A summary of transactions involving strategic minerals and metals (including work-in-process inventory) under this fund follows (in millions of dollars): Department of Agriculture. The purchase, management, and resale of agricultural commodities, except forest products, were carried out by the Commodity Credit Corporation, which was reimbursed from an allocation to the Secretary of Agriculture from this fund. The program was completed by 1961, but interest expense still accumulates on the loss incurred. Department of the Interior.-Department of the Interior operations to expand defense production under section 303 of the Defense Production Act of 1950 were limited to the encouragement of exploration for strategic and critical mineral commodities. The operations were administered by the Defense Minerals Exploration Administration until September 11, 1958, when the Office of Minerals Exploration was established under authority of Public Law 85-701. As successor agency, the Office of Minerals Exploration uses appropriated funds to administer the Defense Minerals Exploration Administration contracts under which royalty obligations remain, as well as to conduct a similar exploration assistance program. On June 30, 1964, borrowing authority certified by the Office of Emergency Planning to the Department of the Interior amounting to $35.8 million and $32.1 million had been borrowed. Available borrowing authority is sufficient to meet interest payments at note maturity during 1965 and 1966. The authorization of $35.8 million will not, however, cover obligations accruing for interest due July 1, 1965. An increase of $878 thousand will be required to meet this obligation. Royalty obligations remaining on 222 contracts amount to $9,432 thousand. The royalty payments to the Government are contingent upon production. Royalties on production from any of these projects within the specified period (usually 10 years-a few of 31 years) will be applied toward the Government funds spent. Royalties totaled $4,875 thousand at the end of 1964 and are estimated at $225 thousand for 1965 and $200 thousand for 1966. Treasury Department.-The function of making and administering loans to private business enterprises under authority of section 302 of the Defense Production Act of General Services Administration: Minerals and metals program: Revenue.. Expense sponsible for making and administering loans, where the Export-Import Bank of Washington.-The bank was reexpansion, development, or production was in foreign countries. The program has been completely liquidated. Revenue, Expense, and Retained Earnings (in thousands of dollars) Department of Agriculture: Expense (net loss) for the year-- Department of Interior: Expense (net loss) for the year Treasury Department: Revenue.. Net operating income....... -77,261 157 177 50 -20 -50 -70,330 -75,739 -76,164 -960 1965 1966 estimate estimate -7,653 2,436 694 1,742 38 384 -422 -3,249 -4,000 -6,000 5,319 716 -4,000 -5,940 -3,253 -3,155 -3,282 4,603 790 3,813 36 80 -56 60 -87,442 -85,353 Government equity: End of year.. 1963 actual Start of year... Undisbursed obligations 1 19,379 1964 1965 actual estimate Subtotal.. Less undrawn authorizations.. -2 -975 --977 -860 -860 765 -15 1964 actual -701,261-793,043 -882,902 24,629 1966 estimate -840 -840 1965 1966 estimate estimate 2,277 34,649 1 1 1 1 965 263,875 183,086 135,799 199,644 1,975,828 1,923,035 2,019,168 2,073,065 515 515 515 -620,551 -701,261-793,043 -882,902 Total Government equity....1,302,999 1,318,421 1,280,537 1,190,835 Analysis of Government Equity and Undrawn Authorizations 1,923,035 2,019,168 2,073,065 2,073,222 515 19.367 1,479,964 1,399,253 1,307,472 1,217,613 176.965 80,832 26,935 26,778 Total Government equity....1,302,999 1,318,421 1,280,537 1,190,835 1 The changes in these items are reflected on the program and financing schedule, 10 Total personnel compensation.. Travel and transportation of persons- 22.0 Rent, communications, and utilities. 25.2 Services of other agencies. Program by activities: Improving the management of executive agencies (program costs, funded). Change in selected resources 1_ Total obligations.... 333 1 334 24 8 2 3 2.302 1,33 61,40 19 38,810 4 977 73,504 86 78,339 116,005 142,39 -55,136-61,400 60,869 18 4 54,985 960 1,671 3,253 1964 actual 109 -2 107 33333 36 9.3 $9,524 38 1965 estima EXPENSES OF MANAGEMENT IMPROVEN General and special funds: 3 EXPENSES OF MANAGEMENT IMPROVEMENT For expenses necessary to assist the President in impro management of executive agencies and in obtaining greater and efficiency through the establishment of more efficient methods in Government operations, including services as ized by section 15 of the Act of August 2, 1946 (5 U.S.C. rates for individuals not to exceed $75 per diem,] by allo any agency or office in the executive branch for the conduc the general direction of the Bureau of the Budget, of exan and appraisals of, and the development and installation of ments in, the organization and operations of such agency or agencies in the executive branch, [$300,000] $250,000, t available until expended, and to be available without rega provisions of subsection (c) of section 3679 of the Revised as amended. (Executive Office Appropriation Act, 1965.) Program and Financing (in thousands of dollars) 39 80,994 75,742 1,184 913 3,155 37 36 9.3 $9,745 1965 estimate 533 -5 528 1 Selected resources as of June 30 are as follows: Unpaid undelivered orders, 1963. $7 thousand; 1964, $5 thousand; 1965, $0; 1966, $0. Average number of all employees.. 