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Onaran, Mekin H. - Articles and Speeches (1949 - 1950)
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1653644
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Onaran , Me kin H. - Articles and Speeches ( 1949 - 1950) - 1v
DECLASSIFIED
WBG Archives
2120588
RECORDED AT THE UNITED NATIONS AT LAKE SUCCESS AND BROADCAST OVER THE
TURKISH NATIOOAL RADIO
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.INTEBNATIONAL BANK FOR
REOONS'PROC'I'ION AND· 'DEV'ELOR~
Washington 25, D. -c.
Mekin Onaran1n ¥il1etlerarasl. !mar
ve Kalk1nma Bankas:t. hakk1ndaki
konu~as1n1n metn1.
(Bu kanu~a Turlciye · radyasunda
y~:yinla'l1In.ak Uzere, Lak"e success
de, 5 agustas, J.9 49 da., plaga
alinmi~tir.)
Sevgili
Yurtta~lar~:
Iktl.sadt kallc1nma h~~leleri yapmakta aldugu,muz ~u devrede, n-~em.,.
leketimizin~~ser.mayeye alan ihtiyacln~ hep.biliyaruz.
Bir
giftcinin basit bir sapan alabilmesi igint· birikmi~ bir paras~
bul'tUlmak gerelcmekteclir; kUgUk bir ipl~ f'ab r ikas;t kumak igin
bir yalunu bulup, binlerce liraY1 bir araya getirmemiz laz~d1r;
yo). yapmalc veya berek etli bir avay1 sularnalc igin Devletin Hazineden milyonlan bu i~e ay1rm.as1 icabeder. Memleket igindeki masraf
yerlerine·harcarnek igin nas11 taplu bir Tiirk parasJ.na mUhtac
aluya;rsak:, yabancl. U~keleraen alacagl.mlz istihsal mallar1n1n
bedellerini odem.ek igin de, birilnni.!? yabanc1 paralar1na o suretle
ihtiyaclmlz vardlro ~u halde dl~ memlelcetlerdeki kredi mi.iessese1erini go4den geqir.me.miz ve b~~ar1n mahiyetlerinl. anlamamlz en
one.mli i~lerimizdendiro
~te bu dii~fulce ile Dunya Ba:nkas1n1 sizlere tan1 t mayl faydali
biilmaktaylm• Zira bu Bankan1n en musait ~artlarla bize hiZffiet
edebilecelc bir lcredi m"Uessesesi olduguna lcaniim .. · Kald1 ki,
Di.inya Bankasmda HukUt"ietimizin d,e hissesi vard1r; yirrni milyan
TUrklin para yatirdigi, yani, ayni zamanda bizim alan bir mi.i~sse­
senin mahiyetini ve nas1l gal1~tlg1n1 bilm~liZ kadar tabii bir
~ey alamaz.
I
Once, BwJcan1n ne gibi filcirlerle meydana geldigini anlataylm:
l944 . Ylllnda Amerikanln Bretton Woods ~ehrinde 44 milleti~
temsilcileri topl:anara-1{ mil:;Letlerarasl bir kredi lcaaperatifi
kurulmasJ,nl go'ril~U~1erdir~ Bu lcaaperatif iki gaye ile kredi ·te.min edecelcti: birincisi, harptan yikilan fabr1kalar1·; dag1lan ·
tarlalarl, i.mha edilen ta,~l t vasl talar1n1 yerine koymak; ikincisi,
iktisaden geri kalml~ uDcelerin kalk1nmas1n1 saslamake Bu ikinci
nokta birincisi kadar one.mli gorulmU~ti.ir; zira baz1 milletl·erin
zengin almasl ve baz1lcar1n1n falcir kalma~q. harpJ,.a.ra ya1 aqan
sebeplerden say1lm1~tlr• Bu taplant1 ve gorU~e sanunda bir
an:;La~aya va~lml~ ve bir ~artname lcaleme alin~rak J~J: illetlerarasl
Imar ve Kalk1nma Banl~asl ad1 al t1nda bir miiessese kurulmu~tur.
