• Contribution to be transferred to the Inter-Governmental Committee for European Migration (ICEM) for transportation of refugees.

$2,616, 467 $755, 102

$62, 500

$3, 434, 069

[GOVERNMENT CONTRIBUTIONS PLEDGED TO UNRWA FOR THE YEAR ENDING DECEMBER 31, 1960-Post, doc. 210, p. 484]

I. The Specialized Agencies

[NOTE: The coverage afforded the Specialized Agencies in the Current Documents series is restricted, as a general rule, to reprinting excerpts from the reports of U.S. delegations attending meetings of the lawmaking bodies of each agency.

[The frequency of meetings of these bodies varies, as follows: [Those meeting semiannually—

Contracting Parties to the General Agreement on Tariffs and Trade (GATT) [Those meeting annually—

General Conference of the International Atomic Energy Agency (IAEA)
Boards of Governors of the

International Bank for Reconstruction and Development (IRBD)

International Development Association (IDA)

International Finance Corporation (IFC)

International Monetary Fund (IMF)

International Labor Conference of the International Labor Organization (ILO) World Health Assembly of the World Health Organization (WHO)

[Those meeting biennially—

Conference of the Food and Agriculture Organization (FAO)

Assembly of the Intergovernmental Maritime Consultative Organization (IMCO) General Conference of the United Nations Educational, Scientific and Cultural Organization (UNESCO)

[The organization meeting triennially—

Assembly of the International Civil Aviation Organization (ICAO)

[The organization meeting quadriennially—

Congress of the World Meteorological Organization (WMO)

[Those meeting quinquennially—

Plenipotentiary Conference of the International Telecommunication Union (ITU) Congress of the Universal Postal Union (UPU)

[Exceptions to the kind of coverage mentioned above are made with respect to the four financing Specialized Agencies-the IBRD, the IDA, the IFC, and the IMF-whose operations are described in the semiannual reports of the National Advisory Council on International Monetary and Financial Problems. Excerpts from these NAC reports are printed as serving the purpose of any lengthier delegation report.]

THE FOOD AND AGRICULTURE ORGANIZATION

47. UNITED STATES SUPPORT OF THE FREEDOM-FROMHUNGER CAMPAIGN OF THE FOOD AND AGRICUL TURE ORGANIZATION: Statement by the President (Eisenhower), Issued July 1, 1960 1

1

On this day the Food and Agriculture Organization of the United Nations has begun an international freedom-from-hunger campaign. The basic objectives of this campaign are to raise levels of food production and nutrition for the people of the world. These objectives have the earnest support of us all.

The world is confronted by two great problems in hunger: the needs of the present and the future. And the last is greater than the first. We must try to raise the level of nutrition for many millions who now subsist on an inadequate diet, and we must find new sources of food for the rapidly expanding family of man. To achieve this end all countries will have to exert supreme efforts and inventiveness.

The United States took an active part in the formation and development of the Food and Agriculture Organization. We continue to support it as an instrument for intergovernmental consultation, for the exchange of information, and to sponsor separate and collective actions by its member countries in raising levels of nutrition. We wish the Director General of FAO and his staff all success as they carry forward their program of work, of which this campaign is a special part. Through our food-for-peace efforts we are advancing the objectives of the campaign, and we are working with other countries in the common task of improving humanity's standard of living which gives substance to our hopes for the peace and freedom of all peoples.

[THE PROVISION OF FOOD SURPLUSES TO FOOD-DEFICIENT PEOPLES THROUGH THE UNITED NATIONS SYSTEM: Resolution 1496 (XV), Adopted by the U.N. General Assembly, October 27, 1960-Ante, doc. 25]

1White House press release dated July 1, 1960 (text as printed in the Department of State Bulletin, July 18, 1960, p. 117).

2 See American Foreign Policy: Current Documents, 1959, pp. 163–170.

THE INTERGOVERNMENTAL MARITIME CONSULTATIVE

ORGANIZATION

THE UNCONSTITUTIONALITY OF THE 1959 ELECTION OF MEMBERS OF THE MARITIME SAFETY COMMITTEE BY THE ASSEMBLY OF THE INTERGOVERNMENTAL MARITIME CONSULTATIVE ORGANIZATION: Advisory Opinion of the International Court of Justice, Handed Down June 8, 19601

THE INTERNATIONAL ATOMIC ENERGY AGENCY [For documents concerning the activities of this agency during 1960, see Section D of Part X, post.]

THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

48. OPERATIONS OF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT DURING THE PERIOD JANUARY 1-JUNE 30, 1960: Report of the National Advisory Council on International Monetary and Financial Problems, Submitted May 3, 1961 (Excerpt) "

1a

New loan commitments in the equivalent of $310 million in the first half of 1960 resulted in an increase in the cumulative total of Bank loans to over $5 billion, covering 265 loans in 53 member countries or territories. Increases in the capital subscriptions of 16 member countries became effective during this period, and sales of portions of Bank loans equivalent to $160 million increased the total of such sales on June 30, 1960, to $811 million, almost double the amount on June 30, 1958. The Bank's technical assistance activities continued to increase, particularly in connection with surveys financed by the United Nations Special Fund:2

MEMBERSHIP AND SUBSCRIPTIONS

Although no additional countries joined the membership of the Bank in the period under review, the Board of Governors of the Bank had earlier approved applications for membership from Laos and

1I.C.J. Reports (1960), pp. 150 ff. For background see American Foreign Policy: Current Documents, 1959, pp. 196–204.

