HC Deb 15 April 1969 vol 781 cc975-6
28. Mr. J. H. Osborn

asked the Chancellor of the Exchequer what was the total overseas indebtedness as at 5th April, 1969; what has been the change since December, 1968; what is the total of interest payments that have now been waived; and what interest repayments and capital repayments are now budgeted for the current year.

Mr. Harold Lever

The total overseas indebtedness at 5th April, 1969, was £3,354 million; a decrease of £141 million since December, 1968. No interest payments have been waived but, since 1956, interest amounting to £93 million has been deferred. The interest payments and capital repayments due in the current financial year are £86 million and £447 million respectively. These sums exclude central bank transactions.

Mr. Osborn

I thank the hon. Gentleman for his interesting reply, but can he say what will be the figure towards the end of this year and can he tell the House what exactly is the difference between "deferring" and "waiving" these payments? When does he propose to make the payments which have been deferred?

Mr. Lever

The House will know of my reluctance to engage in necromancy, so I will not attempt to predict the future. As for the difference between "waiving" and "deferring", I could refer the hon. Gentleman to the Oxford English Dictionary. However, briefly, "waiving" means abandoning the claim. "Deferring" means delaying the point at which it becomes due.