Tiirlciye-.miz 11 mart 1947--tarihinde bu ~artnameye imzas;1.n1 lcoyarak
beheri 100.000 dolar alan hisse senet1erindeu 430 adet.almagi
taahUt etmi~ ve Barucanin ser.mayesine -43 ~ilyon dolarla, yani,
120 milyan liraeile kat1].m.l.St;Lr. Banlcada bu~UnlcU halde 48
devlet hissedqrdlr•
-2~sur milyar
-dolarl. bulmustur. ~artname hukfunlerine gore• her Devlet sermay·e ye yaz1ld1g1 miktarJ.n o/ o 20 s;~.n1 derhal yatlrmalcla millcelre:f'tir; leal an o/ o 80 Bankan1n ihtiyat1n1 te~kil etmektedir ve 1'12lilU
halinde hiss~ sahiplerinden istenecektir.
Haziran 1949 sonu itibarile Barucan1n sermayesi"8
GorUluyor ki, Banlcanln 1.5 milyar dolarl a~ an yatlnlmlfJ s~;rmayesi
ve 48 devl,.etin tekef'ftil ettigi, 6.5 milyar d.o.l arllk itibarl. bulunmaktadJ.ro
Bankanln yatiriJ:mi~ serraayesinin 4a d.evlete uzun vaad.eli k;reai
a~malt igin yeti~iyecegf a~il~arc;lir, bunun ;iqin Ban1ca; lUzUm. go:rdUkce
tahvil gil~a.rarak Amerikan piyasas1nda ve musait ba~ka piyasalarda
satmakta v-e elde ettigi paralar1 kredi istiyerilerin enirine vermelctedir~
~anlca bu suretle simdiye kada.r .A1nerL~an piya~fas1nda 250 milyon
dolarllk ve Isvigre piyasaslnda 17 n1ilyon Isviqre franklik tahvil
satmifJt~r. Bu tahvillerin faizleri~ vaadelerine gore, o/o 2.25 ile
o/ o 3 aJ;'as1nda degifJmelctedir. Banlcan1n verdigi ~credile;r uzerinden.
aldi~l faiz o/ o 4 1/2 ci varlndadJ.r.•
4
~imdi gelelim muessesenin yaptigi muame~elere:
Yllicarld.a soyledigim gibi ve ~sminden de enlafJllaca8~ uzere, Banka,
istihsal vasl,talarl harpta zarara ugrayan yerlerin yeniden imarina,
ve. hayat seviyesi dli~illc memlelcetlerin kallc:unnaslna hizmet maksadile
kurulm~tm:.
0 itibarla, mesela kazino in~~;tsl veya yi.izme hawz~
yapilmasl iqin ltredi vermexnel~tedir. Falcat, Banlcan:tn bir hayir
muessesesi oldugunu d.U~unmelc de hatall Pl'4lo Bu muesseseyi milletlerarasJ. bir kredi kooperatifi olarak kabul etmek daha. dogrudurQ
Zira Banka anew~ kendi hissedarlarlna kredi aqmructadlro Ve uye
memleketlerin yat1rd~klar1 paralar1n mwcadderat~ndan sorumlu·o~dugu
iqin, muamelelerinde t1p~1 ticaret bankalar1n1n yapt~gl gibi, tamamen ticar~ gorU~le hareket -etmektedir. Bu.maksadl saglamruc iqin,
Ban.."<:a, bir usul lfabul etmi~tir. Buna gore, lcredi istiyen uye · mem,..
