Economic and Social Council

Extract

The Economic and Social Council resumed its 22d session at UN Headquarters with its 952d meeting on December 17, 1956, and concluded it with the 954th meeting on December 21. The major item on the agenda was the negotiation of an agreement with the International Finance Corporation (IFC), in connection with which the Council adopted two resolutions. Under the terms of the first, co-sponsored by Canada, Ecuador and Pakistan, the Council, noting that the IFC had entered into force and begun its operations, noting further that the Articles of Agreement of the IFC provided that the Corporation, acting through the International Bank for Reconstruction and Development, should enter into formal arrangements with the UN, and, considering that the Bank had been authorized by the IFC to negotiate and enter into an agreement with the UN on behalf of the IFC on terms substantially corresponding to the terms of agreement between the UN and Bank, 1) requested the President of the Council to negotiate, with the appropriate authorities of the Bank, and agreement between the IFC and the UN; and 2) further requested that, if possible, the report of those negotiations be submitted for the consideration of the Council at its resumed 22d session, in order to permit the Assembly to approve it during the latter's eleventh session. The second resolution concerning the IFC, also co-sponsored by Canada, Ecuador and Pakistan, was adopted pursuant to a report of the President of the Council on the draft agreement which he had negotiated. Both the draft agreement and the draft resolution recommending its adoption were adopted by 16 votes to 0 with 2 abstentions.