communication media for literacy and vocational training programs as well as for the formation of new attitudes about the role of men and women in society. The resolution recommended that states create councils or committees to advise the policy and decision-making staff of the mass communication media, including particularly the field of advertising, on measures to change the image and status of women in the media. The resolution also recommended the appointment of a special rapporteur to prepare an in-depth study on the subject, with a progress report to be submitted to the 27th session of the Commission in 1978 and a final report to the 28th session in 1980.

Communications Concerning the Status of Women

In 1974 the Commission had, on the initiative of the U.S.S.R., removed from its work program any consideration of private communications relating to the status of women. The grounds for this decision were that ECOSOC's resolution 1503 of May 27, 1970 (see above, p. 221), had established a single system to deal with all communications on human rights, including women's rights. However, ECOSOC in 1975 invited the Commission to reconsider this decision.

At the Commission's 26th session, the U.S. Representative and other members who supported restoring this question to the work program noted that such private communications provided an important source of information on the promotion of women's rights in the political, social, and educational fields, while the 1503 procedures had the specific objective of identifying situations that revealed. a consistent pattern of gross and reliably attested violations of human rights and fundamental freedoms.

The United States and six other members sponsored a draft resolution for adoption by ECOSOC that (1) decided to retain as part of the Commission's work program consideration of communications received; (2) established an ad hoc working group to meet during regular Commission sessions to review such communications in private, having due regard to maintaining the confidentiality of individual communications, for the purpose of studying information helpful to the Commission; and (3) requested the Secretary General to forward to the Commission two lists, one confidential and one nonconfidential, summarizing communications received relating to the status of women.

This resolution was approved by the Commission on December 16 by a vote of 14 (U.S.) to 5, with 5 abstentions.

SPECIALIZED AGENCIES AND THE IAEA

WORLD BANK GROUP

International Bank for Reconstruction and Development and International Development Association

In 1976 the membership of the IBRD (World Bank) rose to 128 countries with the admission of the Comoros while that of IDA remained at 116.

The IBRD approved 141 loans totalling $4.98 billion in 52 countries in fiscal 1976, while IDA extended 73 credits totalling $1.66 billion to 36 countries. IBRD's disbursements rose by 24% to $2.5 billion and IDA's by 22% to $1.3 billion.

IDA commitments rose because additional resources were received under the terms of the fourth replenishment. These resources amount to approximately $4.5 billion over the 3-year period, 1975-77. The fourth replenishment became effective in January 1975 when the United States officially notified IDA of its participation with a 33% share ($1.5 billion) Fourth replenishment commitment authority will end on June 30, 1977, and it had been hoped that the fifth replenishment would come into effect on July 1, 1977. However, negotiations on the size and burden-sharing features of the fifth replenishment were not completed during 1976.

The IBRD borrows from international capital markets for part of its financial resources. The Bank's borrowing rose to $3.8 billion in fiscal 1976, compared to $3.5 billion in fiscal 1975. With in these totals the share of the petroleum exporting countries was $445 million in 1976 compared with $1,904 million the previous year.

On July 29, 1975, the Executive Directors of the Bank approved the establishment of an intermediate financing facility, more commonly known as the "third window." This facility, which provides development assistance on terms intermediate between those of the IBRD and IDA, is financed by voluntary contributions. The new facility became effective on December 23, 1975, after pledges of $100 million had been received. The United States has not contributed. By the end of fiscal 1976, total lending on "third window" terms was $477.8 million for 20 projects in 18 countries.

During 1976 discussions were held on the question of an increase in the Bank's subscribed capital

The discussions were based on a comprehensive review of both the appropriate volume of future Bank lending and the capital structure needed to sustain future lending. The review indicated that an increase in capital was necessary. In May 1976 the Executive Directors transmitted to the Board of Governors a resolution providing for the Bank's authorized capital to be increased by $8.4 billion to $41 billion. The resolution will come into effect after it has been approved by three-fourths of the voting power in the Board of Governors. This had not yet been accomplished by the end of the year.

Also in May, the U.S. Administration sent to the Congress a request for U.S. participation in the proposed Bank capital increase. The proposed U.S. share would be $1.6 billion, of which $157 million would be paid in, and the remainder would be callable capital. The 94th Congress did not consider this measure, however, and it was to be resubmitted in 1977 for consideration by the 95th Congress.

