TABLE 5.—International Bank loan commitments1 and disbursements, through Dec. 31, 1960, by area and country-Continued

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*

*

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

In the 6-month period under review, the funded debt of the Bank increased in the net equivalent of $85.4 million, reflecting a new bond issue and three private placements totaling the equivalent of $167.8 million, delayed deliveries, utilization of prior commitments and the revaluation of outstanding Canadian dollar bond issues together amounting to $32 million, offset to the extent of $114.4 million by debt maturities and sinking and purchase funds transactions. New borrowings by the Bank included 60 million Swiss francs (approximately $14 million equivalent) of 4 percent, 15-year bonds publicly offered in Switzerland by a syndicate of leading Swiss banks; a borrowing of $30 million from the Deutsche Bundesbank (the Central Bank of Germany) to replace a similar loan maturing on July 11, 1960; the sale, entirely outside the United States, of $100 million of 31⁄2 percent, 2-year bonds; and the first drawing down of the equivalent of $23.8 million under an arrangement made in August 1960 to borrow 500 million Deutschemarks from the Deutsche Bundesbank.24 The total outstanding debt of the Bank amounted to the equivalent of $2,158.4 million on December 31, 1960, of which over one-half is estimated to be held by investors outside the United States. Included in the holdings of these investors, in addition to nondollar obligations, are approximately $722 million of the dollar bonds and notes of the Bank, or about 42 percent of its total U.S. dollar obligations.

In the last half of 1960, the Bank sold or agreed to sell the equivalent of $83 million principal amount of its loans, bringing the total of such sales for calendar year 1960 to $243 million, as compared to $182 million in 1959. Through December 31, 1960, total sales and agreements for the sale of portions of Bank loans totaled the equivalent of $894.1 million, of which all except $69 million were without the Bank's guarantee. The Council gave the approval of the United States to borrowings by the Bank in U.S. dollars, as well as to sales by the Bank of portions of its loans in the U.S. investment market.

FISCAL RESULTS

In the period under review the Bank had net earnings of $33.4 million. This compares with net earnings of $30.7 million for the first half of 1960 and $28.8 million for the second half of 1959. In accordance with usual procedure, these funds were placed in the Supplemental Reserve against losses on loans and guarantees. Loan commissions amounted to $14.2 million as compared to $13.8 million

"Asterisks in source text.

24 This is the largest borrowing undertaken by the Bank outside the United States. The Bank has until Nov. 1, 1961, in which to draw down the proceeds. [Footnote in source text.]

in the preceding semiannual period and $13.2 million in the last half of 1959. These funds were credited to the Special Reserve. On December 31, 1960, the Supplemental Reserve totaled $377.4 million, and the Special Reserve was $179.1 million. Repayments of principal received by the Bank in the current period amounted to $48.6 million, an amount slightly larger than the $43.5 million of the preceding half-year period. Principal repayments totaled $747.6 million on December 31, 1960, and included $386.6 million paid to the Bank and $361 million paid to the purchasers of borrowers' obligations sold by the Bank. On December 31, 1960, borrowers' outstanding indebtedness to the Bank and to the purchasers of borrowers' obligations sold by the Bank totaled $3.4 billion. (See table 6.) 25

"Not reprinted here.

TABLE C-1.-Membership and quotas in the International Monetary Fund (IMF), and membership and subscriptions in the International Bank (IBRD),1 the International Finance Corporation (IFC),1 and the International Development Association (IDA), as of Dec. 31, 1960

TABLE C-1.—Membership and quotas in the International Monetary Fund (IMF), and membership and subscriptions in the International Bank (IBRD),' the International Finance Corporation (IFC),1 and the International Development Association (IDA), as of Dec. 31, 1960—Continued

1 During the period under review, 2 countries, Cuba and the Dominican Republic, withdrew from membership in the International Bank. At the same time, these countries automatically ceased to be members of the International Finance Corporation, an affiliate of the Bank.

? Part I countries of the International Development Association.

These members have consented to increased quotas in the Fund, but have not completed subscription payments.

Source: International Monetary Fund, International Bank, International Finance Corporation, and International Development Association.