International Monetary Fund (Loan Repayments)

Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 7th March 1967.

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Photo of David Winnick David Winnick , Croydon South 12:00 am, 7th March 1967

asked the Chancellor of the Exchequer what loan repayments will be made during 1967 by Her Majesty's Government to the International Monetary Fund.

Photo of Mr James Callaghan Mr James Callaghan The Chancellor of the Exchequer, Member, Labour Party National Executive Committee

The Government will repay in full by 2nd December, 1967, the drawing of £357 million taken in December, 1964. The balance outstanding has already been reduced to £311 million as a result of drawings of sterling by other countries from the Fund, and this figure may be reduced still further by similar drawings during the year.

Photo of David Winnick David Winnick , Croydon South

Will my right hon. Friend say whether, in certain circumstances, the remainder of the debt for 1967 will be delayed, and can he give target dates for the other loan repayments to the International Monetary Fund?

Photo of Mr James Callaghan Mr James Callaghan The Chancellor of the Exchequer, Member, Labour Party National Executive Committee

No, Sir. I see no prospect of delaying the payment of the first instalment. It will be very much to the credit of this country when the repayment is undertaken in full. The second drawing is repayable some time between 1968 and 1970.

Photo of Mr Peter Hordern Mr Peter Hordern , Horsham

Has the right hon. Gentleman made any estimate of the proportion of Government portfolio investments which might be needed for this repayment?