HC Deb 05 July 1949 vol 466 c1963
55. Colonel Crosthwaite-Eyre

asked 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. Cripps

Three 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-Eyre

Can 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. Cripps

If the hon. and gallant Member will look at the original Articles of the Fund, he will find the provisions there.