Miscellaneous - This Day That Age   

dated November 23, 1957: U.S. loan for India

U.S. President Eisenhower has tentatively decided against a proposal that Congress should be asked to approve a large loan to assist India’s Second Five-Year Plan, authoritative sources said on November 21. The recommendation for a generous programme for India was made by the State Department after lengthy studies of India’s economic plight and desire for assistance in the region of 600 million dollars. The domestic political situation – the probable refusal of Congress to increase economic aid spending at the present stage of the missile cold war with the Soviet Union – was given at the State Department as the reason for the President’s tentative ruling.

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