1a H. Doc. 154, 87th Cong., May 4, 1961, pp. 6-9. Part III of the NAC report. 2 See American Foreign Policy: Current Documents, 1958, pp. 137-145.

Portugal, and membership applications were submitted by the Governments of Nepal and Nigeria.

As indicated in earlier Reports of the Council, an increase in the authorized capital of the Bank and in the U.S. capital subscription became effective on September 15, 1959, when the required minimum in the equivalent of $7 billion in additional capital had been subscribed. Pursuant to this increase in the Bank's authorized capital from $10 billion to $21 billion, the subscribed capital increased to $18,614.4 million by the end of 1959. In the current 6-month period, additional increases totaling $693.5 million in the capital subscriptions of member countries became effective. As of June 30, 1960, 55 members had doubled their subscriptions and, of this number, 20 members had subscribed to $1,140.6 million in addition to their 100 percent increases. At the end of the period under review, the Bank had 68 members and a total subscribed capital of $19,307.9 million, more than double the amount a year earlier. (See appendix table D-1.) Approximately 90 percent, or $17,300 million of the subscribed capital remains on call, thereby giving support to the Bank's ability to borrow funds in the world markets.

4

COMMITMENTS AND DISBURSEMENTS

The equivalent of $310 million in loans was authorized by the Bank in the first half of 1960 for constructive programs and projects in Africa ($133 million), Latin America ($95 million), and Asia ($82 million). The purposes for which these funds were approved continued to reflect the Bank's emphasis on basic facilities. The loans ranged in amount from $66 million to finance iron ore development in Mauretania to $2 million to assist private industrial enterprise in Costa Rica. Other loans included $42 million for electric power, irrigation, and flood control in Iran, a $40 million road loan in Japan, $40 million to develop agriculture and improve transportation in the Belgian Congo, and a total of $88 million for electric power in five countries in Latin America. (See table 3.)

In fiscal year 1960, new Bank loans totaled $659 million, with private participations, without the Bank's guarantee, in 25 of the 31 loans approved in this period. This total was somewhat below the rate of each of the preceding two fiscal periods. Loan disbursements in various currencies amounted to $544 million, about one-half of which were made in currencies other than U.S. dollars.

Net loan commitments authorized by the Bank through June 30, 1960, totaled $5.1 billion, of which $3.9 billion, or 77 percent, had been disbursed. Approximately 46 percent of total net loan com

3 See ibid., 1959, pp. 206-217 and 225-231.

In November and December 1960, Cuba and the Dominican Republic withdrew from membership in the Bank. [Footnote in source text.]

'Not reprinted here; see instead table C-1 appended to doc. 49, infra.

"Not reprinted here; see instead table 5 in doc. 49, infra.

mitments were approved for development purposes in countries in Asia and the Middle East, and Africa. (See table 4.)"

The U.S. Executive Director of the International Bank, or his Alternate, acting on the advice of the Council, supported the decisions taken with respect to the foregoing matters.

SECURITY ISSUES AND SALES OF LOANS

The Bank in the first half of 1960, obtained the equivalent of $328 million in various currencies through the issuance of new securities, the delivery of bonds which were subject to delayed delivery arrangements, and through sales of portions of its loans. New issues by the Bank in the principal amount equivalent to $212 million included two private placements with the Deutsche Bundesbank (the Central Bank of Germany), a public offering in Switzerland, and an issue of Bank bonds in the U.S. investment market.

In January, the Bank completed arrangements to borrow 200 million Deutschemarks ($47.6 million) from the Deutsche Bundesbank-the second Deutschemark borrowing by the Bank from this institution. Under the loan agreement, the Bank may draw down the principal amount between January 31, 1960, and January 31, 1961, by the issuance of 434 percent 3-year notes. On this basis, DM100 million was drawn during the period under review. Again in January, the Bank announced a public offering of 60 million Swiss francs ($13,960,000) of 42 percent, 12-year bonds of the Bank by a syndicate of Swiss banks-the eighth public issue by the Bank in Swiss francs. In February, the Bank announced a new issue in the United States of $125 million of 5 percent, 25-year bonds of 1960, through an underwriting group of 181 investment firms and commercial banks. This was the 11th issue of Bank bonds to be marketed in the United States on a negotiated basis. The issue included a special provision, similar to those of other recent Bank issues in the U.S. market, permitting the sale of such bonds for delayed delivery to certain institutional investors. Finally, in June the Bank announced a borrowing of $25 million from the Deutsche Bundesbank to replace a previous loan by the Bank from that institution. The Bank's outstanding debt was further increased during the period by the equivalent of $8.1 million as the result of the delivery of bonds which had been subject to delayed delivery arrangements. As a result of these borrowings, offset in part by maturing debt and sinking and purchase funds transactions, the Bank's funded debt amounted to $2,073 million on June 30, 1960, reflecting a net increase of approximately $83 million during the current 6-month period. It is esti

*Not reprinted here.

Asterisks in source text.

The Bank at the same time announced that the Bundesbank had agreed to renew a note for $30 million, maturing on July 11, 1960, for a further 3 years at 4 percent.

[Footnote in source text.]

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