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CONGRESSMAN REPORTS
Continued from page two • make an admittedly “shaky” loan when the national interest seems: to justify doing so.
Last week, at a meeting of the governing boards of the International Bank for Reconstruction and Development and the Inter- s national Monetary Fund—to both of which the United States has subscribed heavily_Mr. Eisenhower proposed a new agency, to; be known as the International De- , velopment Association.
The United States would put i up a share of the capital of this association, which would be operated as an adjunct of the International Bank, and would make the “soft” loans which the Bank may not consider. As other nations of the free world would be expected : to help finance the association, the hope would be that the need for our own Development Loan Fund would be reduced.
The record indicates, however, that our financial stake in intenational lending is increasing steadi-. ly. Tlie past session of Congress, at Mr. 'Eisenhower’s request, approved $4,550 million in additional capitalization and guaranties for/ the International Bank and 'International Monetary Fund. It also approved Mr. Eisenhower’s re-: quest for participation to the extent of $350 million in a new. Western Hemisphere lending institution, to be known as the In- > ternational Bank. It has been ac- j knowledged that this new bank also will be needing additional fn- j nancial backing as its lending op-; erations expand.
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