INTERNATIONAL FINANCIAL SITUATION REPORT #57

• Document Type: CREST
• Collection: General CIA Records
• Document Number (FOIA) /ESDN (CREST): CIA-RDP86T01017R000201600001-1
• Release Decision: RIPPUB
• Original Classification: T
• Document Page Count: 14
• Document Creation Date: December 22, 2016
• Document Release Date: March 7, 2011
• Sequence Number: 1
• Publication Date: October 23, 1986
• Content Type: REPORT

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Central Intelligence Agency
DIRECTORATE OF INTELLIGENCE
International Financial Situation Report # 57
23 October 1986
Summary
Mexico City faces an uphill battle in winning commitments to its financial package from
commercial banks by 31 October. The Mexican agreement with the bank advisory committee
ma
h
y
ave come too late for the banks to meet the critical mass deadline set by the IMF. Also,
debt servicing difficulties persist, other debtor nations, including Argentina, Brazil, Venezuela,
and the Philippines, are closely following Mexican financial negotiations with creditors in hopes
of taking full advantage of the concessions won by Mexico. In other developments:
o Brazil is likely to push hard for concessions to reduce its debt repayment burden in
the coming round of negotiations with commercial banks, but it probably will not
adopt radical policies to achieve its objectives. In return for a lower annual debt
servicing payment and access to new funds, Brasilia may be prepared to compromise
on its refusal to negotiate an agreement with the IMF.
o Argentine officials hope to reach agreement by mid-NovemhPr with tho TMP .,n a 1
reporting.
o The Philippines' negotiations with commercial banks are scheduled for the week of 27
October. Bank advisory committee members had anticipated an agreement with the
Philippines on a 15-year debt restructuring with at least a six-year grace period.
According to Finance Minister Ongpin, however, "the Mexican agreement has opened
a new horizon."
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2bAl
o Costa Rica has toughened its negotiating position and let arrearages accumulate in an
effort to complete a multiyear rescheduling agreement with favorable terms. To
highlight this tougher posture, San Jose formally suspended all interest and principal
payments on external debts due after 30 June 1986. 25X1
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NOTE: REPORT #58 WILL BE PUBLISHED ON 20 NOVEMBER 1986
This situation report was prepared by analysts of the Intelligence Directorate. Comments are 25X1
welco
me addressed to the Situation Report Coordinator, 25X1
GI M 86-20246C
copy of 75
mvnLn stanaoy Ior ZI.Z billion and a $350 million CFF to help cover agricultural 25X1
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KEY ISSUE
Mexico's Commercial Bank Package
Mexico City faces an uphill battle in winning commitments to its financial package
from commercial banks by the end of this month. The package includes: a request for
new money, an arrangement for contingency money, and provisions for restructuring
previous loans. Firsts Mexico is seeking about $5.7 billion in fresh funds to be repaid in
12 years with five years grace. The World Bank will cofinance only $1 billion of the new
loan and will guarantee up to $500 million. Second, banks will provide an additional $500
million-half of which will be guaranteed by the World Bank-if Mexico's economic
growth flags; they also are to provide a contingent $1.2 billion in investment support.
Third, banks will push back the maturity date by six years on $43.7 billion that had
already been rescheduled and will grant Mexico a seven-year grace period. The maturity
date for another $8.8 billion borrowed during 1983-84 remains the same, but repayments
will not commence for another three years. Mexico will pay 0.8125 percentage point
over LIBOR on all the loans, a reduction of 0.3 percentage point compared with the
average spread over LIBOR Mexico had earlier paid. Mexico is also seeking bankers'
agreement to reschedule again $11.2 billion in private sector loans (FICORCA) and their
promise not to cut off about $6 billion in interbank credit lines.
The Mexican agreement with the bank advisory committee may have come too late
for the banks to meet the 31 October deadline set by the IMF.
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Mexico. 25X1
The responsibility for any increase in lending will fall on the larger bank creditors.
