Table No. TABLES 8. Pledges by Consortia members of aid to India and Pakistan, 1963–64. - 9. Geographical distribution of International Bank loan expenditures, as 3. International Monetary Fund currency repurchases, January 1 to 4. International Monetary Fund repurchases in currency and gold, by calendar years, through June 30, 1963.. 5. IMF standby arrangements: Amounts available under agreements in effect on June 30, 1963.... 6. International Bank loan commitments, by area, country, terms, and purpose, January 1 to June 30, 1963.. 7. International Bank loan commitments, through June 30, 1963. 10. International Finance Corporation investment commitments and dis- bursements, by area and country, through June 30, 1963___ 11. Subscriptions to the International Development Association, as of 13. IDA development credit commitments and disbursements, by area and country, through June 30, 1963_. 14. Inter-American Development Bank loan commitments, by country, terms, and purpose, January 1 to June 30, 1963. 15. Loans authorized from the Social Progress Trust Fund, total through June 30, 1963, and by country, terms, and purpose, for the period January 1 to June 30, 1963__. 16. U.S. economic assistance to Latin American Republics, by country and 17. Export-Import Bank credits, by area, country, terms, and purpose, 18. Net credits authorized by the Export-Import Bank, July 1, 1945, to 19. AID development loan authorizations, January 1 to June 30, 1963, by area, country, terms, and purpose_ 20. AID supporting assistance loan authorizations, January 1 to June 30, 1963, by area, country, terms, and purpose.. 21. Amounts available for section 104(e) loans to private firms, specified in 22. Section 104(e) loans to private business firms, authorized through 23. AID specific risk guaranties issued through June 30, 1963, by area and 24. Countries where investment guaranties are available, as of June 30, 25. Title IV, Public Law 480, commodity sales agreements signed January 1 A-1. Estimated gold and short-term dollar resources of foreign countries, as of various dates, June 30, 1945, to June 30, 1963_- A-2. Estimated holdings of U.S. Government bonds and notes by foreign countries, as of various dates, June 30, 1957, to A-3. Net U.S. monetary gold transactions with foreign countries and international institutions, January 1, 1945, to June 30, A-4. U.S. balance of payments, by major components, seasonally A-5. International investment position of the United States, total B. Tables on U.S. Government foreign aid: B-1. Summary of major U.S. Government net foreign assistance, July 1, 1945, to December 31, 1962, gross and returned, B-2. Summary of major U.S. Government foreign assistance, military and other, by area and country, postwar period, July 1, 1945, to December 31, 1962_ _ _ B-3. Summary of major U.S. Government net foreign assistance, July 1, 1945, to December 31, 1962, by area, type, and B-4. Summary of U.S. Government net foreign grants, July 1, 1945, to December 31, 1962, by area, type, and country--- B-5. Summary of U.S. Government net foreign credits, July 1, 1945, to December 31, 1962, by area and country- B-6. Summary of U.S. Government foreign assistance through net accumulation of foreign currency claims, July 1, 1945, to December 31, 1962, by area and country.. B-7. Summary of U.S. Government foreign credits, July 1, 1945, to December 31, 1962; and principal and interest due and unpaid for 90 days or more, as of December 31, 1962, by program, and by area and country-- B-8. Outstanding indebtedness of foreign countries on U.S. Government credits, as of December 31, 1962, by area, B-9. Unutilized balances of U.S. Government foreign credits, as of December 31, 1962, by area, country, and major B-10. Summary of U.S. Government other assistance (through net accumulation of foreign currency claims), July 1, 1953, to December 31, 1962, by program, and by area and country- C-1. U.S. Government loan commitments to less-developed countries in calendar year 1962, by maturity period and D-1. Membership and quotas in the International Monetary Fund, and membership and subscriptions in the Inter- national Bank, the International Finance Corporation, REPORT OF ACTIVITIES OF THE NATIONAL ADVISORY COUNCIL ON INTERNATIONAL MONETARY AND FINANCIAL PROBLEMS-JANUARY 1-JUNE 30, 1963 I. ORGANIZATION OF THE COUNCIL STATUTORY BASIS The National Advisory Council on International Monetary and Financial Problems was established by the Congress in the Bretton Woods Agreements Act (59 Stat. 512, 22 U.S.