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dated October 16, 1958: U.N. development fund

India and 16 other Asian countries, after constant hammering for 13 days at the U.N. Economic Committee, succeeded on October 14 in getting the General Assembly to accept unanimously the committee’s compromise resolution on the establishment of a Special Economic Fund with the concept of ‘SUNFED’ (Special United National Fund for Economic Development) incorporated. The resolution sets out how the fund should be used and administered and incorporates a suggestion for introduction of the element of ‘SUNFED’ into the Special Project Fund. Thus the Indian concept of a multilateral and international economic aid through the agency of the U.N. in the field of capital development without any partisan, political and economic influence has been reintroduced.

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