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dated October 11, 1958: Fund Bank meeting ends

The annual meetings of the International Monetary Fund and the World Bank concluded their five-day deliberations in New Delhi on October 10 with closing remarks from the executive chiefs of the two institutions in which they welcomed the support given to the American proposal that ways and means of increasing their resources be examined and adopted. The Fund’s Managing Director, Mr. Jacobsson, said that the staff had already done work on the legal, economic and other aspects of an increase in the Fund’s quotas, and its executive directors will have preliminary material on this in a few weeks. The Bank’s President, Mr. Black, said that an increase in the capital will give additional strength to continue to raise money in world markets at reasonable rates of interest and in amounts commensurate with the Bank’s lending needs. The Fund-Bank meetings helped to focus the attention of the general membership of these bodies on the problems of underdeveloped countries in real, human terms, as probably no previous meeting had done. As the Indian Finance Minister Mr. Morarji Desai remarked at the closing session, while the need for sound developmental planning was stressed at the meetings, there was “a clear accent” on the need also for international action to promote the economic development of the less-developed countries. The two ideas go together, said Mr. Desai. The other set of ideas whose mutual complementariness was ably put across to the meetings by Mr. Morarji Desai was the relative roles of public and private enterprise in the growth of under-developed countries.

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