Already the 54 largest creditor banks have agreed to contribute to Mexico's bridging
loan. These banks will account for about two-thirds of the critical mass-90 percent of
the total amount of new money-with many more of the smaller foreign and US regional
banks needed to make up the rest of the funds; Mexico currently has about 530
international bank creditors. 25X1
if the current negotiated agreement fails to hold together, Mexico would 25X1
insist that any new agreement not increase its debt burden and contain interest
concessions and linkage of debt payments to oil prices. 25X1
Debtor nations including Argentina, Brazil, Venezuela, and the Philippines have
been closely following Mexican financial negotiations with creditors in hopes of taking
full advantage of the concessions won by Mexico, including:
o dropping the US prime rate as a base rate for interest calcuations,
o reducing the spread over LIBOR,
o extending both the tenor and grace period on existing debt,
o promising more money if the country's economy falters.
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bankers believe these concessions will not set undesirable
precedents for their upcoming financial negotiations with other debtor countries.
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the deadline slips, the IMF and World Bank will delay releasing funds to
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DEVELOPMENTS IN MAJOR COUNTRIES
Brazil
Brasilia is likely to push hard for concessions to reduce its debt repayment burden
in the coming round of negotiations with commercial banks. Finance Minister Funaro,
who has taken a tough position in debt negotiations, believes that debt concessions are
crucial to ensure the future success of the Cruzado Plan,
He notes the Plan is threatened by a lack of new investment, which he believes
can only be alleviated through increased government outlays. Accordingly, Funaro
believes the savings in debt servicing payments should be used to fund additional imports
and domestic investment needed to maintain economic growth and alleviate vast social
inequities. Nonetheless, Brasilia probably will not adopt radical policies to achieve its
objectives. 25X1
In return for a lower annual debt servicing payment and access to new funds,
Brasilia may be prepared to compromise on its refusal to negotiate an agreement with
the IMF-perhaps an enhanced surveillance program like Colombia's-after the
congressional elections next month. Funaro and other economic officials have indicated
recently that the Fund now is supporting growth-oriented policies similar to those held by
Brasilia. The US Embassy believes that an accommodation with the Fund would be
politically feasible after the elections. Moreover, during a recent trip to Europe, Funaro
was told firmly by several European officials that an agreement with the Fund also is
necesary to reschedule its debts to Paris Club creditors.
The Brazilians anticipate tough negotiations with foreign banks, but will press
relentlessly for substantial cuts in annual payments, If
bankers prove reluctant to offer concessions, Brasilia may threaten creditors-US banks
currently hold $24 billion in Brazilian debt-with a partial interest payments moratorium
a threat Brasilia has made in the past.
Argentina
Argentine officials hope to reach agreement by mid-November with the IMF on a
15-month standby for $1.2 billion and a $350 million compensatory financing facility to
help cover agricultural a ort losses, and then to start formal talks with creditor banks,
according to the press. Argentina to request $1 billion in new
bank loans and to follow Mexico's lead in seeking contingency credits-linked to the
performance of Argentina's agricultural exports, which make up over 66 percent of total
exports. Buenos Aires also will press creditors to lower the interest spread on its loans
from an average 1.6 percentage points over LIBOR. 25X1
Meanwhile, creditors may be encouraged by Argentina's tighter monetary policy
that helped slow inflation-by 1.6 percentage points- to 7.2 percent in September and
that promises a further decline to 5 percent this month. The US Embassy believes,
however, that this policy will cause the government political problems within the next
few months. It predicts that bank failures-several banks caught by the liquidity squeeze
have recently failed-will increase and that the ruling Radical Party may be tainted by
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public charges of corruption and congressional probes of banking practices. We believe
support for the government economic program could erode further as tighter money
pushes up interest rates and reins in economic growth.
