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THE SECRETARY OF THE TREASURY
0
WASHINGTON
L Fiee
EXECUTIVE
IT24
5
May 28, 1964
Co304
FG110
MEMORANDUM FOR THE PRESIDENT
F04-2
The article which appeared this morning on the front
page of The New York Times regarding an International
Monetary Fund standby with the United Arab Republic was
highly inaccurate. Although Mr. Edwin Dale had been told
yesterday that his information was inaccurate and had been
given the correct story, nevertheless he chose to publish
his version.
The idea contained in his story that the United States
was using the International Monetary Fund for political
purposes could have been seriously damaging and it brought
forth numerous inquiries from the financial community in
New York. Accordingly, I felt it advisable to put out a
statement correcting the record.
While there was some controversy within the International
Monetary Fund Board over the approval of this loan, the United
States position was essentially one of standing by the new
Managing Director of the Fund in his first major recommendation.
In their final action no Executive Director opposed the loan
or abstained.
A copy of the Treasury statement is attached for your
information.
Nerghas Diller
Dóuglas Dillon
Attachment
Document source description
This file unit contains material on U.S. and Egyptian relations; the Arab and Israeli Conflict; evacuations of U.S. citizens from the United Arab Republic (UAR), which is modern day Syria and Egypt; the Arab blockade of Arabian Gulf shipping; U.S. assistance to the UAR; and opposition to German scientists aiding the UAR in the development of missiles.
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"ocrText": "get\nTHE SECRETARY OF THE TREASURY\n0\nWASHINGTON\nL Fiee\nEXECUTIVE\nIT24\n5\nMay 28, 1964\nCo304\nFG110\nMEMORANDUM FOR THE PRESIDENT\nF04-2\nThe article which appeared this morning on the front\npage of The New York Times regarding an International\nMonetary Fund standby with the United Arab Republic was\nhighly inaccurate. Although Mr. Edwin Dale had been told\nyesterday that his information was inaccurate and had been\ngiven the correct story, nevertheless he chose to publish\nhis version.\nThe idea contained in his story that the United States\nwas using the International Monetary Fund for political\npurposes could have been seriously damaging and it brought\nforth numerous inquiries from the financial community in\nNew York. Accordingly, I felt it advisable to put out a\nstatement correcting the record.\nWhile there was some controversy within the International\nMonetary Fund Board over the approval of this loan, the United\nStates position was essentially one of standing by the new\nManaging Director of the Fund in his first major recommendation.\nIn their final action no Executive Director opposed the loan\nor abstained.\nA copy of the Treasury statement is attached for your\ninformation.\nNerghas Diller\nDóuglas Dillon\nAttachment"
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