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7337849
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Letter from President to Congress requesting to consider an amendment for appropriations transmitted in the budget for the fiscal year 1975 for International Financial Institutions (includes attachment)
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7337849
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Letter from President to Congress requesting to consider an amendment for appropriations transmitted in the budget for the fiscal year 1975 for International Financial Institutions (includes attachment)
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White House Press Releases (Ford Administration)
Press Releases
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27
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1975-01-27
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1975
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Digitized from Box 7 of the White House Press Releases at the Gerald R: Ford Presidential Library
THE WHITE HOUSE
WASHINGTON
January 27, 1975
The Speaker of the
House of Representatives
Sir:
I ask the Congress to consider an amendment to the
request for appropriations transmitted in the budget
for the fiscal year 1975 amounting to $120,634,909
for International Financial Institutions.
The details of this proposal are set forth in the
enclosed letter from the Director of the Office of
Management and Budget. I concur with his comments
and observations.
Respectfully,
Gerald R. 3rd
EXECUTIVE OFFICE OF THE PRESIDENT
OFFICE OF MANAGEMENT AND BUDGET
WASHINGTON, D.C. 20503
January 27, 1975
The President
The White House
Sir:
I have the honor to submit for your consideration
an amendment to the request for appropriations trans-
mitted in the budget for the fiscal year 1975,
involving an increase in the amount of $120,634,909
for the Asian Development Bank, as follows:
FUNDS APPROPRIATED TO THE PRESIDENT
INTERNATIONAL FINANCIAL INSTITUTIONS
Budget
Appendix
Request
Proposed
Revised
Page
Heading
Pending
Amendment
Request
85
Investment in Asian
$50,000,000
$120,634,909
$170,634,909
Development Bank
(In the paragraph
following the above
heading, delete the
period after the
word "expended" and
add the following):
and for payment by
the Secretary of
the Treasury of the
first installment
of the United States
subscription to the
capital stock of the
Asian Development
Bank, as authorized
by the Act of
December 22, 1974
(Public Law 93-537),
$120,634,909, to
remain available
until expended.
2
The proposed budget amendment is required to provide
for the first installment of an increase in the United
States subscription to the Asian Development Bank. On
November 23, 1972, an increase in the Bank's authorized
capital came into effect when the required number of
stockholders subscribed to their shares of the capital
increase. The legislation authorizing a further sub-
scription by the United States to the ordinary capital
of the Bank in the total amount of $361.9 million, to be
paid in three annual installments of $120.6 million, was
enacted on December 22, 1974. This proposal will result
in 1975 outlays of $9,600,000, and was included in the
1975 budget.
The Asian Development Bank has proved to be an effec-
tive development lending institution. U.S. participation
in providing these resources to the Bank is consistent
with our overall interests and with our policies in Asia.
Leveraged by contributions of other countries and by
access to private capital through borrowing operations,
our contributions will promote expanded cooperation
among regional and non-regional countries and assist the
developing countries of Asia in becoming more productive
and self-reliant. By strengthening this financial insti-
tution we are also helping it to play a larger role in
economic reconstruction and development efforts in South-
east Asia.
I have carefully reviewed the proposal for appropri-
ations contained in this document and am satisfied that
this request is necessary at this time. I recommend,
therefore, that this proposal be transmitted to the
Congress.
Respectfully,
Roy L. Ash
Director