Several industrial nations and Saudi Arabia are negotiating a loan of $6 billion for the International Monetary Fund, The New York Times reported.
The money would be used by the lending agency to shore up resources that are being depleted by increasing numbers of loans to developing countries that have been hit by the recession.
The Times quoted a monetary fund official Saturday as saying "there are active discussions" between the fund staff and the governments of West Germany, Japan, Britain and Switzerland.
The United States is monitoring the emergency loan discussions but under present plans, would not participate in the package, the newspaper quoted officials as saying.
According to the Times, the IMF already has more loan commitments than it has money. Therefore, the emergency $6 billion loan is necessary if it is to carry out present loan plans.
The IMF's borrowed resources have come primarily from Saudi Arabia, which said in 1980 that it would lend the fund $4 billion a year for the next two, and possibly three, years. Because of a decline in oil prices, the Saudis have indicated reluctance to lend the $4 billion for a third year, but say they will lend $3 billion if industrial counties match the sum, officials said.
Meanwhile, in Geneva, a conference of international monetary experts, academicians, bankers and businessmen from 26 countries urged IMF members to immediately and unconditionally approve a rise in the agency's resources.
The World Conference on Economic and Social Order (WCESO), chaired by Robert Anderson, who served as U.S. treasury secretary in the Eisenhower administration, ended a one-week meeting Saturday. The group develops proposals for consideration by governments aimed at dealing with the world's troubled financial situation.
Other recommendations included urging a greater participation by the World Bank in resolving the debt crisis of developing countries and giving new authority to the General Agreement on Tariffs and Trade (GATT) to monitor and expose protectionist and neo-protectionist measures which inhibit trade.
The conference also called for the establishment of an international investment insurance agency.
Recent agreements by international lending and financial institutions: World Bank
* A $52.7 million loan to Brazil to aid small towns in the state of Parana with public services and social facilities. The project is the first attempt by a Brazilian state to carry out capital improvements in small towns as part of a comprehensive urban development effort, which already includes a metropolian region and several medium-size cities. By making these towns more attractive, the Brazilian government hopes to induce migrating rural people to settle there rather than in congested cities.
* $2.85 million to Comoros from International Development Association formulate a national population program to slow down population growth, estimated at 3 percent a year. This is the first population project assisted by the World Bank in Comoros.
* A $19.1 million IDA credit to Haiti for continuing rural-areas development activities launched under an earlier IDA-assisted project. The main features of this second rural development project are the rehabilitation of two small existing irrigation systems with a total irrigated area of 460 hectares and the development and maintenance of irrigation facilities already serving 920 hectares of farmland in Northern Haiti.
* A $4.5 million loan from IDA to finance the expansion of petroleum exploration in Zaire's coastal basin and hire technical experts for the country's Department of Mines and Energy. The experts will improve the availability of reliable statistical information and set up a petroleum unit within the department.Export-Import Bank
* The Export-Import Bank last week submitted proposals for a transaction to Congress for review. The Ex-Im Bank will provide assistance to support the sale by the Boeing Corp. of six 747-300 and four 757 jet aircraft and related spare engines and parts to Singapore Airlines Ltd. with a U.S. export value of $941.4 million. Ex-Im Bank assistance would take the form of a direct credit of $253.8 million and financial guarantees of $425.8 million. --By Mark Murphy