On December 21, 1976, the UN General Assembly, on the recommendation of its Second Committee, adopted without vote a resolution calling on all IBRD members to support urgently the proposed recapitalization of the Bank and urging that negotiations be completed early in 1977 for the fifth replenishment of IDA "at a substantially higher level than that of the fourth replenishment.113

The Bank continued to expand its assistance to the least developed countries, whose needs were particularly critical as a result of the world economic situation. The poorest countries accounted for 39% of total IBRD and IDA commitments.

Nearly a quarter of all Bank and IDA operations, involving commitments of over $1.6 billion, were for agriculture, and more than half of these projects were rural development projects to increase the productivity of the rural poor. These projects are designed to benefit large numbers of rural poor, while earning an economic rate of return at least equal to the opportunity cost of capital; they are comprehensive in their approach to small-scale agriculture and provide for a balance between direct production and other components; and they have a low enough cost per beneficiary that they might be extended to other areas, given the availability of additional resources.

The IBRD has not directly funded conventional health infrastructure projects, but it has initiated project lending in a number of areas that directly affect health. These areas include population,

113/ Resolution 31/181.

nutrition, education, rural development, irrigation, and drainage. In addition, the Bank has decided that, within the context of its present lending program, it will systematically analyze the health consequences of the projects it supports.

The Bank has concluded that its activities in the housing and urban transportation sectors should be concentrated in cities where authorities demonstrate a willingness to consider and implement bold measures to adapt their policies to the mounting pressures of rapid urban growth.

Combined development lending by the IBRD and IDA in fiscal 1976 focused on the following principal areas:

Five countries joined the IFC in fiscal 1976, bringing total membership to 105.114/

An affiliate of the World Bank, the IFC encourages the development of private enterprise in the developing countries by lending to and making direct equity investment in private business activities. Since a major contribution to economic development can come from the private sector, the IFC is an essential complement to the lending operations of the IBRD and IDA. The IFC also develops local and regional capital markets and promotes privately owned development finance corporations. These efforts help increase investment opportunities and

114/ Upper Volta and Grenada in August 1975, Papua New Guinea in October 1975, Rwanda in November 1975, and Bangladesh in June 1976.

the availability of capital in order to broaden the ownership of private enterprise.

Of $110 million authorized capital, IFC's total subscriptions in fiscal 1976 were $108.3 million, of which the United States subscribed $35.2 million or 32.5%. In May 1976, the IFC Board of Directors recommended a capital increase of 540,000 shares valued at $540 million, raising total IFC authorized capital to $650 million. Of these additional shares, 480,000 would be allocated to increase subscriptions by existing members, and the remaining 60,000 would be reserved either for subscriptions by new members or additional sales of shares to existing members after the initial replenishment subscriptions are completed. Also in May, the Administration sent to the Congress a request for participation in the proposed capital increase, of which the U.S. share would be $111.5 million, but the 94th Congress did not consider the measure and it was to be resubmitted to the 95th Congress. The proposed increase will come into effect after it has been approved by three-fourths of the voting power of the IFC Board of Governors. This had not yet occurred by the end of 1976.

Besides capital subscriptions, the IFC obtains funds from repayments of investments, sales of equity and loan investments, net income, and borrowing. In fiscal 1976, the IFC invested $245.3 million in 33 investments in 24 different developing countries--a 15.9% increase in investments over 1975. During 1976, IFC made investments for the first time in Egypt, Malawi, Rwanda, and Uruguay. Some of the notable IFC investments were for steel facilities in Turkey and Yugoslavia; development finance corporations in Bolivia, Korea, Turkey, and Zambia; and cement plants in Indonesia, Morocco, and Thailand.

INTERNATIONAL MONETARY FUND

The membership of the IMF rose to 129 countries in 1976 with the accession of the Comoros. Members' quotas in the Fund totaled a little more than 29 billion Special Drawing Rights (SDRs). The U.S. quota of SDR 6.7 billion represented 22.94% of total quotas. No additional SDRS were issued in 1976, although total transfers of SDRs were 2.6 billion.

During 1976 drawings on the IMF totaled the equivalent of SDR 7 billion. This was the largest amount ever registered in a calendar year. The highest previous level was reached in 1975, when members' drawings amounted to SDR 4.7 billion.

At