Bielecki's government quickly focused on the international economic situation in the country. Appearing at the World Economic Forum (WEF) in Davos, Switzerland in February 1991, Bielecki asked Western creditor nations to forgive 80 percent of Poland's $46.6 billion foreign debt. Through these negotiations, Western Europe governments agreed to forgive 50 percent of the debt in the following month, followed by the United States forgiving 70 percent of its share, and Brazil with 50 percent. The International Monetary Fund and the World Bank similarly agreed to provide Poland with modernization loans. Domestically, Bielecki's government pursued efforts to deconstruct the former command economy. In June, the Bielecki government proposed a massive privatization program to sell 400 state enterprises, nearly 25 percent of Poland's industrial sales output. According to the plan, the Polish state would retain control of 30 percent of enterprises through the use of a national wealth management fund, with every adult citizen given shares from the fund, while employees of each selected firm would receive ten percent of their company's shares. During the same period, the Warsaw Stock Exchange (WSE) opened for business in April 1991.