§ 1. Mr. Barnettasked the Chancellor of the Exchequer if he will make a statement on discussions he has had with members of the United States administration on the implementation of the Special Drawing Rights scheme.
§ The Financial Secretary to the Treasury (Mr. Harold Lever)We are in complete agreement with the new United States Administration on the desirability of early ratification and activation of the Special Drawing Rights scheme. On present prospects, ratification should be completed by mid-summer. Thereafter activation can follow as soon as the Fund so decides.
§ Mr. BarnettWill the Government be supporting the reported initiatives of the United States in wanting activation at a minimum of 5,000 million dollars to start with?
§ Mr. LeverI dare say that my hon. Friend in his exuberance made a slip of the tongue in talking of 5,000 billion dollars. This is a slight over-estimation of possibility. The figures canvassed are between 1 billion and 5 billion dollars per annum for the first five years of this scheme. We would naturally support proposals for as large an issue as possible. What the Fund ultimately decides is a matter for it.
§ Mr. Wingfield DigbyHas the hon. Gentleman been assured of the support of the Common Market countries?
§ Mr. LeverThe support of various countries is growing rapidly, and ratification and activation is expected in the manner that I have indicated.