REGIONAL SITUATIONS
Latin America `
In Latin America, Venezuela continues to talk with commercial banks to alter its
February refinancing agreement, Chile opened discussions with banks for new money,
Venezuela
Venezuela's proposal to restructure the terms of its February refinancing
agreement for $21.04 billion in external public debt has made little progress with its bank
advisory committee. Earlier this month, government negotiators met with the
committee to discuss Caracas' requests to reschedule most of the principal due over the
1987-89 period, to link debt repayment to interest rates and oil prices, to reduce the
interest spread over LIBOR, and to obtain
ankers are unlikely to offer Venezuela the same
interest rate concessions granted Mexico, unless Caracas agrees to accept IMF
supervision in economic olic makin -su ervision that Caracas has adamantly rejected
in the past. as prior conditions for serious negotiations
on the governmen s proposal, Caracas mus make the $750 million principal repayment
promised bankers in February and must offer bankers an acceptable plan for the
repayment of the external private debt. The complexity of the issues to be resolved and
Caracas' proclivity to negotiate through the press suggest that this latest round of
negotiations will be difficult, with progress likely to be slow.
An IMF team arrived in Santiago this week for negotiations on 1987 economic
targets for Chile's extended fund facility. Chile is meeting or exceeding most of its
targets and we believe the meetings will go smoothly. The US Embassy reports that
Chile's economic team has drawn up two sets of targets for IMF review. One set projects
economic growth of 5 percent if the second stage of a structural adjustment loan is
approved by the World Bank next month, while the other anticipates growth below 2
percent if Bank approval is not received. Several governments have indicated they will
vote against the loan, but Chile's economic team refuses to postpone consideration of the
loan until 1987, believing it already has the necessary votes, according to the US
Embassy. Moreover, the government is determined not to risk disrupting its negotiations
with the IMF and creditor banks, which it fears would make it more vulnerable to
political pressure.
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Costa Rica
San Jose has toughened its negotiating position and let arrearages accumulate in an
effort to force a multiyear rescheduling agreement with favorable terms. According to
press reporting, President Arias has asked commercial creditors for a rescheduling of all
debts over 25 years, with a seven-year grace period. Arias reportedly does not want any
more short-term solutions to his country's debt problems, and feels creditors should be
more accommodating to his country's need for growth. To highlight this tougher posture,
San Jose formally suspended all interest and principal payments-effective last Friday-
on external debts due after 30 June 1986,
Panama
Debt negotiations between Panama and its major creditors continue on new
rescheduling and financing packages, but slow progress in implementing a proposed
second World Bank structural adjustment loan (SAL-II) is delaying disbursement of over
$70 million in creditor funding. The major difficulty is the footdragging by the Delvalle
government in reforming the social security system and privatizing public-sector
enterprises-key adjustments required by the World Bank for loan approval. Until an
agreement is worked out, talks with the bank advisory committee are likely to remain on
hold. In late September, Panama delayed its formal request to bankers for a rescheduling
of $1.2 billion in maturities due between 1987-90 and a new $200 million loan, probably
until at least 1 January 1987. Commercial creditors reportedly persuaded Panama to
withhold its official request until the full $60 million of the 1985-86 commercial
refinancing package is fully distributed-$21 million has been disbursed already-and the
SAL-II is finalized. With prospects for signing the SAL-II this year decreasing, creditor
banks may have to rollover maturities due after 1 January 1987 or agree to disburse the
remaining $39 million from the 1985-86 refinancing package.
Jamaica
The Seaga government and the IMF remain far apart as two major problems-
growing arrearages and uncertainty over the devaluation issue-are holding up approval
of a new standby program. The buildup in arrears, now totaling an estimated $100
million, has forced the Fund to consider declaring Kingston ineligible for further
drawings, according to Embassy reporting. At the same time, Seaga maintains his
steadfast opposition to an immediate devaluation, but reportedly has proposed a
devaluation linked to inflation. While there are some indications that the Fund may be
flexible on the timing of a devaluation, additional measures-dealing with export rebates,
wage and monetary policies, and public sector deficits-must still be worked out to
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Europe/USSR
The Soviet Foreign Trade Bank is coming to the market with a $300 million, eight-
year credit with terms rumored to be better than on any previous Soviet borrowing.
