembly the social security reform package necessary to finalize the second
structural adjustment loan (SAL-II) for $100 million. President Delvalle is aware that
prompt action is necessary to give the World Bank enough time to approve the SAL-lI this
year-the final loan committee meeting is scheduled for 25 November-but he has yet
been unable to forge the political consensus required to get the legislation passed. 25X1
Because of strong public opposition to the reform proposals, Panama is trying to scale
down the World Bank program to what it considers to be domestically acceptable at this 25X1
time. Panamanian ministries are preparing a detailed study of the social security system
to find alternatives to World Bank proposals
Successful imp emen ation this year is vital or the government's effort to 25X1
main ain financial stability. In addition to missing the disbursements of SAL-Il funds,
Panama's failure to gain approval for the SAL would jeopardize disbursement of the final
three tranches-totaling $39 million-of commercial bank financing. Without this new
financing the government may miss the IMF public-sector deficit target contained in the
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current standby accord, and create problems for further reschedulings next year.
Although we expect the reforms to be enacted some time this year, the delays thus far
may require a commercial bank rollover of maturities due after 1 January 1987.
USSR/Eastern Europe
The Soviet Union is considering a new $200 million Eurodollar facility, and
Yugoslavia failed to meet September targets specified in its debt rescheduling agreement
In early November, a number of French and West German bankers expressed
concern about Soviet pressure on East European countries for repayment of their present
debts to the USSR. the Europeans' concern-
expressed on several occasions-centered on their belief that the present level of Soviet
pressure would impair scheduled repayments to French and West German banks. In other
matters, Vneshtorgbank, the Soviet Foreign Trade Bank, is discussing a $200 million
Eurodollar facility proposed by a US moneycenter bank.
the proposal calls for an eight-year facility with an interest rate o5
of a percentage point over LIBOR for the first six years and a .250 of a percentage point
over LIBOR for the remaining two years. Fifty percent of the principal repayments
would be made in semi-annual payments over the last two years of the facility with the
remaining 50 percent coming due at the end of the eight year period,
the USSR has sold an estimated
250 tons of gold through August, earning Moscow nearly $3 billion so far this year. The
Soviets are likely to earn an additional $1.5 billion in the remainder of 1986. Thus, total
sales in 1986 could reach 400 tons-more than double last year's 190-ton mark.
traders attribute the recent fall in gold
prices to heavy Soviet sales in October which has prompted the price-conscious Soviets
to retreat to to the sidelines at least temporarily.
Yugoslavia
Yugoslavia failed to meet the September "trigger mechanism" target for export
erformance specified in its debt rescheduling agreement with commercial banks,
The level of foreign exchange reserves also fell
slightly below the target. banks would review Prime Minister
Mikulic's proposed economic re orms before deciding how to proceed with the second
phase of the rescheduling in the spring of 1987.
Meanwhile, in late October, Belgrade reduced its projections of the 1986 surplus in
its convertible currency current account from $700-800 million to $360 million.
Yugoslav officials hope increased exports and tourism revenues in the fourth quarter will
fuel the improvement. Achieving even this figure would require a marked turnaround
since Yugoslavia registered a hard currency current account deficit of $376 million
through August.
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Indonesia
Squeezed by stagnant oil prices, Indonesia is stepping up its foreign borrowing from
both official and commercial sources. At Jakarta's request, a consortium of US,
Japanese, and Arab banks arranged an eight-year, $350 million loan for Indonesia, with
terms comparable to other loans obtained this year. Jakarta also is pressing Japan to
agree to two new loans-a loan from the Japanese EXIM Bank sufficient to cover the
local costs of all World Bank and Asian Development Bank loans over the next two to
three years, and a quick disbursing, commodity assistance loan to purchase foreign
goods. The US Embassy believes it highly unlikely the Japanese will agree to the total
Indonesian package-estimated at several hundred million dollars. On another note,
Jakarta has reduced tariffs and other import barriers and offered new incentives to
foreign investors in a bid to stimulate the economy. Furthermore, to put to rest rampant
rumors of impending foreign exchange controls and conversion of foreign bank deposits to
treasury bonds, Finance Minister Prawiro assured business leaders that the government
will continue Indonesia's free currency exchange system.
