Detail

`The 40th World Bank/IMF annual meetings are held in Seoul for four days, October 8-11, 1985. The World Bank is the general name of the International Bank for Reconstruction & Development, which, established in December, 1945 to help reconstruct the countries damaged by World War II and provide funds for their economic development, is today giving long-term development loans to the developing countries of the world. The International Monetary Fund(IMF) was set up in March, 1947 and has been making a great contribution to promoting international trade, in accordance with the purpose of its establishment, by facilitating cooperation in international currency, assisting with the international balance of payments of member countries, and eliminating restrictions on foreign exchange. Korea gained membership in both organizations simultaneously in August, 1955 in order to promote the induction of foreign capital and strengthen its economic activities abroad. It is expected that the 40th annual meetings will draw up a plan for the economic prosperity and development of the world and the assignments to be taken by each of the organizations for its execution will be discussed. The topics of discussion will also include the world`s economic achievement during the past year, the examination of the prospect of the world economy, and other various economic problems of the world. These meetings, which are to be participated in by no fewer than 9,000 presons, from home and abroad, including the official delegations of the 148 member countries, are expected to provide a rare occasion for the Korean government to further strengthen economic ties with the whole world, letting the financial and business leaders from abroad have an opportunity to understand Korea better by seeing its culture as well as its economic achievement. The Ministry of Communications issues this postage stamp in commemoration of the holding of the 40th World Bank/IMF annual meetings in Seoul and also as a token of the national welcome we extend to all the foreign delegates participating in the Seoul meetings. `