§ 55. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer what is the total amount borrowed by His Majesty's Government from the International Monetary Fund; what rate of interest has to be paid on the sums so borrowed; and what sums His Majesty's Government propose to repay during the current financial year.
§ Sir S. CrippsThree hundred million dollars. The rate of interest chargeable is laid down in Article V, Section 8 (c) of the Fund's Articles and differs for purchases made at different times, varying at present from nothing to 1 per cent. His Majesty's Government will, of course, make any repurchases which are required under Article V, Section 7 (b) and (c). It is not possible to forecast what repurchases, if any, will be made under Article V, Section 7 (a).
§ Colonel Crosthwaite-EyreCan the Chancellor say what additional burden there will be if this debt remains for some period unpaid? Does the rate of of interest go up?
§ Sir S. CrippsIf the hon. and gallant Member will look at the original Articles of the Fund, he will find the provisions there.