January 9, 1958

AMERICAN AID: The US Information Service in Greece issued a statement yesterday announcing the size of American aid for the US financial year 1958-59, beginning on July 1, 1958 and ending on June 30, 1959. The total amount is of the order of 44.8 million dollars, allocated as follows: 15 million for defense aid, 19.8 million for agricultural surpluses and 10 million for aid packages to the needy. This year’s assistance is considerably less than last year’s (by about 30 million dollars) and that is because of this year’s good crop yields in Greece, which makes it impossible to absorb larger amounts of aid, which the US grants mainly from its own agricultural surplus. Nevertheless, it should be noted that defense aid this year is being granted completely free; with two-thirds in free foreign exchange on the world market. Drachma aid is 34.8 million dollars, less 15 percent, leaving 29.6 million dollars for the funding of the public investments program. In addition, the US is providing a further 700,000 dollars in technical assistance, while still pending is an application from Greece to the Economic Develpment Fund for 74.2 million dollars to fund four major projects.