According to press reporting, bankers believe that the loan will be lead by Banque
Nationale de Paris. The loan is expected to carry an interest rate of .125 - .250 of a
percentage point above LIBOR. In spite of hard currency shortages, the favorable terms
on this loan indicate that the Soviet Union is still deemed extremely creditworthy by
international lenders. Press reports indicate that foreign bankers will be watching to see
if US banks participate in the loan, something that many have not done since the Soviet
occupation of Afghanistan. Some believe, however, the US participation is more
contingent upon technical than political considerations. In particular US banks which
participate actively in the secondary markets may, with margins hitting all-time lows,
wait until pricing on Soviet loans has stabilized and the prospects for secondary sales
improve. In a related issue, Vneshtorgbank signed a $110 million revolving acceptance
facility in September. The five-year facility was oversubscribed by $30 million. The
proceeds are to be used for financing imports into the Soviet Union.
In Asia, the Philippines may ask for a contingency clause as a part of its
rescheduling request, Indonesia may be forced to reschedule its foreign debt next year,
and Malaysia is experiencing capital flight. (S NF NC O(7)
Philippines
Citing concern over "creditor fatigue" and the intent to include a new money
request in its rescheduling agreement, the Philippines postponed a meeting with its bank
advisory committee (BAC) scheduled for 8 October. Bank negotiations are now scheduled
to begin on 28 October after the IMF Executive Board consideration of a new standby
loan and CFF drawing on 24 October. the BAC
members had anticipated an agreement with the Philippines on a 15-year restructuring
with at least a six-year grace period. Interest rates on these maturities would be no
more than 1 percentage point above LIBOR. According to Finance Minister Ongpin,
however, "the Mexican agreement has opened a new horizon" for the Philippines,
country's restructuring similar to what is in Mexico's agreement. For the Philippines, a
link would be made to selected economic growth factors - especially export revenues
and import prices - and bank creditors would be asked to extend additional credit
automatically if certain growth minimums are not reached.
the Philippine proposal received a very cold reception from bank creditors as well as
IMF and World Bank officials. because of this
reaction, the Philippines will push or lower interest rates rather than follow through
with a new money request.
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Manila would request a contingency clause in the
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In
another matter, swaps under the new Philippine debt-to-equity program have begun.
According to press reporting, Kawasaki Steel and Japan Air Lines each plan to make
equity investments in the Philippines-Kawasaki is expected to buy $1.2 million worth of
Philippine debt at 20 to 30 percent below face value. Meanwhile, the final draft
Constitution was approved on 12 October and will now be submitted plebiscite.
Indonesia
Indonesia may be forced to reschedule its foreign debt, and implement an IMF
standby program in 1987 if oil and other export commodity prices do not rebound,
according to Embassy reporting. To cover this year's $5 billion current account deficit,
we expect Jakarta to draw down about $3 billion in standby commercial credits-loans
committed but undrawn-and dip into its $10.8 billion in foreign reserves. The
Indonesians also will ask the IMF for a compensatory financing facility CFF) to make up
for falling oil and commodity prices, according to the Embassy.