Africa/Middle East
In the Middle East, Morocco signed a letter of intent with the IMF, and the Fund
believes Egypt must undertake further reforms to avoid an impasse. Among the African
countries, Nigeria's commercial bankers agreed to a rescheduling, South Africa's
economy was reviewed by its bank creditors, and Zaire proposed controversial economic
changes.
Morocco
Rabat signed a letter of intent with the IMF late last month for a $275 million, 15-
month standby arrangement, according to US Embassy reporting. Economic performance
criteria under the arrangement include major cutbacks the budget and modest reductions
in government arrearages to both foreign and domestic creditors. In addition, to help
achieve these gains Rabat agreed to phase out consumer subsidies for vegetable oil
and sugar next year.
Meanwhile, Moroccan officials are meeting this week with the country's
commercial bank advisory committee in London to continue negotiations to reschedule
commercial debts.
bankers agreed to reschedule all principal repayments falling due in
1985-87 - totaling some $1.5 billion. To meet the IMF requirement that commercial
banks provide $235 million toward closing the country's $788 million financial gap next
year, bankers decided to extend $173 million in fresh loans to Moroccan banks, and to
again reschedule $62 million of previously rescheduled debt falling due next year. Under
the formula bankers agreed on, only French banks will be required to provide new
money. In addition, bank creditors will restructure $450 million in trade-related credits
which have been frozen by Rabat since 1983.
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Egypt
The IMF team visiting Cairo has warned Egyptian officials that they must quickly
present new and more far-reaching economic reform proposals to avoid an impasse in
negotiations over a standby arrangement. Fund representatives reportedly also are
insisting that Cairo abandon its gradualist approach and adopt major policy adjustments
simultaneously, which the Egyptian government strongly opposes. Egyptian officials have
promised a new reform draft by this weekend - before the IMF delegation leaves - to
keep standby prospects alive. A satisfactory response by the Egyptians is far from
certain, however. Even if Cabinet experts can agree on reform measures, the package
will need President Mubarak's approval, and he remains fearful that increased prices will
lead to widespread political unrest. Persuadin him will require a concerted effort by
the Cabinet and Prime Minister Sidqi and time.
Nigeria
Nigeria's commercial bank advisory committee agreed last weekend on terms for a
rescheduling of roughly $3.6 billion in debts, according to a US official. The rescheduling
package includes $320 million in new money from the banks, and the bank advisory
committee's approval of terms will allow the World Bank to begin disbursements from a
$450 million loan it approved last month. Nigeria has signed a letter of intent with the
IMF, but Fund approval of a standby arrangement will be on hold pending commitment of
a critical mass of creditor banks -probably 80-90 percent- to the new money loan.
Moreover, the final $100 million disbursement from a $250 million bridge loan approved
in October by official bilateral creditors, and negotiations for a Paris Club rescheduling,
await IMF approval of a standby arrangement.
South Africa
South Africa's foreign bank creditors view the country's financial position as better
thanexpected,
Bank creditors believe South Africa is able to make additional
repayments against the country's $14 billion in frozen debts above the currently agreed
limit of 5 percent of actual maturities. Bankers were unsuccessful in their bid to boost
repayments at the September interim review of the moratorium, however, and the
limitation is unlikely to be revised until its June 1987 expiration. Indeed, some bank
creditors are foregoing repayments eligible under the freeze. The report indicates
roughly half the loans owed by the South African private sector are being renewed
voluntarily by foreign creditors.
Meanwhile, Pretoria continued to bolster foreign currency reserves last month, and
added to gold reserves, according to US Embassy reporting. Hard currency reserves rose
sharply to almost $800 million, and the country added about 19 tons of gold to reserves -
now officially totaling some 141 tons valued at roughly $1.7 billion.
