Chile: the balanced view : a recopilation of articles about the Allende years and after

Early November Early November Oecember Late Oecember /974 Late January Late January January 30- February 5 February 4-20 February 7 February 11-18 February 144 sequently held up due to uncertainties in Chilean conditions and a need to reexamine financiar and technical questions prior to final favorable recommendation by Loan Committee to Board 01 Execu– tive Oirectors.) Mission to Chile lrom IMF, IBO, IBRO, and CIAP by technical personnel. Purpose lO appraise economic policies 01 government and to prepare for interagency CIAP country review and Paris Club meetings, scheduled in January 1974. Government 01 Chile suggests need lor resumed lending and proposes an agricultural project as a possibility. 10B mission goes to Santiago to discuss prospective agriculture loan with personnel 01 Banco del Estado, the íntended recipien!.· Around the twenty-lirst 01 the month, the United States and Chile reach an understanding whereby Chile will repay post-November 1971 debIs owed the U.S. Government. This includes an agree– menl Ihat Chile wíll pay QPIC lor $7.8 million in obligations incu– rred by QPIC because of unpaid debts on QPIC-guaranteed pro– misory notes heId by Kennecott Copper and the Bank 01 America. IMF and Chile agree on standby loan to Chile of $95 mili ion; Chile agrees to maintain stricl financial and monetary policies. Chilean Government settles past due loans with World Bank. (In mid-July 1973, that debt amounted lO approximately $8.1 mili ion). In exchange. Ihe IBRO agrees to loan Chile $8.3 million to capita– lize unpaid interest accuring on previous power and highway projects. CIAP meeting on Chilean economic conditions points out Chile needs exlernal cooperation in linancing recovery, both in quantity and qualily, and Ihal eleclricily and agricultura! sactors are appro– priale areas of need which could quickly absorb inveslment. The Anluco project is specifically discus$ed. 10B mission visits Chile lo evaluale loan and documents prepared by Banco del Estado with regard prospective agriculture loan. IBRO Board approves $8.3 mili ion loan amendments previously negotiated with Chile for existing power and highway projects. 10B Programming Committee review 01 Antuco hydroeleclric pro– ject. Meetings in Santiago wilh relevanl agencies and changes in cost estimates due lo pricing alterations. Application lotal raised lo reflect new eslimaled costs. Subsequent lo 10B mission visil lo Chile, agricultural loan first appears on monthly operating summary of prospeclive projects currenlly in Ihe 10B's "pipeline."