154. Editorial Note
On August 18, Secretary of the Treasury Anderson sent President Eisenhower a letter regarding economic growth and progress in the less developed nations of the free world. Anderson recommended the industrialized nations work cooperatively to achieve this goal and suggested strengthening the International Bank for Reconstruction and Development and the International Monetary Fund. He requested Eisenhower’s guidance on how the United States should approach this task at the annual meetings of the Bank and the Fund, to be held in New Delhi in October.
Anderson also referred to adoption of a Senate resolution calling for the National Advisory Council to study the feasibility of establishing an International Development Association as an affiliate of the Bank. (S. Res. 264, adopted July 23; for text, see American Foreign Policy: Current Documents, 1958, page 189) If the study indicated such an idea were possible, he continued, would the President want it discussed with the Bank’s other member countries? Anderson’s letter is ibid., pages 192–193.
[Page 304]Eisenhower’s August 26 reply endorsed Anderson’s comments on the importance of international economic development and the need to pursue it multilaterally. The President instructed Anderson to propose in New Delhi an increase in the quotas assigned to member governments of the International Monetary Fund and in the authorized capital of the International Bank for Reconstruction and Development. Regarding an International Development Association, he asked Anderson to initiate negotiations toward establishing it should the National Advisory Council study be positive. Eisenhower’s letter is ibid., pages 189–192.