leketin krediyi .sarfedecegi yerleri belirli olarak goste;r:mesi, veya
bu para ile lcuracagi tesislerin lees in ilctisadt ve teknilc proj8lerini ·
Bankaya onceden tevd1r etmesi lazlmgelmelctedir. Bu yapild:J.ktan sonra,
l~redi~ telb edeu memlekete -uzmanlar gonderilmekte ve o. memlek etin,
umum1 iktisad1 mali ve teknik bilgi du:rumlarl incele:nmektedir• Bu
uzmanlar, tetklicler;i. sonunda, memleketin l{rediy~ liY&katlnln derecesin.i
ve verilen projelerin i~inde en mustacel ve me.mleket iqin en hay1rl1
ve karli olanlar1n1 seqe~ek bunlar1 bir ehe.mmiyet s1ras1na koymructadlr•
I~te bur'ada Bankan1n onemli bir vaz1fesi daha ker+diliginaen. belirmelctedir: o da gonaerilen bu uzma:h l;l~yetlerinin ilgili uye mem...
lekete, gerekiyorsa, ilctisad1 ve malt islahat iqin tavsiyelerde
bulun:malarldlr• qunkli Banl~a aqtJ.~l. lcredinin ima ve faizinin lcendisine .tekrar odenmesi Uzerinde 9ok hassa~~r; bu itibarla, te~kilatl
islaha muhtaq me.ml~cet1ere, ancak, bu islahat yap~lqllctan sonra para
vermektedir•
- 3-
Burada bir nmrtayi daha ag1klamam faydal1d1~, o da ~uaur:
Banlta hissedar memlelcetlerin devletlerine olduBu gibi, husus!
te~ebbtis erbab1na da lcredi vermektedir• Ancak, bu taktirde
borcun mahallt hukumetce garanti edilmesi ve te.minat alt1na
al1nmas1 f?arttir. Hu~us1 veya yar1 resmi bir mliessese lcredi ·
istedie i zaman, yine aynen ticaret bankalar1n1n yapt1g1 gioi,
Bankan1n uzmanlarl bu muessesenin geqmi~teki gal~~alar~nl,
iti.bar1n1, VE) mall durumunu incelemekte V"e neticeda, Banlca
durumu saO;lam goriirse, ve kredi ile giri~ilmesi dUf?Un5Uen i~in
iktisa:l:L ve memlelcete hay:1rrlu olacagJ.na lcanaat getirirse, Hukumetin resm! kefaletile, is~enen para verilmektedir.
Bankan1n bir hususiyeti de, her tii.rlu para Uzerinden kredi aqmasl.
ve borqluyu i.stedigi memleketten mfibayaada serhest biral<masJ.dir,
Ancak, al1nan paralar1n mahalline sarfedilmesi ~artt1r Mesela,
sulama i~leri iqin al1nan para ile lokomotif m\~bayaas1na imlc&n
yoktur$ Zira ozaman bUtun gaye l:aybolrou~ olur9 · Bunu saglamak
iqin Baru~a, verdigi paralarla yapilan mubayaatl, al1nan mallar1n
fiyatlar1n1 ve kullanild~.g1 yerleri s1k1 surette kontrol etmektedir•
BU.gune lcadar Harptap. zarar goren Avrupe. memleketlerine , :i,mar malcsadiyle 525 milyon dolarllk ve G'ilney Amerilca mem:Leketlerine ve
Rolanda ve F.i nlandiyaya kall~1nma malcsadile 152• 600.000 dolarllk
kredi aq1lrol~t1r.
Hillcumetimiz de Banlcadan lcall~J.nma kreO.isi talep etmi~ ve bu malcs·atla
lU.zumlu proj el,eri Bankaya tevdi e·timi~tir. Bu proj eler aras1nda,
s eyhan bo1gesinde sel aretini onleme, sulama ve sudan elelctrik
istihsali, zahire ·depolamalc iqin silo tesisati, liman in~asl ve
teqhizatl ~. gibi i~ler bulunmakta~lr•
Son olarak, ~una inanmalctayl.Ill lei, ge;t.ecE;)kte, Bankan1n f'aaliyet1
ve hizmetleri daha, ziyade, TUrkiyem.iz gibi, zengin 'oir toprag·a ,
ve zekt istidadlara malik memlelcetlere -teveccun edecek ve buralarda da mesut bir hav& iqinde 'alet i~liyecelc, el ovtinecel:tir. ' Ho~ca
kal1n say1n dinliyenlerim•
lNTERl\JATI OTTAL BAl\!K FOR
RECONSTRUCTION A1~ DEVELOPMENT
Washington 25, D.c.
