Beginning in the early summer of 1951, representatives of the Peruvian Government and the Foreign Bondholders Protective Council (FBPC) held a series of discussions in New York concerning the possible resumption of payments on Peru’s outstanding external debt, in default since 1931. In a letter to Ambassador Berckemeyer, dated July 12, not printed, the President of the International Bank for Reconstruction and Development (IBRD), Eugene R. Black, stated in part that in anticipation of the Peruvian Government’s new offer of settlement to the FBPC, and providing that President Odría agreed to recommend approval to the Peruvian Congress of the agreement which would presumably be reached, the IBRD was willing to proceed immediately with consideration of the loan requested by Peru to cover the costs of improving port facilities at Callão (823.10/7–3151). From mid-August, the debt negotiations focused primarily on the question of accrued interest. With the solution of this problem, an agreement was signed on November 14, providing for the resumption of payments on the Peruvian debt. For a summary of the agreement and related documents, see Foreign Bondholders Protective Council, Report, 1951 Through 1952 (New York, 1954), pages 201 ff. For previous [Page 1600] documentation on the efforts of the FBPC to reach a debt settlement with the Peruvian Government, see Foreign Relations, 1947, volume VIII, pages 998 ff. On January 23, 1952, the IBRD approved the so-called Callão port loan in the amount of $2,500,000; for further information on the loan, see International Bank for Reconstruction and Development, Seventh Annual Report to the Board of Governors. 1951–1962 (Washington, 1952), page 34.