12 MAY 1961, Page 16


SIR,—In your last week's issue Mr. Nicholas Daven- port states that 'President Kennedy and Mr. Mac- millan arc backing the plan to turn the IMF into a credit-creating international bank which will issue Fund Certificates to an aid co-ordinating agency— perhaps the new OEDC.'

I write to suggest that there arc strong reasons why such Fund Certificates, issued in limited amounts during a trial period, should be used exclusively for financing infrastructure investment in less developed countries, and that the aid co-ordinating agency should be the International Development Associa- tion co-operating closely with the World Bank and other agencies within the framework of the United Nations.—Yours faithfully,


Secretary, Economic Advisory Committee