FINANCE MINISTER SATO TO NEGOTIATE WITH US ON REPAYMENT OF GARIOA AND EROA RELIEF GRANTS TO JAPAN
(The Yomiuri, Sept. 1)
After a Cabinetmeeting held on September 1, Finance Minister Sato conferred with Chairman Funada of the Liberal-Democratic Party Policy Research Committeeon the repayment of the US GARIOAand EROArelief grants to Japanafter the war. As the result, Finance Minister Sato decided to unify the views of the Government and the ruling Liberal-Democratic Partyon the repayment of the said problem so that he will conduct negotiations on the repayment with Robert B. Anderson, Secretary of Treasury, when he visits Washington.
After the conference, Sato told the newsmen as follows:
I want to use GARIOAand EROAfunds to be repaid to the United Statesby Japanfor the development of Southeast Asian countries or for purpose of common interest to Japanthe United States. For this end, I intend to negotiate with the United states. The United Statesside also wanted to hear Japan's experience in the past regarding the development of under-developed countries and her future plan for the development of those under-developed countries."
Ikeda agrees with Sato
International Trade and Industry Minister Ikeda told the newsmen after the Cabinet meeting on Sept. I that it is wise to use the GARITOand EROAfunds to be repaid by Japanfor the development of Southeast Asian countriesif American understanding is obtained. The gist of his statement at the news conference is as follows:
The repayment condition are: refundment of $645 million (232,200 million yen in Japanese currency), annual interest rate of 2.5 per cent, unredeemable pariod of five years and repayment in 30 years in equal yearly installments. The sume to be repaid year is around 9,000 million yen. I think it is an effective method to use the GARIOAand EROAfunds to be repaid to the United Statesby Japanfor the development of Southeast Asian countries."