Zaire's ruling political party late last month proposed sweeping economic policy
changes that could jeopardize the country's IMF and World Bank programs. Party leaders
recommended limiting Zaire's debt service payments to 10 percent of export earnings,
returning to a fixed exchange rate, and reimposing trade restrictions, according to US
Embassy reports. The IMF and World Bank have suspended disbursements pending
clarification of Zaire's economic policy. President Mobutu this month sought to
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moderate creditors' reaction by assuring them Zaire would meet all debt service and IMF
and IBRD commitments through the end of this year. Mobutu said, however, he wants to
renegotiate Paris Club, IMF, and World Bank agreements for 1987. According to the US
Embassy, Mobutu has proposed sending a delegation to Washington to begin talks with all
concerned parties to reduce Kinshasa's debt payments, and he almost certainly will
personally raise the issue in his scheduled meeting with President Reagan next month.
Mobutu has instructed his new finance minister - who reportedly drafted the economic
proposals that prompted the IMF and World Bank suspensions - to prepare Zaire's
negotiating position.
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FINANCIAL BRIEFS
Colombia trying to reassign $361 million of a $1 billion commercial bank loan
earmarked for coal and oil to the electrical power system ... banking officials unlikely to
approve change before the end of the year deadline... Bogota may ask for a six-month
extension
Guyana hoping to resume formal negotiations with the IMF ...
reserves to make arrearages payments to Fund or World Bank.
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Haiti issued deflationary budget for FY 1987 ... $28 million deficit likely covered
by external assistance ... indicates effort to foster sound economic policies ... follows
IMF guidelines and paves the way for IMF structural adjustment facility and World Bank
Uruguay continues to comply with its current IMF-supported program ... economy
growing but rapidly expanding money supply fueling inflation, which could exceed 75
percent by yearend ... IMF probably will approve Uruguay's application for enhanced
surveillance arrangement next year.
Europe
Poland offered no concrete proposals to Paris Club last month for dealing with 1986
payment arrears ... Paris Club offered to reconvene to consider rescheduling additional
maturities due in 1986 under the 1982-84 rescheduling agreement, but only if Warsaw pay
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half its more than $300 million in arrears due under the 1981 accord.
Malaysia announced a 6-percent cut in spending for 1987, slashed development
spending by 24 percent ... nonetheless, overall deficit expected to increase by two-thirds
... foreign creditors likely to be concerned as Malaysia anticipates more borrowing.
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Thailand set a ceiling at $1 billion for external borrowing in FY 1987 ... $113
million from multilateral financial institutions, $418 million from foreign governments,
and the remainder from commercial banks ... borrowing may surpass $1 billion, however
if Bangkok hopes to complete 44 proposed projects estimated to cost $1.6 billion.
Africa/Middle East
France signed agreement with Iran to repay Tehran's $1 billion loan to European
uranium enrichment company EURODIF, according to press report ...
total repayment to be only $750 million, less than half what Iran has been
seeking ... France to repay Iran $330 million immediately,
Bank creditors will resist Iraqi request to defer repayment for another two years on
1983 $500 million Euroloan, ... bankers
instead insisting Baghdad pay half its $65 million arrears on the loan immediately
Signing of Ivory Coast's $1 billion commercial bank debt rescheduling likely this
week ... President Houphouet-Boigny won limits he sought on swaps of Ivorian debt on
secondary market ... was concerned Arabs might acquire loans for political leverage ...
Abidjan will have preemptive purchase rights and buyers not already Ivorian creditors
will be limited to $15 million.
