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Document identity
localId
290016440
label
White House Press Release
core
doc
dtoType
document
citationUrl
pageCount
1
Source metadata
id
290016440
contentType
document
title
White House Press Release
citationUrl
collections
President's Secretary's Files (Truman Administration)
Subject Files
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1
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yes
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naId
290016440
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item
productionDates
day
17
logicalDate
1952-09-17
month
9
year
1952
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description
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nara-archive
Single page context
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1
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0
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photo
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a2d51c8155432fac
ocrText
3360
IMMEDIATE RELEASE
SEPTEMBER 17, 1952
His Excellency Mohammed Ali, Pakistan Ambassador to Washington,
Secretary of State Dean G. Acheson and Herbert E. Gaston, Chairman of
the Board of Directors of the Export-Import Bank, participated today
with the President in a White House ceremony covering the signing and
exchange of loan documents providing for a loan of $15 million to
Pakistan for the purchase of wheat.
Pakistan, which in good years has sufficient wheat for its
own needs and some for export, must this year import large quantities
of wheat from abroad. The Pakistan government has used its available
financial resources to purchase wheat wherever it was most readily found.
However, the extent of Pakistan's wheat shortage and the limitations
of its financial position are such that the government of the United
States has decided that prompt measures should be taken to meet the
request of the government of Pakistan for assistance for the purchase
of American wheat.
The loan to the Pakistan Government is being made by the Export-
Import Bank, using funds made available under the authority provided in
the Mutual Security Act of 1951, as amended. The loan is to run
for 35 years with interest at 2-1/2% per annum, interest payments to
begin after 4 years and repayment of principal to begin after 6 years.
The American wheat thus provided is to be distributed through Pakistan's
rationing system to supplement the quantities procured localiy and the
imports already arranged by the Pakistan Government. The Government of
Pakistan is defraying distribution and ocean transport costs.
Pakistan suffered a severe drought in the winter of 1951-52 in
western Pakistan, the bread basket of the country. This section is
usually a surplus wheat producing area but this year has become a deficit
area. last year's small crop prevented the government from procuring
locally enough grain to supply the rationing system in the most
densely populated urban districts.