Radio Address by Mekin Ro Onaran, Exec~tive Di~ector
for Turkey, Egypt, Iran, Syria, lraq, Lebanon and
Ethiopia, Broadcast Sentember 15. 1949o
We all know what an im~ortant role capital ~tually play s in
our present drive of economic development of our country. To buy a
simple plough a peasant must have some money set aside; in order to build
a modest yarn factory one must in some way bl"ing together some fe"'r thousa:ad
liras; to build roads or to irrigate a fertile land, the St~te must ap~ ro­
pria te millions out o·f accumulated funds in the Treasury~ Just as we ne ed
local currency to ~pend on capital items within the country, so vJe must
have foreign currency in order to purchase and import p ~oduction goods from
abroado Consequently, we have to examine foreign credit institutions and
have a clear understanding of their operation and char acteristics~
I shall now try to give some information to my citizens on the
structure and credit policy of the World :eook, because I am convinced that
it is the ins titution which could be of good service to my country in
easiest terms. But I think there is another and stronger case for my t alk
on the World Ba.nk and that is, our Government is a share holder of the Bank
and it is only natural that v1e all should know something about an inst i tution in which twenty million Tur~s have invested money -- in other words,
an institution which is also ours.
First, I would like to say a few words about ·the line of t hought
which gave birth to the Wol.. ld Bank~ In 1944 forty-four nations met at
Bretton Woods and discussed the institution of a sort of a coopera tive bank
which would have a double task. Firstly, to procure credit for t he
reconstruction of industry, agriculture and means of transporta tion dest r oyed
by \var; and secondly, for the development of underdevelo!Jed areas of the
World. The latter was calculated to be as important a s the former 5 becau se
the e:x.i stence of rela tively baclotJe.rd and undeveloped coUL'"ltries or area s wa s
looked u~on as a major threat to World peace •
.An agreement "'ras reached at the conference and the Internattonal
Bank for Reconstruction and Development was foundedc Turkey signed t hat
Agreement on the llth of March 1947 and subscribed to the capital for 430
sha:r;es of 100,000 dollars each, vJhich amounts to 43 million dollars or
120 million Turkish liras.
At present. 48 nations are members of the Baru{o The cap ital
of t he ]ank at t he end of May 1949 re ached the sum of 8~ 4 billion dollarso
According to the Provisions of t he Articles of Agreement, 20% of the
subscribed c9-:pital must 'be paid at once by t he memb er country, t he
rema ining 80% constitutes t he res erve of the Bank to be called for in case
of nece s sityc
Thus, the Bank has a paid-up capital of over one and one-half
billion dollars and a reserve of over 6 billion dollars guaranteed by
the 48 member nationso It is obvious that one and one~half billion dollars
of lJa~d.,..up capital will hardly be sufficient for the credit requirements of
all the members, but the Bank issues :}3onds, ~Jhenever necessary, in the
American and other favorable money markets, and puts the proceeds at the
disposal of the member country seeking credit.
Up to the present date, the Bank issued bonds in the ~~erican
market to the tune of $2,50,00o.ooo and in the Swiss money market 17,000-000
Swiss francs, the interest on these bonds varied bet'v'Teen 2.25% and 3%
according to their maturitieso The rate of interest the Bank has charged
from borrowers is 4-l/2%, or less, depending on the term of the loan and
the condition of the money marketo
No\'l a few \'lOrds on the operation of the Bank: As I mentioned
before, and as you. will uncl erstanQ. from its title, the Bank has been
created for the purpose of helping the reconstruction of the ~Tar damaged
countries and the development of economically less developed countries~
Con:sequ.ently, no credit is granted for the construction of say, a casino
or a swimming poolo And 'tve must alwa.ys bear in mind that the Bank is n<;>t
a relief institution~ but contrary to any ordinary Batik and exactly like
a cooperative credit society, it only gra~ts loans to its share holderso
As it is ultimately res~onsible for the fate of the capital of its
members, the B~ displays great prudence in its credit policy. It is
an accepted rule of the Bank to requ,estj as a first step, the 'v'Jould be
borro'IJITer to su'brni t definite purchasing program or in development loans,
specific projects . for ·which credit is soughto As a second step in a
loan operation, it sends its 1-'Iissio;n.s of experts to the ccu;ntry of
prospective borrower for a close e~amin~tion of over-all econo~ic and
financial position of the country apd its technical know-how4 These
experts study the credit worthiness of the country and select the
projects which are bankable ?-nd calculated to be most beneficial for the
quick development of the country concerneda
Here another significant service of the :Bank is revealed,
especially for the countries that are yet in their early stage of economic
development and tha t is, tne adv~ce that the Bam~ might supply to the member
country, as a result of the studies of its m~ssions, as to any reform that
could be car·ried out in member country's economic and financial organiza tion.
