Possibility of Foreign Lending by Countries other than the U.S. in the Immediate Future
Diack, Aissatou | McCabe, Ariane | Seiter, Andreas | Dutta, Sheila | Saleh, Karima | Herbst, Christopher H.
In view of the extensive capital requirements of borrowing countries in 1947, the question arises, therefore, whether any countries other than the U.S. are in a position to lend dollars or other convertible currencies at the present time or to subscribe to securities issued by the Bank. In addition, other countries might extend loans in their own currencies to finance their exports, i.e., tied loans. Utilization of the 18 percent capital subscription of member countries, paid in local currencies, has the same general economic effects as granting tied loans. This, however, is a separate problem and primary attention is concentrated in this memorandum on the possibility of dollar loans or subscription to Bank securities. Among the countries whose exchange position is believed to be strong enough so that they are considered potential foreign lenders, are usually included: Canada, Argentina, Sweden, Switzerland, and South Africa. Some of these countries have already made substantial foreign loans in the form of local currency or tied loans.
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