AID BUDGET CUT
WASHINGTON, May 21. President Eisenhower today formally cut his foreign aid fcyidget to 3,865 m dollars. He asked Congress for 535 m dollars less than he had estimatri would be needed for the programme in his January Budget message. The savings, he said, were made possible by improved administration, better planning with the United States allies, and experience indicating less need for military spare parts The President called for these major revisions in foreign aid budgeting and administration: Putting military aid funds in the Defence Department Budget and separating military and economic aid programmes. Shift to loans instead of grants, as the primary method of furnishing foreign economic aid. To carry this out, create a development loan fund to make long-term loans to other countries with an initial capital investment of 500 m dollars and plans for expansion by 750 m dollars in each of the next two years.
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Press, Volume XCV, Issue 28284, 23 May 1957, Page 13
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152AID BUDGET CUT Press, Volume XCV, Issue 28284, 23 May 1957, Page 13
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