HC Deb 21 December 1967 vol 756 c1455
8. Mr. Wall

asked the Minister of Overseas Development if he will make a statement on the effect of devaluation of the £ sterling on the 400,000 acre re settlement scheme in Kenya.

The Parliamentary Secretary to the Ministry of Overseas Development (Mr. Albert E. Oram)

It is too early to say what effect, if any, devaluation will have on this scheme, but I have no reason to suppose at this stage that the scheme will not be satisfactorily completed.

Mr. Wall

Will not the amount of land to be purchased have to be reduced or the grant increased? Can the right hon. Gentleman at least assure us that the valuation, which in some cases has been 15 per cent., will not be further reduced because of devaluation?

Mr. Oram

The British Government and the Kenya Government are both committed, as the hon. Gentleman knows, to compensation expressed in East African shillings. The more general question of whether the amount of the loan will be adequate or whether there should be an increase is one aspect of the general review about which my right hon. Friend has been answering Questions.