Foreign Relations of the United States, 1958–1960, Foreign Economic Policy, Volume IV

192. Minutes of Meeting 60–2 of the National Advisory Council on International Monetary and Financial Problems⁰

January 21, 1960.

[Here follow a list of participants, a table of contents, and discussion of a unrelated matter.]

2. International Development Association (NAC Document 60–14)¹

The Council then discussed the developments in the preparation in the International Bank of a draft charter for the International Development Association. The Chairman asked Mr. Willis to review the situation for the information of the Council.

Mr. Willis noted that the President of the International Bank had called the Executive Directors of the Bank to meet on January 25, 1960, to vote formally on transmitting the draft charter to the member governments of the Bank for action, and that the U.S. Executive Director of the Bank would need authority to record the vote of the United States in favor of this referral. The draft Articles of Agreement would be sent by the Executive Directors directly to governments. Mr. Willis reviewed the structure of the proposed International Development Association, the procedure and schedule for the coming into force of the Articles of Agreement, and the principal matters which had arisen in the negotiation of the charter. The Council was informed that a draft Special Report of the Council on the International Development Association would shortly be presented to the Staff Committee for consideration.

At the conclusion of the discussion the Council took the following action (NAC Action 60–13):

Action:

The National Advisory Council authorizes the U.S. Executive Director of the International Bank for Reconstruction and Development to approve the transmittal from the Board of Executive Directors of the Bank to the members of the Bank of the proposed Articles of Agreement of the International Development Association. He may agree to such changes of detail in the draft as he may consider desirable in the light of Board discussion.²

0. Source: National Archives and Records Administration, RG 56, Records of the Department of the Treasury, NAC Minutes. For National Advisory Council Use Only.
1. Dated January 19. (Ibid., NAC Documents)
2. On January 31, the International Bank for Reconstruction and Development announced that the articles of agreement for the International Development Association were ready for acceptance by prospective member governments. Regarding this announcement, see Department of State Bulletin, February 29, 1960, pp. 345–346. For text of the articles of agreement, see 11 UST 2284.