Speaker of the House of Representatives, DEAR MR. SPEAKER: By direction of the Committee on Government Operations, I submit herewith the committee's 14th report to the 86th Congress. The committee's report is based on a study made by its Foreign Operations and Monetary Affairs Subcommittee. CONTENTS Scope and background of report_- Establishment of the Development Loan Fund_ The climate of DLF's creation_ Projects-the primary purpose of DLF. Programs a subsidiary purpose of the DLF. DLF was not to make advance annual country allocations_ The initial earmark-$75 million in fiscal year 1958_ Union Calendar No. 657 86TH CONGRESS HOUSE OF REPRESENTATIVES 2d Session { REPORT No. 1526 OPERATIONS OF THE DEVELOPMENT LOAN FUND APRIL 19, 1960.-Committed to the Committee of the Whole House on the State of the Union and ordered to be printed Mr. DAWSON, from the Committee on Government Operations, submitted the following FOURTEENTH REPORT SUBMITTED BY THE FOREIGN OPERATIONS AND MONETARY AFFAIRS SUBCOMMITTEE On April 19, 1960, the Committee on Government Operations had before it for consideration a report entitled, "Operations of the Development Loan Fund." After consideration of the report as submitted, upon motion made and seconded, the report was unanimously approved and adopted as the report of the full committee. The chairman was directed to transmit a copy to the Speaker of the House. SCOPE AND BACKGROUND OF REPORT This report analyzes the operations of the Development Loan Fund (DLF) during the first 2 years of its existence, fiscal years 1958 and 1959. DLF was established by the Congress in 1957, commencing its operations in November of that year as a part of the International Cooperation Administration. Since July 1, 1958, it has been a separate Government corporation. Its stated purpose is to assist in the financing of projects and programs designed to contribute to the long-range economic growth of the less-developed countries of the free world by leans of loans and guaranties and not, as has been predominantly true of the mutual security program in the past, through grants. One of the duties of the Foreign Operations and Monetary Affairs Subcommittee is to examine the efficiency and economy of foreign 1 |