The program was initialed on 17 August 1961 the Inter-American Conference of the Organization of American States (OAS) held in Punta del Este in Uruguay by all Member States, with the exception of Cuba.The main objectives were:
- an annual growth rate of 2.5% of income per capita,
- the establishment of democratic governments,
- the elimination of adult illiteracy in 1970
- price stability, avoiding deflation as inflation,
- a more equitable distribution of income, agrarian reform and the economic and social planning.
The plan was based on three facts:
First, countries should commit to investments of $ 80 billion over ten years. The United States promised to provide or guarantee $ 20 billion.
Second, Latin American delegates were required to provide a comprehensive country development. These plans must be submitted for approval to a committee of experts inter-Americans.