Č., secs. 286, 286b), approved July 31, 1945.1 MEMBERSHIP The members of the Council, according to law, at the end of the period under review, were the following: The Secretary of the Treasury, Douglas Dillon, Chairman. The Secretary of Commerce, Luther H. Hodges. The Chairman of the Board of Governors of the Federal Reserve System, William McChesney Martin, Jr. The President and Chairman of the Board of Directors of the Export-Import Bank, Harold F. Linder. By agreement, the following served as Alternates: John C. Bullitt, Assistant Secretary of the Treasury. George W. Ball, Under Secretary of State. Jack N. Behrman, Assistant Secretary of Commerce for International Affairs. C. Canby Balderston, Vice Chairman of the Board of Governors of the Federal Reserve System. Walter C. Sauer, First Vice President and Vice Chairman of the Board of Directors of the Export-Import Bank. George H. Willis is the Secretary of the Council. The U.S. representatives on the international financial institutions. regularly participated in the work of the Council: U.S. Executive Director of the International Monetary Fund, William B. Dale (John S. Hooker, Alternate). U.S. Executive Director of the International Bank for Reconstruction and Development and of the International Development Association, and U.S. Director of the International Finance Corporation, John C. Bullitt (Erle Cocke, Jr., Alternate). U.S. Executive Director of the Inter-American Development Bank, Tom Killefer (Alexander M. Rosenson, Alternate). Representatives of the Department of Agriculture and the Bureau of the Budget participated in the work of the Council on a regular basis, and representatives of other interested agencies took part on issues of interest to them. This participation by representatives of The relevant portions of the statute, as amended, setting forth the functions and composition of the Council, are included in the Report for July 1 to Dec. 31, 1962 (H. Doc. No. 144, 88th Cong., 1st sess.). interested nonmember agencies continues a practice which has been followed during the entire period of the Council's existence. II. INTERNATIONAL MONETARY FUND (IMF) In the period under review, the Fund conducted its annual consultations with both Article XIV and Article VIII countries, and continued to make its resources available to members on a shortterm basis to assist in the solution of their payments problems. Three additional countries accepted the obligations of Article VIII, sections 2, 3, and 4 of the Fund Agreement, and six countries established initial par values for their currencies. In March, the Fund announced its decision under which additional balance-of-payments support would be available under specified conditions to member countries faced with difficulties as a result of variations in their export earnings. MEMBERSHIP, QUOTAS, AND ORGANIZATIONAL CHANGES In the first half of 1963, 4 countries became members of the Fund— the Ivory Coast, Jamaica, Niger, and Upper Volta-with quotas of $15 million, $20 million, $7.5 million, and $7.5 million, respectively. As a result of increases in the quotas of three countries-Ethiopia ($1.8 million), Senegal ($17.5 million), and Tunisia ($2.1 million)and the addition of new members, the total Fund membership on June 30, 1963, comprised 86 countries with aggregate quotas of $15,260.1 million (see appendix table D-1). In May 1963, Mr. Per Jacobsson, Managing Director and Chairman of the Fund's Board of Executive Directors died suddenly. Mr. Jacobsson, a Swedish national, had been Managing Director since 1956. Secretary Dillon paid tribute to the memory of a truly great servant of all mankind whose "long career of public service will have a lasting significance for the entire world." Speaking for all Americans, President Kennedy stated that "all mankind owes a vast debt to Per Jacobsson, who has been a towering figure in the world for more than 40 years." In June, the Fund announced the appointment of Mr. Pierre-Paul Schweitzer, a French national, as Managing Director and Chairman of the Fund Executive Board. Mr. Schweitzer, a former DeputyGovernor of the Bank of France, assumed his new duties on September 5, 1963. EXCHANGE RESTRICTIONS Member countries which avail themselves of Article XIV of the Fund Agreement are permitted to maintain and adapt restrictions on payments and transfers for current international transactions without obtaining the prior approval of the Fund. However, as required under Article XIV, these countries must consult with the Fund annually as to the further retention of such restrictions. During the Fund fiscal year ended April 30, 1963, these consultations provided the opportunity for useful discussions on a variety of problems of mutual concern to the member countries and the Fund. Since May 1961, consultations have also been held with a number of countries which have accepted the obligations of Article VIII, sections 2, 3, and 4 of the Fund Agreement. Under these provisions, |