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Indonesia will face severe balance of
payments pressure through 1987. In addition to the loss of about $6 billion due to
stagnant oil prices, Jakarta has been hard-hit by the appreciation of the yen as it imports
and borrows largely in yen. Because Indonesia is starting to run through its available
reserves, it will need new funds to finance next year's current account deficit, estimated
at $4 billion by the government. Indonesia's ability to obtain new foreign commercial
bank loans is limited, however-European and US bankers are already reducing their
exposure-and it is unlikely that foreign aid flows will increase significantly. The
government hopes to put off debt rescheduling by refinancing its commercial bank loans-
-this will prove difficult unless Jakarta adopts very ti ht fiscal and monetary policies and
expeditiously removes trade barriers, We believe the 25X1
regime is unlikely to dismantle those regulations and monopolies that benefit business
interests having close ties to elite elements, including the Soeharto family. 25X1
Malaysia
The Malaysian Central Bank announced that real GDP actually fell by 1 percent
last year-Malaysia's first full year decline-instead of growing nearly 3 percent as it had
announced in March. Financial observers predict Kuala Lumpur will slash government
spending-possibly by 35 percent-and will be forced to devalue the ringgit (Malaysian
dollar) by 10 to 25 percent in the next few months if it hopes to shore up its worsening
economy. Fear of devaluation has led to increasin capital flight, which could exceed $3
billion in 1987, Meanwhile, Prime Minister Mahathir 25X1
hopes more liberal foreign investment rules will attract badly needed capital. Whereas
foreign equity holdings were previously limited, companies that export 50 percent of
their output from Malaysia or employ 350 or more Malaysian workers can now be 100-
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Africa
In Africa, South Africa met with bankers to discuss its financial position and
Nigeria set up its second-tier foreign exchange market, which resulted in a 61-percent
South Africa -
Pretoria's meeting last month with commercial bank creditors to review the
country's financial position produced no changes in the existing debt repayment
agreement with banks, Bank creditors-citing South
Africa's expected $2.5 billion current account surplus this year-proposed stepping up
principal repayments, which are limited under the accord to 5 percent of scheduled
repayments until next June. Pretoria was willing to accede, according to US Embassy
reporting, but only in exchange for fresh bank credits, and both sides backed down. South
African debt chief Stals suggested to creditors, however, that additional repayments
would be considered if the world gold price remains at or above its current level.
Bank creditors' technical review of the economy, the original purpose of last
month's meetings, produced no surprises. Creditors expect real GDP growth to increase
2 to 3 percent next year, and the current account surplus to remain above $2.5 billion-
essentially in line with South Africa's forecasts. Both Pretoria and creditors expressed
Reserves currently are $1.9 billion-only about $300 million in hard currency and the
remainder in gold-covering less than two months' imports. Reserve Bank Governor de
Kock said publicly last week that with the strong current account surplus, and having
already met most debt obligations under the accord with foreign banks, Pretoria will
begin adding to its gold reserves for the first time since 1981.
Nigeria
Nigeria launched its second-tier foreign exchange market late last month, which
produced in a 61-percent devaluation, according to the US Embassy. Press reports say
that official creditors have agreed in principle to a $250 million bridge loan to help fund
the market until Lagos can begin drawing on a recently approved $450 million World Bank
loan later this year. Nigerian financial officials expressed concern, however, about the
size of the devaluation, and raised the possibility of intervening if the exchange rate
became "unrealistic." Meanwhile, commercial creditors preliminarily agreed earlier this
month to reschedule Nigeria's medium-term debt and letter of credit arrearages, and to
provide as much as $320 million in new loans, The US
Embassy reports that bankers dropped demands that Lagos draw money from an IMF
standby agreement, a move President Babangida had ruled out for political reasons.
a renal agreement may not he reached until next year.
Middle East
In the Middle East, Egypt and the IMF are discussing a standby arrangement,
Sudan's prime minister stated that debt contracted under the Nimeiri government is
subject to nonpayment and Morocco and the IMF have agreed on a framework for a new
standby arrangement.
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Egypt
Following the IMF Executive Board discussion on 6 October of annual Article IV
economic consultations with Egypt, the Fund dispatched a mission to Cairo empowered to
negotiate a standby arrangement, but Cairo has indicated it views the need for
compromise on standby terms as resting largely on the Fund's side. Egyptian officials
criticized US remarks at the 6 October meeting concerning the need for additional
economic reform as not adequately supportive of Cairo, according to several US
diplomatic reports. Cairo had viewed the meeting as an important gauge of US and
Western sensitivity toward the country's economic troubles. Egyptian officials now are
concerned the IMF mission will arrive believing Egypt can be pressured into further
exchange and interest rate reforms-areas Cairo recently reiterated it views with little
flexibility.
