Hartford Courant from Hartford, Connecticut • 76

F6 THE HARTFORD COURANT: Saturday, April 1, 1989 White House seeks support for Third World debt plan as talks begin debt-reduction effort. Under the Brady plan, commeri-cal banks would be asked to forgive voluntarily a portion of the loans they have made to poor nations. In return, the IMF and World Bank would provide assurances that the remaining debt would be repaid. The administration has estimated that over the next three years its proposals could result in wiping out about $70 billion of the $340 billion in debt owed by 39 developing nations, a group that includes all of the largest debtors and many of the smaller ones. The IMF and World Bank would be expected to contribute about $12 billion each over three years to spur the debt-reduction effort The.

United States is also looking to Japan and other countries running large trade surpluses to recycle some of that money into debt relief. Critics of the Brady proposal con-' tend that a 20 percent reduction in overall debt, even if accomplished, will not be sufficient to relieve the oppressive debt burdens and get eco-, nomic growth rising again, in the developing world. Critics have also complained that the Brady plan has', raised expectations for debt relief; too high in Latin America and would create further political instability instead of helping relieve tensions. dents of the world's largest industrial countries. The U.

S. debt plan is expected to be the principal topic on the agenda. These talks involve the United States, Japan, West Germany, Britain, France, Canada and Italy. The administration is looking for an endorsement of the new strategy so that the major creditor countries will present a united front when the Brady plan, as the new debt proposal is being called, is taken up at the Monday and Tuesday sessions of the IMF and World Bank. German Finance Minister Gerhard Stoltenberg told reporters Friday he was optimistic the talks would be able to make progress in finding new ways to tackle the international debt problem.

Another Bush administration official, who also spoke on condition his name not be used, said that Venezuela and Mexico might well turn out to be the first beneficiaries of the new Associated Press WASHINGTON The Bush administration expressed hope it can gain approval for its new Third World debt-reduction program at a series of international finance meetings that got under way Friday. The administration's aim at the meetings is to get both rich and poor nations lo approve the "basic concepts and directions" of the new strategy, said one official who asked not to be identified, i In the seven-year-old debt crisis, the burden of paying interest on $1.3 trillion that developing nations owe has sapped their economies, lowered living standards and led to growing political and economic unrest. Venezuela's new president, Carlos Andres Perez, blamed riots in his 'country last month that claimed 270 lives on "intolerable and obscene" debt-repayment terms imposed by creditors, and said rich nations must do more to relieve the debt burden. The administration is hoping to use the spring meetings of the 151-nation International Monetary Fund and the World Bank as a launching pad for its new initiative, unveiled, by Treasury Secretary Nicholas Brady March 10. "What.

I hope happens is that we get together a sufficiently clear consensus to enable the IMF and the World Bank to move forward immediately'. so that the necessary policy changes to move in this direction could be made relatively quickly," said a senior official at the U.S. Deparment, who briefed reporters on condition his name was not used. Preliminary discussions began Friday with a meeting of finance officials representing debtor countries. Sunday, Brady is hosting daylong discussions with the finance ministers and central bank presi I'M MR.

AMAZING I SELL GOOD STUFF CHEAP. AND THAT'S NO BUNK! U.S. court rules in Channel 18 lawsuit The new owners, who took over the television station in 1985 despite the legal controversy, are having other problems. KM KM MR. FROM MISDIRECTED FREIGHT BUNK BED OUTFIT Solid Brass PICTURE FRAMES 5 HI Continued from Page Fl FCC's "distress sale" policy.

Under terms of this policy, a company can avoid a disciplinary hearing by selling its station to a qualified minority buyer at a reduced price. In his lawsuit, Shurberg had -charged that the FCC policy was unconstitional. "I was deprived of the right to file for a license," he said. In the case, Shurberg Broadcasting of Hartford Inc. vs.

the FCC, the appeals court said the FCC's policy discriminates against non-minorities. The FCC implemented the "minority distress sale program" in 1978 to increase ownership of radio and television stations by minorities. Astroline Communications is controlled by Richard P. Ramirez, who is the firm's managing partner and the station manager. Ramirez, a for- According to court papers, Astro-line Communications owes about $13.4 million to its creditors.

Of that total, about $11 million is owed to seven secured creditors. The remaining $2.4 million is owed to 57 unsecured creditors. Shurberg said he is pleased with the decision, but said he realizes it could be appealed to the U. S. Supreme Court and not resolved for many years.

Ramirez seemed unfazed by. the decision. "It is business as usual," he said. "We continue to operate with a positive cash flow at a profit." "What it really means is that it has a long way to go before it is resolved," he said. "The probability is extremely high that the case will be accepted for appeal." But Ramirez said he and his lawyers have not made a decision on whether to appeal.

SB ir Trail "-H i mer sales manager of a Boston television station, is Hispanic. The new owners, who took over the television station in 1985 despite the Jegal controversy, are having other problems. WHCT has been operating under chapter 11 of the U. S. bankruptcy code since December.

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