314. Editorial Note
On July 21, representatives of the United States, the United Kingdom, France, and the Federal Republic of Germany met in Paris to discuss [Page 756] assisting Turkey in meeting its economic problems. The United States announced its willingness to provide $100 million in aid for Turkey if matched by European loans. The European representatives agreed to consult other OEEC nations in an effort to match the U.S. offer. After further discussions among the Europeans and between the U.S. and Turkish representatives July 28–31, a common aid program was approved to assist the Government of Turkey in carrying out the economic stabilization program that it had submitted to the OEEC, IMF, and U.S. Government. The OEEC agreed to provide $100 million in loans, the IMF granted Turkey drawing rights of up to $25 million, and the United States agreed to provide Turkey with a total of $234 million in loans, grants, supplies, and debt waivers.
The program was announced by the OEEC, Turkish Government, U.S. Government, and IMF in separate statements on August 4. For texts of these statements, see Department of State Bulletin, August 25, 1958, pages 322–324. Documentation on the negotiations leading to the conclusion of the Turkish stabilization program are in Department of State, Central File 882.10. Letters from Prime Minister Menderes and President Bayar to the President and Secretary of State, both dated August 5, thanking the United States for its participation in the negotiations are Ibid., 110.11–DU and 711.11–EI.