Announcement of the Consortium Communique on Aid to India on May 28, 1962

FOR IMMEDIATE RELEASE WORLD • .H\rT'ERNA 1818 H STREET, N.W., WASHINGTON 25, D. C. TELEPHONE: EXECUTIVE3-6360 Bank Press Release No. 62/18 SUBJECT: Consortium Communique on IDA Press Release No .. 62/6 Aid to India Monday, May 28, 1962 The sixth meeting of the Consortium of countries and institutions interested in the economic de~rnlopment of India met in Washington, D. C., on Monday, May 28, under the chairmanship of Mr. Eugene Black, President of the World Bank and the International Development Association. The meeting was attended by representatives of the Governments of Austria, Canada, France, the Federal Republic of Germany, Japan, the Netherlands, the ~ United Kingdom and the United States and by representatives of the World Bank and the International Development Association. Austria and the Netherlands joined as full members of the Consortium. Belgium attended for the first time, as an observer. As on previous occasions, the International Monetary Fund sent an observer. The purpose of the meeting was to consider the additional aid that might be committed for the first two years of India}s Third Five-Year Plan (April 1961-March 1963). Members of the Consortium have previously indicated comrni tments of over ~p2 billion towards m1~ting India rs foreign exchange re- quirements during this period. Indications were given at today's meeting that a number of the members would be able to offer additional aid in 1962/63. However, some members were not yet ready to make definite announcements. In view of this -- and in view of indica- tt tions that other countries might join the consortium in the near future -- it was decided that the meeting should be adjourned for several weeks to allow the Consortium more time to reach final decisions.