193. Notes of the Legislative Leadership Meeting0
[Here follow a list of participants and a summary.]
International Development Association—Sec. Anderson described briefly the plans for this new organization which would be a part of the World Bank. He noted the size of the U.S. subscription to be paid over the next five years, and he said that a bill would be submitted that would authorize the Executive to accede to the Agreement.
Sec. Anderson mentioned certain particular advantages of the arrangement: (1) that it had been proposed at New Delhi as a means of covering “marginal” loans which the World Bank could not make; (2) that it had a potential for putting to use some of our P.L. 480 soft currencies, (3) that it provides a means for this sort of activity outside of the UN, thus avoiding the creation of an opportunity for Russia to exploit, and (4) that the United States was able to withstand the effort that was made to provide for grants as well as loans.
The President asked about the new countries that would be gaining independence in Africa. Sec. Anderson said they could apply for membership. Sen. Kuchel inquired if Russia could apply for membership. Sec. Anderson replied affirmatively but believed that the application would not be approved, unless we should so desire, since the United States possesses a large share of the voting power in the World Bank.
The President commented on the importance of activity such as this to help insure that the economies of the underdeveloped nations progress along with the rest of the free world.
[Here follows discussion of unrelated subjects, including the Mutual Security Program. For text of that portion of the discussion, see Document 253.]