Announcement of Indian Consortium on April 26, 1961

l FOR. IMM~DIATE RELEASE 1818 H STREET, N.W. 1 WASHINGTON 25, D. C. TELEPHONE: EXECUTIVE 3-6360 April 26, 1961 SUBJEC'TI:: Indian Consortium The Fourth Meeting of the Consortium of countries and institutions interested in thei development of India met in Washington D.C. on Tuesday and Wednesday, 25th and 26th April. The meeting was attended by representatives of the Governments of Canada, Federal Republic of Germany, Japan, the United Kingdcm and the United States; and by representatives of the International Bank and the International Development Association • • The Governments of Austria, Denmark, France, Norway and Sweden and the International Monet~ry Fund were represented by observers. The meeting reviewed India's foreign exchange reqtiirements for the period of the Th:ird Five-Year Plan, with particular reference to the early years. The meeting considered the amounts required by; India, both to meet its prospective payments deficit during the first two years of the Third Five-Year Plan, and for the placement of new orders during that period. These facts will now be considered by the Governments and institutions concerned, and it was agreed that the present meeting should be adjourned and reconvene on May 31st in Washington D.C • • ' • (' ·\ \l