Rumors of further devaluation are again prominent in Saudi Arabia ... new rate
expected to be 3.85 riyals to the dollar ... part of Riyadh's effort to offset declining oil
revenues ... may be timed with chap a to new fiscal year and budget announcements
expected in late December. ~I
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UPCXMING INPcRrANF DATES
World Bank Executive
Board Meeting
(Washington)
Foreign Minister-Level
Meeting of the Latin
American Integration
Association
(Nbntevideo)
CamEnt
Vote on Chile's Str 1
Adjustment Loan. I~~tur 25X1
Agenda will include an assess-
ment of the regional economic
situation, bilateral issues,
and the prospects for Latin
American integration.
Week of 15 December Paris Club Meeting
(Paris)
January
Possible Foreign
Minister-Level Meeting
of the Cartagena Group
by IMF Rep).
Countries tentatively on the
agenda include Gabon,
Philippines, Poland, Cuba,
Nigeria or Sierra Leone, and
Brazil (1986/87 Economic Review
Latin American nations.
Meeting probably will include
discussions of the effects of
protectionism and export sub-
sidies on the foreign debts of
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SUBJHGT: International Financial Situation Report #58
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Sec. James Baker Treasury
R. G. Darman
James W. Conrow
Robert Cornell
Thomas J. Berger
Charles Schotta
Jaynes A. Griffin
Doug Mulholland
Robert M. Kinmit
David Milford
Sec. George Shultz
John C. Whitehead
Nbrton I. Abramowitz
Jerome H. Kahan
Michael Armacost
Ralph Lindstrom
W. Allen Wallis
Elliot Abrams
Rozanne Ridgway
Douglas McMinn
Chester Crocker
Gaston Sigur
Richard Murphy
Harry Gilmore
Byron Jackson
S. Bruce Smart
Steve Farrar
Stephen Danzansky
Randall Fort
Leo Cherne
DCI
ExDi r
SA/IXCI
MI
AZDI
Ch/PESItDI
NIO Economics
AID/NIC AG
Ch/MD/EPOS
Ch /FDO/NCO
Ch/F00/AF
Ch/1M/EA
Ch/MD/EUR
Ch/MO/1A
State
it
Cannerce
n
PFIAB
PFIAB
OSD (ISA)
49
50
51
52
53
54
55
56
57
58
59
60
61
62-63
64
65
66
67-69
70-75
20 November 1986
Ch/MD/NE
Ch/DDO/SE
D/AIA
Ch/AIA/SAD
D/OEA
D/EURA
Ch/EURA/EE/EW
D/SOYA
D/NESA
ID/OGI , D/OGI
Ch/OGI/SRD
Ch/OGI/FSIC
Ch/OGI/HCD
Ch/OGI /BCD/Fl
OGI /OD 25X1
CPAS/ISS/SA/DA
Ch/OGI/Pub
OGI/Pub Drs*ncp &7 " ~? ~m
CPAS/ INC/CB
1 - H. Robert Heller, Federal Reserve25X1
Board
1 - Edwin Truman, Federal Reserve Board
1 - Henry Wallich, Federal Reserve Board
1 - David Roberts, Federal Reserve,
New York 25X1
1 - Leo Cherne, PFIAB, New York
1 - E. Gerald Corrigan, President,
Federal Reserve Bank, New York
1 - John Bohn, Chairman, ExIm Bank
2 - Doug Mulholland, Treasury
1 - Ambassador Richard McCormack, State
1 - Mirtin A. Wenick, State
1 - Nicholas Burakow, State
1 - Peter W. Rodman, State
5 - Byron Jackson, Camyerce
1 - Warren E. Farb, Camierce
1 - DIA 25X1
1 - Ron Silverman, QVB
1 - Beryl Sprinkel, CFA
1 - E
1 -
1 -
1 - C/DO/
1 - Ch/BCD
1- Cti /BM/ IF
1 - Ch/HOD/T
1 - Ch/BCD/DI
1 - Ch/BCD/ES
1 - Ch/ISID/FI
25X1
25X1
Declassified in Part - Sanitized Copy Approved for Release 2011/11/21: CIA-RDP86T01017R000201700001-0