1964 actual These funds enable the President to develop and install improvements in the management, organization, and operation of the agencies of the executive branch. Object Classification (in thousands of dollars) 5 -485 1964 actual 45 2 91 15 1 21 32 3 107 107 32 100 107 81 -7 181 1965 1966 estimate estimate -478 528 7 -50 485 248 7 70 3 1965 1966 estimate estimate ܚܪ 280 528 300 15 5 181 3 2 248 233 46 1 -250 250 300 50 -25 325 300 INTERNATIONAL FINANCIAL INSTITUTIONS General and special funds: INVESTMENT IN INTER-AMERICAN DEVELOPMENT Bank For subscription to the Inter-American Development Bank for stock $205,880,000, to remain available until expended. (73 Stat. installment on the The Inter-American Development Bank (IDB) is an intergovernmental institution, corporate in form, whose capital stock is owned by its member governments. The Bank promotes economic development in member countries through loans, technical assistance, and guarantees of private investment in development projects. Twenty Western Hemisphere republics, including the United States, are members of the Bank, and all have completed 300 required payments on their authorized subscriptions and quotas. Cuba is not a member of the Bank. Ordinary Capital. The Bank's authorized ordinary capital is the equivalent of $2,150 million of which $1,285 thousand had been subscribed as of October 31, 1964. Of the total subscribed, the equivalent of $381,580 thousand has been paid in, and the remaining $903,405 thousand is subject to call by the Bank if required to meet its obligations arising out of borrowings or guarantees. The Bank's original authorized capital of $850 million was enlarged to $2,150 million in 1964 through a $1 billion increase in callable capital, to be subscribed by current members in two installments during calendar 1964 and 1965, and a $300 million increase to provide for the possible admission of new members. 611,760 Public Law 86-147, approved August 7, 1959, authorized U.S. membership in the Bank, and authorized appropriation of $350 million to cover the U.S. subscription to ordinary capital. This original subscription was appropriated in several installments; $150 million was paid immediately and $200 million held by the Treasury against Bank calls. Public Law 88-259, approved January 22, 1964, authorized appropriation of an additional $411,760 thousand to cover an increase in the U.S. callable subscription. One-half of the increase was appropriated and subscribed in calendar 1964. The second half, amounting to $205,880 thousand, is the subject of the present request and must be subscribed during calendar 1965. When this subscription is completed, the United States will have subscribed a total of $611,760 thousand in callable capital. 0 205,880 205,880 The U.S. subscription to callable capital enables the Bank to raise funds for lending through bond sales in private capital markets in the United States and elsewhere. The Bank has pledged itself to limit borrowings to the amount of the U.S. callable capital subscription. Funds appropriated for the U.S. subscription will remain subject to call by the Bank only as required in the unlikely INTERNATIONAL FINANCIAL INSTITUTIONS— General and special funds-Continued INVESTMENT IN INTER-AMERICAN DEVELOPMENT BANK-Con. event the Bank should be unable to meet its obligations arising out of borrowings or guarantees. As of November 30, 1964, the Bank had borrowed a total of $272.6 million equivalent. By the end of December 1964, Bank commitments from ordinary capital had reached $557.8 million on 108 loans. Fund for Special Operations. In addition to its ordinary capital operations, the Bank lends from its Fund for Special Operations in circumstances where ordinary capital financing is not appropriate. The initial resources of this Fund totaled $146.3 million, one-half payable in dollars and one-half in member currencies. The resources of the Fund were increased by 50% in early 1964, bringing total resources to $219.5 million. Public Law 86-147, approved August 7, 1959, authorized payment of the initial U.S. of $100 million; Public Law 88-259, approved January 22, 1964, authorized payment of $50 million for the 50% increase in the U.S. quota. The resources of the Fund for Special Operations will be fully committed by early 1965 for loans in support of Alliance for Progress objectives. In April 1964, the Board of Governors of the Bank recommended an increase in Fund resources of $300 million per year for the years 1965, 1966, and 1967. The U.S. share of this increase would be $250 million per year or a total of $750 million. Authorizing legislation for the latter amount is now before the Congress. An appropriation for the first installment is being sought in 1965, with subsequent installments in 1966 and 1967. The first two appropriations necessary to fulfill this commitment are shown below as proposed for separate transmittal. Since 1961, the IDB has administered the Social Progress Trust Fund (SPTF) on behalf of the United States. This Fund now amounts to $525 