In order to be sure that the loan granted is repa~d in due tiQe, the Bar~
only extends its help to countries having a suff~ciently sound economic ana.
financial background and would glnd~y send, on demand, ex_yerts to advise
the Government concerned on any reformso
There ~s anot:P.er po;i.nt which I \~Tould like to make clear and
that is, that the Bank's financial help is by no means confined to the
States of memoer countries but is also extended to private firms and
I
-3semi-official corporations, DC}vided that the local Government guar3ntees
its repayme~t. 1\Ttlen a p:;ri va."\.e firm or a corporation seeks Cl.. ecl.i t from the
Bank, the standing and the financial solidity of the firm and the purpose
for which the loan is going to be used are e~ually examined by the ]ank.
Another interesting characterist~c of the. credit policy of the
Bank \vhich deserves our attention here, is that the borrower is left free
to make its purchases in any market it thinks most suitable for itself.
The only condition imposed u~on the borro wer is thnt the proceeds of the
loans should be spent in accordance with the terms of the Agreement
between the borrower ~nd lender and for l;u.rposes ind,icated therein. J!,or
example, the borrowe~ cannot use a loan made to finance an i~rigation
project- in purchasing locomotives. To insure the fulfilment of this
condition, the Bank supervises the purchases, the price of t4e materi al
bought and the use to which such materials are :9ut in mem-ber countries
themselves. The total amount of credit the Bank has so far granted for
reconstruction purposes, amounts to $552,500 9 000 and the corres~onding
fig~re for development is $l64olOo,ooo.
The Turkish Government has also ap:9roa.ched the :Bank for a
development credit and already su,bmitted its projects, among which t here
are those pertaining to flood co;ntrol ~1-nd i;rr!gat;ion, purchase o;f silos
for storing grain, :port er1uipment, hY'dro-electric pOvJe;r plants, cement
factory, textile machinery, cargo boats, and post, telegraph, and tele!Jhone
equipment.
Lastly, I am convinced that the activity of the :Sanl~ in the
future wiJ..l be p;r;-imarily concerned '\!lith assisting the underd.evelo~0ed
countries, like Tu.rl{;ey, \.,rb,ere the natural resources are ~ich and the
know~how is promi.si:ng; · and that there '\·Jill be cl~eat~d in 9uch countries,
an atmosphere in which "the tool vJill work and the hand will be :9roud
o!
it."~~~'
(*Turkish proverb.)
P498
No. 1,51
(6.49)
FORM
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
INSTRUCTIONS FOR GROUP MAILING
LIST NO.
(Indicate
Order of
Mailing)
D
NAME OF LIST
BE
MAILED
CLASS OF
MAIL
SERVICE
NO. OF COPIES
NON
u.s.
DATE DISPATCHED
u.s.
Internal Distribution
D
1
~p
Miscellaneous Press
Washington Hand Delivery
oi~PI DHour
CJHold for Instructions
oi~P 2
o~~P3
Financial Editors
Financial Ma azines
DI~P~
D
D
Non U.S. Corres ondents 1n U.S.
I ~PS Non U.S.
