Disclosures that the U.S. Export-Import Bank had granted substantial loans to finance arms purchases, principally by the Arab states, were expected this weekend to result in delay of congressional action to extend the Bank’s charter.
The State Department released secret testimony before the House Banking Committee by Eugene V. Rostow, Undersecretary of State for Political Affairs, in which he said the massive Soviet shipments of arms and equipment to some Arab states justified American arms aid for certain Arab countries. The Department said it regarded it vital that the Committee make no restriction that would prevent the Department from resuming military assistance to the Arab states through the Export-Import Bank.
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