million, provided entirely by the United States, and is devoted to loans for land settlement and improved land use, low-income housing, water supply and sanitation facilities, and education. With the proposed expansion of the Fund for Special Operations, no further U.S. contributions would be made to the SPTF, and the lending activities of the expanded FSO would be broadened to include those previously carried on by the SPTF. As of December 1964, commitments from the FSO amounted to $164 million on 50 loans. Seventeen advanced countries agreed in Jur add to IDA's original resources through supp contributions totaling $750 million, payable installments during 1966, 1967, and 1968. The is $312 million, or $104 million per year. 250,000 appropriation request is for the first installmer million which must be paid on or before Novemb Legislation authorizing U.S. participation in th 250,000 250,000 and appropriation of the necessary amounts was on May 26, 1964 (Public Law 88-310). The International Development Associat affiliate of the International Bank for Reconstr Development, established to provide long-t interest loans to its less developed member U.S. membership was authorized by Public L (74 Stat. 293), approved June 30, 1960. States joined in August 1960, and the Associa operations in November 1960. The initial subs the United States totaled $320,290 thousand, I annual installments, the last of which was pa vember 1964. Identification code 04-35-0074-0-1-152 Financing: 21 Unobligated balance available, start of year.. 24 Unobligated balance available, end of year... New obligational authority. 90 Relation of obligations to expenditures: Expenditures..... 1964 actual 1964 actual 1965 1966 estimate estimate 1,031,250 1,031,250 1,031,250 Under proposed legislation, 1965.—A proposed supplemental appropriation of $1,031,250 thousand is anticipated to cover an increase in the United States quota in the International monetary fund. Legislation will be proposed to authorize this quota increase as part of a general increase in quotas by all members of the fund designed to improve the fund's ability to provide needed international credit facilities. One-quarter of the increase is payable in gold and will be promptly expended; the balance of $773.4 million will be made available, but no expenditure is anticipated in 1965 and 1966. LOANS TO THE INTERNATIONAL MONETARY FUND Program and Financing (in thousands of dollars) -773,438-773,438 257,812 773,438 -2,000,000 -2,000,000 -2,000,000 2,000,000 2,000,000 2,000,000 Public Law 87-490, approved June 19, 1962, authorized an appropriation of $2 billion for U.S. participation in a 10-nation, $6 billion arrangement providing, under specified conditions, for loans by the participants to the International Monetary Fund when needed to forestall or cope with an impairment of the international monetary system. Public Law 87-872 contained the necessary appropriatio and on October 24, 1962, the United States formall adhered to the arrangement, which was embodied in decision of the Executive Directors of the Internation Monetary Fund of January 5, 1962. The United State now is in a position to lend up to $2 billion to the Fund but would not be expected to do so in the absence of substantial further improvement in its balance-of-pay ments position. INVESTMENT IN INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT Program and Financing (in thousands of dollars) Identification code 04-35-0000-0-1-152 90 Financing: 21.47 Unobligated balance available, start of year: Authorization to expend from public debt receipts... 24.47 Unobligated balance available, end of year: Authorization to expend from public debt receipts... New obligational authority.. Relation of obligations to expenditures: Expenditures.. The Bretton Woods Agreements Act of July 31, 1945, authorized the acceptance of membership in the International Bank for Reconstruction and Development and June 17, 1959 (73 Stat. 80), the Bretton Woods Agreements the subscription of $3,175 million to its capital stock. On Act was amended to increase the U.S. subscription to callable capital stock by $3,175 million. The Bank's total authorized capital stock is $22 billion, of which $21.2 billion has been subscribed by its 102 member countries. The United States paid $635 million of the original subscription in cash and non-interest-bearing nonnegotiable notes. The remaining balance ($5,715 million) has been made available, but will not be called unless required to meet the Bank's obligations. Calls on unpaid subscriptions, were they ever to occur, would be a uniform percentage of the amounts subscribed by each member country. By the end of December 1964, the Bank had made net loans totalling $8.2 billion in 74 member countries and territories. MUTUAL DEFENSE AND DEVELOPMENT The mutual defense and development programs conobjectives. They provide the means for helping other tribute to the achievement of United States foreign policy countries to achieve an adequate defense against attack and subversion and foster a rate of development which promotes the dynamic and independent growth of developcategories-military assistance and economic assistance. ing nations. The programs are grouped into two major |
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