Khartoum has indicated it might repudiate some of its debts, and has budgeted debt
service covering only 25 percent of its payment obligations next year. Prime Minister
Sadiq al-Mahdi-who has been hinting at a debt moratorium since May-this month said in
a UN General Assembly speech that Khartoum views debts contracted under the Nimeiri
government as illegitimate and subject to nonpayment. This contradicts statements by
Finance Minister Omar as recently as last month that Sudan accepted the previous
government's debts and was committed to repayment, albeit with delay. Al-Mahdi said a
specific, but still unannounced, percentage of annual export earnings would be allocated
for payment of "legitimate" debts. According to US Embassy reports, Khartoum has
budgeted only $208 million to meet $814 million in debt payments due next year. If
arrearages are included, Sudan's 1987 payment obligations jump to almost $3
Morocco
Rabat and the IMF have agreed on the framework for a new $275 million 18-month
standby arrangement on the condition that Rabat secures $100 million in new
concessional bilateral aid commitments for 1987, according to US Embassy reoorts.
Finance Minister Berrada last week told US officials he expects to sign a letter of intent
with the Fund within days, and that the standby will be considered by the Fund next
month. The Fund wants Morocco to obtain 12- to 15-year money at no more than 4
percent interest from a group of donors including the United States, moderate Arabs,
France, and other West Europeans. The bilateral funds would allow Morocco to
undertake capital investment projects and ensure a reasonable rate of economic growth
while Rabat proceeds with its IMF adjustment program.
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The Fund also expects commercial banks to provide $250 million in new money
during 1986. Banks already plan to widen the proposed rescheduling of 1985-86
commercial maturities to also include debts falling due in 1987 and early 1988 during the
IMF standby program, according to a press report. The new rescheduling terms will
provide about $840 million in debt relief for 1985-86, and another $660 million in relief
over the life of the standby arrangement, according to the report. The bank advisory
committee is to meet this month to approve the deal and begin circulating it among all
creditor banks for approval.
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FINANCIAL BRIEFS
Lima will be site of nonaligned debtor conference on 12-14 November
Twenty-five member Latin American Economic System last week urged linking
debt payments to export earnings or GDP growth... reflects trend toward tougher debt
policies, but communique avoided specifics, commitments. . . countries will continue
negotiating individually.
Bolivia has fully complied with the targets of its IMF standby agreement. . its
fiscal deficit this year will probably be 3.7 percent of GDP, as compared with 14 percent
in 1985... Fund officials predict that Bolivia will qualify for a $60 million compensatory
financing facility in addition to the $40 million it is already scheduled to receive later
this year.
Colombia drew $639 million of the $1 billion commercial bank loan on 9 October...
meanwhile, President Barco spoke at recent IMF/IBRD meetings and called for more
lending by international institutions, easier terms for debt reschedulings, greater access
to OECD markets, and increased direct investment.
World Bank and IDB loans to Paraguay are back on schedule following the
government's announcement last month of an economic stabilization plan devaluing the
guarani. . . disbursements after 31 December will depend on additional exchange rate
reform, according to the US Embassy.
Africa/Middle East
Members of the African Development Bank agreed to "favorably consider" a
general capital increase of 200 percent to support lending of $6.0 to $7.8 billion for the
period 1987-91. . . GCI is contingent on resolution of remaining issues such as payment
modalities and specific guidelines for Bank financial and operational policy. . . these
issues will be discussed at the next meeting on 24 November.
World Bank approved $150 million agricultural sector loan for Tunisia last month,
and Italy pledged $100 million in new credits... still leaves $225 million financial gap for
1986-87, even with pending $228 million IMF standby... Tunis seeking bilateral aid to fill
gap, but some donors hesitant because of Tunisian political uncertainties.
Europe/USSR
Poland scheduled to meet with Paris Club this week most likely to discuss ways to
bridge this year's financing gap of about $1 billion. . . probably will press government
creditors for new loans and reopening of 1986 rescheduling accord initialed in March...
also plans to meet with commercial banks this month to lobby for new credits.
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Four Japanese banks co-leading an 8-year, $100-million syndicated loan to Hungary.
.. favorable rates reflect continued appetite for Hungarian paper despite poor economic
performance... Budapest plans to borrow about $3.5 billion this year and $2.5 billion in
1987, mainly to roll over existing debt.
