Announcement of Proposed Consultative Group on Development Assistance to Peru on July 22, 1966

V (,, • 1~J8 H STREET, N.W., WASHINGTON D. C .. 20433 TELEPHONE: EXECUTIVE 3-6360 ·-------------------------';::_..··-----------r.------------·-------• Bank Press Release No. 66/39 Subject: Proposed Consulta,tive Group 1 July ~2, 1966 on Development Assistance ,, () 0 to Peru. A meet in~, convened by the World B~nk, was h,,14, in Paris" on July 21 0 and July 22 to consider the establishment of a consultative group for Peru .. '.} Governments,') and institutions from the followin~ countries were represented: B·elgiuJD, Cana~Ja, Finland, France, Germany, Italy, Japan, the Netherlands, Spain, Switzerland, the United Kingdom, and the United States. Representatives of the,, InteT.national Monetary Fund, cthe Inter-American Deve2;;apment Bank, the ,. • Inter-American Committee fpr the Alliance for Progress, and the uiiiited Nations Development Pro~ramme /I we·re also present. The Peruvian delegation was led by the Minister of Fin~nce, Senor S~ndro Mariategui,, and included the PeruvfJn Ambassador in Washington, Senor Celso Pastor de la Torre, and theijPresident (j of the·Central Reserve Bank, Senor Fernando Schwalb. 1 The meetin~ heard a. ~tatement from Peru's Minister of Finarice about his Government'' s economic and financial policies an~. its . external borrowing I') ,. program for 1966 ,,and 1967, amountin~ to some $550 million. · The meet in~ also reviewed documentation prepared by the World Bank on Peru's economic position and policies and on the borrowing program: The part~cipants in the meeting endorsed the view expressed by the 0 World·YBank that Peru's ecconomic performanc·e had in general been satisfactory • {) ,. I  - 2 - in recent years and that the Government was followin~ well conceived economic • (( ~oli.cies. It was 11greed that, even"".a'fter the substantial financial efforts "·' being made by the Government, there would still remain a significant ~ap ;, ,/ ,f' which would have to 6e filled if theeGovernment ·were to carry out its (; dev-elopnient program. Assi'stance would thus be needed by Peru to maintain . the momentum of economic development. A Consulta.tive Group wa,~ established to provide a suitable framework within ~hich to consider individual lending programs. Members wHl hold \\ ;); sep~rate discussions with the Peruvian Government about the financing of s1pecific projects in which they are interested. u !} It was provisionally agreed that the Consultative ".;roup would ;,hold· the next meeting in 1957. • ,] // jl •