Word: bank
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Dates: during 1950-1959
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Giant Unleashed. But the delegates from 68 nations, comprising a Who's Who of international banking and finance, had only to stray a few steps beyond this facade to see nagging reminders of that other India-the India of bullock-drawn carts, and hovels and beggars, the teeming, tumultuous India of grinding poverty that has become the Bank's biggest customer. India's Prime Minister Jawaharlal Nehru warned the delegates on opening day: "The changes of the last few years have unleashed a giant. Asia does not want to continue as a starving continent living...
...took over-men by no means indifferent to Nehru's appeal, but aware of other necessities too. Bearing a letter from President Eisenhower urging help to the impoverished giants of all continents, U.S. Treasury Secretary Robert Anderson proposed that member countries increase their contributions to both the World Bank, which lends money to its members at regular bankers' rates, and to the IMF, whose funds are available to shore up sagging national currencies in an emergency. Backing Ike's suggestions, the boards of governors of both Bank and Fund agreed unanimously to boost the contributions...
...International Development Association (IDA) that would lend money to countries on easy rates for long terms. Under Ida, as the British call it, leans would be repayable in "soft" national currencies rather than in such "hard" currencies as the U.S. dollar and the Deutsche Mark, as the World Bank requires. The U.S. itself did not push very hard for Ida, a plan originally suggested by Oklahoma's Democratic Senator Mike Monroney. It got a warmer welcome among the underdeveloped countries that would do the borrowing than the industrial nations that would do the lending; it appealed to the diplomats...
They were agreed that the World Bank, born 14 years ago at Bretton Woods, N.H., had played a vital role...
From avuncular World Bank President Eugene Black of the U.S. came a final reminder to the have-nots of the world that they could expect little sympathy-or help-if they failed to perform the unpleasant and unpopular duty of putting their own financial houses in order, or if they tried an "appeal to sentiment or exploitation of a strategic position in the international political lineup." But Black urged action by the haves on the "imaginative and constructive" U.S. proposal for Ida. "There is a real need," said Black-and the delegates had to look no farther than the side...