Word: loans
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Dates: during 1950-1959
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...Bank lends money to various countries at rates of four to six per cent, repayable in twenty years. The agency investigates each loan carefully, and requires that the loan be "bankable"; that is, that the borrower be able to repay fully in "hard currency." "Hard currencies" are those of high standing in the international market--chiefly U.S. and Canadian dollars, the pound sterling, Swiss francs and West German marks...
...I.D.A. loans would be made in various local currencies. For example, should India wish to borrow $100 million for an irrigation project, the I.D.A. could lend pesetas to buy Spanish concrete, guilders to pay a Dutch engineering firm, and rupees to pay the local labor. The loan would be repaid (at two per cent over forty years) in Indian rupees; an additional virtue of this system is that the Indian currency with which India repays the loan will later be used to purchase Indian products...
Although Eugene Black, president of the World Bank, has expressed interest in Monroney's proposal, little has been done about the plan since it was introduced two months ago. The "international piggy bank" could be an extremely useful device for making the present international (Western) loan program more effective and more generous. The direction of American foreign aid funds to an international agency such as the I.D.A. would be a sign of good faith and of "no strings attached" aid that the Soviets might feel constrained to match. Monroney's proposal, though not a panacea, is probably a good idea...
...needy student, Monro outlined a proposed future plan in which the University would finance the student's education in exchange for one per cent of his income for life. "The present loan program is a step in this direction," Monro stated...
...with FHA loan requests up to 75,000 last month-the highest level since May 1950-few builders were crying the blues. Neither were food stores, drug and cigarette makers, many of whom reported record first-quarter profits (see Earnings). The U.S. consumer's personal income had dropped hardly at all. The annual rate of $341.4 billion in March was down only $300 million from February and was $1.2 billion higher than last year. But consumers were cautious. Retail sales of $15.4 billion for the month of March were down, though only 1% v. a 4% drop the month...