Word: monroney
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...order to do something about those loans which the existing system cannot handle, Senator A.S. (Mike) Monroney of Oklahoma has proposed the establishment of what he calls the "international piggy bank," an International Development Association to be affiliated with the IBRD and to take only those loans that the IBRD cannot accept...
...capitalized at $1 billion, with the United States contributing $300 million of this total. The original investment would be used by the sixty nations that now comprise the IBRD to purchase voting stock in the new agency. Later, countries might buy non-voting stock with "soft currency." This practice, Monroney says, will enable the United States to dispose of some of the foreign currencies that will accrue to it from the sale of farm surpluses...
...Monroney's plan has many virtues; it should make it easier for poorer countries to borrow, and, through the use of local currencies provide a double stimulus to the borrower's economy. As a device for the complete internationalization of foreign aid, however, its effectiveness is doubtful. Russia is not a member of the World Bank, and therefore the transfer of United States aid effort to the IBRD and the I.D.A. would simply mean that aid competition would now pit the Western alliance (instead of the United States alone) against Russia...
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...
...discussing Adlai Stevenson Monroney maintained that no other candidate could have beaten President Eisenhower in the 1952 and 1956 elections...