HC Deb 12 July 1966 vol 731 cc1200-1
17. Captain Elliot

asked the Chancellor of the Exchequer what is the total amount owed by the British Government to the International Monetary Fund; when repayment starts; at what rate it is made; and how the money to repay the debt is to be raised.

Mr. Callaghan

£901 million since reduced by other countries drawings to £868 million; December, 1967 in respect of the first drawing; no rate of repayment has been fixed; but will be made out of surpluses earned or reserves.

Captain Elliot

The Government are now in process of selling up the nation's capital assets in the United States. Are the proceeds to be used to repay this debt?

Mr. Callaghan

That does not arise out of this Question in any way whatsoever.

Mr. Iain Macleod

Is the Chancellor still as confident as he was a month or so ago that we may be able—and this, of course, was welcome—to make repayments at or even before the first date?

Mr. Callaghan

I would certainly hope that we could begin to do so. Indeed, we have already made a start, because other nations are already drawing down sums that are owing.

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