STRICTLY CONFIDENTIAL


. Bubley                         INTERNATIONAL BANK FOR
                             RECONSTRUCTION AND DEVELOPMENT




                   . TW'O HUNDRED A11D TWENTY-EIGHTH REGULAR MEETING

                                             of
                                  EXECUTIVE DIRECTOR8




                                           Board Room
                                           International Bank
                                            Washington, D. c.
                                            Thursday, March 20, 1952

                  The meeting was convened at lOiOO a.m., Mr •. Robert L.

             Garner, Vioe President, presiding.




                                                                             I
                                                                             I
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STRICTLY CONFIDENTIAL

                Items Discussed at 228th Rogular Meeting
                of Executive Directors held in the Board
                Room on Thursday, March 20, 1952, at
                               10;00 a.m.




      Page 70      International Finance Corporation - · Category of Report.
•




                MR. OVERBYs   :t don 't know if Jou intend to mention
          thia International Finance Corporation matter.    I would just
          say, before I depart, that it you nre going to ra1s8 it I
          vould expect quite an opportunity to study this matter before


    . I
    STRICTLY   ONFIDENTIAL                                                  71

•              there is any d1s~uesion here.       Interested as we are in the
               whole subject of underdeveloped countries, I think ve would,
               on our aide, like quite obit of time to study it.
                      THE CHAIRMAN:     We were   Just going to raise the ques-
                tion as to vhen v~ _might set a meeting.     Would a week or ten
               days .be suttioient?
                      MR. OVERBY:     As far as I am concerned, it is not noarl
                time enough.   We have to do a lot of work on this, a lot or
                study from our point of view.
                      MR. SOMMERS:     As far as ve can tell, the meeting at
               ECOSOC, at which this report vill be discussed, vill be
               &bout the 15th of May.      They have made a request that ve
               have the paper for them six weeks in advance, to give them
                time to translate it and circulate it to governments for
                consideration.
                      THE CHAIRMAN:     May I clarify one thing.    It is ·not o.\U'
                thought to ask the approval of t~e Board on this idea.           It ·
                ,
                1e rather our thought that this paper would be considered 1n
                the same category as our Annual Report, on vh1oh, as you
                knov, we have followed this procedure:       We subm1 t an Annual ·
               Report to the directors, and the directors authorize manage-
               ment to issue this Annual Report without their t&lc1ng re-
                                                                                        ~·   .

                spons1bility tbr the contenta.
                      Our thought in this va.s to make olear, in tl'ansm1tt1Dg
                this report, that the transmission or this report in nova~ -
STRICTLY   ONFIDENTIAL                                              72

           bound the governments which are represented on the Board ot
           Directors, that you simply authorize ue to tranemit thie
           report without the Board taking action as to whether 1t
           appro.ves or disapproves the propoeal.     It merely authorizes
           it as a statement of a situation •
                                ..
                 So ve didn't expect that ve vould have a vote here
           as to the merits   or   the Finance Corporation idea.