NAC files, lot 60 D 137, “Documents”
Paper Prepared by the Staff Committee for the National Advisory Council on International Monetary and Financial Problems1
- Subject:
- U.S. Position for 18th Session of ECOSOC Concerning the International Finance Corporation (IFC)
The Staff Committee submits the following alternative recommendations for the consideration of the Council:
Alternative A: 1. The U.S. Delegation should say that, after careful consideration of the question, the U.S. Government has decided that it is not prepared to support the establishment of the proposed International Finance Corporation.
2. If any resolution is submitted calling for further study of the International Finance Corporation (in view of the attitude taken by the International Bank such study assignment would presumably be given to some other body, probably an ad hoc group of experts) the U.S. Delegation should abstain on the vote.
Alternative B: 1. The U.S. Delegation should state that, after careful consideration, the U.S. Government is unconvinced that the establishment of an IFC is either a desirable or necessary addition at this time to existing institutions for the financing of economic development, or to measures for stimulating private investment available to individual governments acting unilaterally or bilaterally.
2. The U.S. Delegation should be authorized to support action by the ECOSOC calling for further study or consideration of the IFC proposal, whether by the International Bank, a subcommittee of the ECOSOC, or otherwise. The Delegation should, however, be empowered to abstain if necessary to avoid an implication of U.S. support for the establishment of an IFC.
Alternative C: The U.S. Delegation should propose the establishment, under appropriate conditions, of an International Finance Corporation to be financed by governmental contributions equivalent to dividends received from the IBRD.