Colombo Plan for Co-operative Economic Development in South and South-East Asia

The ninth meeting of the Consultative Committee of the Colombo Plan for Cooperative Economic Development in South and South-East Asia was held in Saigon, Viet Nam, October 21–24, 1957. The committee considered the draft annual report which reviewed the progress of economic development in the area and outlined the unfinished tasks. It was announced that the annual Canadian contribution to the Colombo Plan would be increased in 1958–1959, subject to the approval of Parliament, to $35 million. The United States representative informed the conference that a new $300 million development loan fund was being organized by his government to assist countries of south and southeast Asia. The Federation of Malaya was welcomed as a member of the Colombo Plan. On the final day of the meeting the invitation of the United States to hold the next year's meeting in the United States was accepted. The meeting adopted the draft annual report and issued a communiqué which noted the economic progress made in the area in the year under review and outlined some of the future tasks in economic development.