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dated October 7, 1958: Flow of foreign capital

The Belgian Finance Minister, Mr. Jean Van Houtte, Chairman of the conference of International Monetary Fund, World Bank and International Finance Corporation, said in his opening speech at the meeting in New Delhi on October 6 that the flow of foreign private capital in underdeveloped countries was dependent on the effort of development to be made in such a way that private enterprise would be encouraged, and no obstacles would prevent the repatriation of either capital or profits.

Mr. Houtte said that he would like to praise India “which while pursuing steadfastly, for ten years and despite extremely complex problems, a broad and varied programme of development, has not lost sight of the need to seek a proper balance between the private and the public sectors of the economy.” Mr. Van Houtte went on to observe that underdeveloped countries should attract private foreign capital.

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