§ 17. Captain Elliotasked 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 1201 of the first drawing; no rate of repayment has been fixed; but will be made out of surpluses earned or reserves.
§ Captain ElliotThe 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. CallaghanThat does not arise out of this Question in any way whatsoever.
§ Mr. Iain MacleodIs 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. CallaghanI 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.