China, while not admitting to a debt problem, is considering refinancing portions of
its debt through several large dollar-denominated borrowings... when reserves began to
drop, Beijing financed its economic expansion largely through foreign borowings, doubling
the size of its debt from $5 billion to $9.5 billion...most of these borrowings were in the
form of short-term year loans which have become more costly as the yen appreciates.
Thailand's new five-year Economic Development Plan is designed to encourage
Thailand's evolution to a significant exporter of labor intensive light manufactures... in
sharp contrast to past plans, calls for the private sector to play a dominant role in
leading growth with and in providing most of the projected increase in
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SUBJECT: International Financ
ial Situation Report #57 0 23 Octobe
r 1986
Copy No. 1 Sec. James Baker
Treasury 49 Ch/DOD/N
E
2 R. G. Darman
50 Ch/tED/S
E
3 James W. Conrow
51 D/ALA
4 Robert Cornell
52 Ch/ALA/S
AD
5 Thomas J. Berger
53 D/OEA
6 Charles Schotta
54 D/EURA
7 James A. Griffin
55 Ch/EURA/
EE/EW
8 Doug Mulholland
56 D/S 1VA
9 Robert M. Kimni t
57 D/NESA
10 David Mulford
58 DD/OGI,
D/OGI
11 Sec. George Shultz
State 59 Ch/OGI/S
RD
12 John C. Whitehead
if 60 Ch/OGI/F
SIr,
13 Morton I. Abramowi
it 61 Ch/0GI/D
tz
Cn
14 Jerome H. Kahan
It 62-63 Ch/OGI/E
CD/FI
15 Michael Armacost
tt 64
mi /m 25X1
16 Ralph Lindstrom
tt 65 GPAS/ISS
/SA/DA
17 W. Allen Wallis
tt 66 Ch/OGI/P
ub 25X1
18 Elliot Abrams
tt 67-69 OGI /Pub
Deg( (09 /~ mss/ -~//n .
19 Rozanne Ridgway
it 70-75 CPAS/IMC
/
20 Douglas McMinn
tt --------------------
---------------
21 Chester Crocker
tt
25X1
22 Gaston Sigur
tt
23 Richard Murphy
tt
24 Harry Gilmore
tt 1 - Edwin Truman,
Federal Reserve Board
25 Byron Jackson
1 - Henry Wallich,
Federal Reserve Board
26 S. Bruce Smart
1 - David Roberts,
Federal Reserve,
27
NSA New York
25X1
28
it 1 - Leo Cherne, PF
IAB, New York
29 Steve Farrar
NSC 1 - E. Gerald Corr
igan, President,
30 Stephen Danzansky
it Federal Reserv
e Bank, New York
31 Randall Fort
PFIAB 1 - John Bohn, Cha
irman, ExIm Bank
32 Leo Cherne
PFIAB 2 - Doug Mulhollan
d, Treasury
33
OSD (ISA) 1 - Ambassador Ric
hard McCormack, Sta125X1
34 DCI
1 - Martin A. Weni
ck, State
35 ExDir
1 - Nicholas Burak
ow, State
36 SA/DDCI
1 - Peter W. Rodma
n, State
37 IDI
5 - Byron Jackson,
Commerce
38 AIDI
1 - Warren E. Farb
, r-cmnerce
39 Ch/PES/IDI
1 -
DIA 25X1
40 NIO Economics
1 - Ron Silverman,
OM
41 AID/NIC AG
1 - Beryl Sprinkel
, CEA
42 IUD
1 - Eugene McAllis
ter, EP(",
43 Ch/DDO~
1 -
25X1>X1
44 Ch/LIDG
1 -
45 Ch/MD/AF
1 - C/DD/OED
25X1
46 Ch/EDD/EA
1 - C`,h /BCD
47 Ch/DDD/EJR
1- Ch/ECD,
25X1
48 Ch/EUD/LA
1 - Ch/BCD
1 - Ch /F7CD,
1 - Ch/BCD
1 - Ch/ISID/FI
Declassified in Part - Sanitized Copy Approved for Release 2011/11/21: CIA-RDP86T01017R000201600001-1