Newspapers and Periodicals
Request List to Receive all
Press Releases and Publications
D•~o
New York and United Nations Onl
Additional 65 Co ies to U.N.
Request List-all Loan Information,
Includin Missions
Request List-all Pubs. and P.Rs.
re Lending, Marketing Operations
01~02
of Bank, Financial Statements
and Significant S eeches
01~03
10/24
SPECIAL INSTRUCTIONS
8 11
SIGNATURE(Request)
~-/(:Z-~
TOTAL COST
lUlOADCAS
Recorded
Botng to \
t
OVER VOIC
0
k to
rou
tod · · on eom
con tru.e ton and De lopnen ,
ank tor
Pre id nt fnunan' e tpo nt tV•
a RAil
1
19.50. 12tl$ . S.!.
rch 10. 1950t
the line of th princi le
, that 1
rof!
to
8:Y• 1
also
ea lt 1
o-rld :Bank, in
11o etm truotlon fo-r r in
d
·• nee ee ra- tu ie ln conn c ion
e of our · con 1 •':ru.ck the •
S.mportan t shortc<Hnl
rt vate 1n4.u tey and ore t
over l
e
G
riv; te c p1
tudy of our eoonoay
o?l.d
the
o veq
the need to
neou
•
market
4 our dmini· r tlve
1 th the b eking
ank,.
et up ln ord r to
vl tted Turk y 1
ot ou.r co
hine
,
~
ly- in order to
pee:i
l1lm
nt,
lmmeu1 tely t
n up
t October end
o~
tud7 t.h
d :O!-"de 1t fir t · tud1e . and eont ct
mber
ov-ern.me:nt, on the one hand, . d bu ine
eountr,. on th
other.
been accepted
th
Jt ha . draw up th
bro
men tn the bi
ot St
lin
~
tr d
>
reeo
etld tions,
overnment
d b
r. Johnson 1a a t
r sent la
rke;r, working out th detail
The b·r o
line
of thl
roj · et
re
the
c pttal of the in titut
te co merci
s :follo
reed. to exten loan
1llion
!.lll
rf
th
htch have
ank.
te tnv
of hi
!aston' •
1ndustr1 1 eredi t 1n ti tut(:
;
111 b 12j. mllllon Ttlrk1eh lir
a o£ Turkey and by
ith the
ot
center
·urk1&h
la going to be ere t d in OM r to su.pply long-term credit to
up to $9
t
tor
1 . ions the ••,lohnton miss on t
ml sion, which
he pri
rojeot •
of th
On
sked
dh
matters an formed t o
ealls the e t o
findings.
wi tb
..
Ol'
tor 1n• tment in g eral..
draw up a priori t.r pl
12
id
ve
ort development
the e '\
tth t ehn1c
connection
a · lt•d to. the
et forth ih
,
r1v te 1ndu. try.
h1eh will be
tore.
The
b c-ribed by
The Central Bank baa
to th.e tnstl tute by discounting 1 t · bond up to an amount of
tan lira , nd I ho e and elte e t
to the in ti tute ae
-d
t
hen re uir&d.
the World Bank will grant a loan of
Thus the 1n t1 tut
i
going to
-al re ourees aacm.nt1n& 1n tot 1 to 50 million '1\u-ki h 11
o erate wlth eap1
th t:a•t1tute ta going to be reeruSted trOll
1 o have a technic 1 board co pa. ed
o~
e
lo
lt will .e upervi8e the
•
loafl ts repaid t-o the tn tttut •
·eb,
e pital. de S.res to ill"f'e t tn ne
1ts
th t th
suece
P&r,iei
institute''
f ul.
t1 vat
ere not
1 tal
e
The 1n•t1 t u:t
ttv~
rvt.c e
tnfo ·
v 11 ·ble
ot 1t
lth the require ent. howeveJ¥.
eoon
1
fhi
the c>
a
ong
the World !ank: 1
ration ha
roved
'• '1\\Jkt ah economy bu. t 11
em nee••·
tor 1 t. the in ti tute ou1
exist
hen prS.nt
new 1aduetry
r d 1 t elf' to
be em
e · he po .1'b111 t1 . .
