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dated November 21, 1958: Development schemes

A World Bank spokesman said in Washington on November 20 that new international talks on India’s foreign exchange needs were expected in due course but no date or place had yet been set. Washington financial circles agreed with the Indian Finance Minister, Mr. Morarji Desai’s statement in New Delhi that the negotiations would aim at meeting an estimated 650 million dollar gap in India’s foreign exchange during the last two years of India’s current Five-Year Plan, ending March 1961. These circles said they expected that the problem would be tackled in stages – that the next round of talks would, say, deal with India’s needs in 1959-60 and that subsequent talks would cover the year 1960-61.

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