to !urkey
,nd i nveetor
It -rould.
f.
r~lrement
ro. it in that lndu tr •
of
it l
C·
a:d. lni tr tlve and techn1cal at
hlch o-oenl
furalthed.
lll be empo ered to uttllz•
t1on on econ<>nd.c cond1 tiona .and l gal
iw.nder ta.nd!.ng
loan are u ed until the t1 e
, .111 'b
1 o help introduce f o-reign
ould
and
1n T ' rlti h lir
!'be 1n titut
old
proJect to d ·on t:r
tablish and op r t ·e
through the
t1on would b.
t-ticul r i~tdustl"T ehould
lf
ri'Y te indu. trle
!eebn:lc . senice
lt l in the est bli · hment of
rki h e
to
ozok in hioh it
1nduatrt •·
ot
in ti tuta will
!h
n.
!o rd
eeonom1 te and teohn1ctane.
tirst-cl
!he institute ls going to ·
in foreign exch
ong · rk1 · h bu 1ne
•
,, and hel
rov1de
authorl.ta~
clarify the
ote t1 - for l n tnve tor8.
tlr t
xpe:rt ent alorag tb
e
11n~s.
lf -rov ·
w.eoeeetlll
in furkey . 1 t wlll be tslGen up in other underi velo ed
to the. Barker
en4
ot
last 1• r
~rkey
such
Jni
ion
.o nths. and it
ou.ld involve :rec r)
ector
tn
ey tow rde the
r. ll l'ker is
The
t b
ch
re ently in
rker m.i
ork .111 deal bro d.ly with th
endatton
of' the econOllly,
a
his report.
e dir · ations tn which 1nve t ent might b
Th1
rtant
1
you kno· thi
d it ha · mad& its . 1" limi · ry survey •
to stay three
1.
economy.
ion,
orltlng With the Wor d Ba.nk to complet
b.:tngton
·b ek t·o
1
ion i
f'ollo
ng:
eled 1nto Tu.J'k1ab
to tnv at nt . r1oritte
rtous type
oiDB
ot unde:rt
rioue
i thin e eh
etorl
2.
rieu1tur
Other m thod
d 1ndu t r1al
re
ro .uctlon
\\'hieh migbt r ·1 e the 1 vel of
keyrt
d tm rove the fl!f1e1eney of it dt tr1but1on
-)-
Pn.bl1o flll811clal
)•
out Turkeyrt
d v ·1 o
u
th
Que t1on of technic
ro le
t'l.
.t
it · endeavor •
nt o'bJeeti
orld ll
olt.cie
e.
t
id 1t 1 · g1 1·
oonf1dtmt the
and
ou.r thre
ell tt
l"OJ
ct •
d
th
.eJ"'iou . eon id _r, tJ.on to our two
o ·p a.b11it_
d
da: t b11ity
or
t
d to the
o t important
FORM No . 75
(7-48)
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
ROUTING SLIP
Date
TO-
BOY
15
Room No.
Name
II
2
3
FORAction
A roval
Information
Recommendation
Si nature
REMARKS
A little -1st, 'for 10'1
R. L.
FROM-
'-
~ WJ.
DRAFT COPY FOR BULLETIN
Information Division
Public Relations
Bulletin No. 46
- Seeretary's Department
Speeches
Copies in Arabic ot Mr. Onaran' a recorded speech about the character
and operation ot the Bank have been sent to Egypt, Syria, Iraq, and
Lebanon, through the courtesy ot the Governors ot these countries, to be
broadcast on their respective radios.
Mr. Onaran has enclosed Turkish copies
to the Chambers ot Commerce ot Ankara,
ot the speech in letters sent
I~tanbul,
and Izmir, and to the
Association ot Merchants in Istanbul, on the ooeaaion ot Mr. Harold F.
Johnson's mission to Turkey tor the purpose ot stuccyi.ng the ways ot
,possible reorganization ot the private capital market tn TUrkey.