HC Deb 15 December 1970 vol 808 cc1096-7
12. Mrs. Sally Oppenheim

asked the Chancellor of the Exchequer what recent consultations he has held with officials of the International Monetary Fund in regard to future issues of special drawing rights.

Mr. Barber

None, Sir.

Mrs. Oppenheim

Does my right hon. Friend regard the basis of the distribution of special drawing rights as satisfactory, particularly from the point of view of less-developed countries?

Mr. Barber

This was one matter that was discussed by the Commonwealth Finance Ministers and myself at our recent conference. The proposal to link special drawing rights with aid is a very important question. As my hon. Friend will know, the executive directors of the International Monetary Fund are considering a possible study of this matter.

Mr. Roy Jenkins

Is the Government's attitude still in favour of the so-called link clause between special drawing rights and development aid?

Mr. Barber

The point I made to my colleagues from the Commonwealth, which is the view of Her Majesty's Government, is that this is something that is well worth studying. On the other hand, there are difficulties, and we had better wait and see what the I.M.F. executive directors do, in the light of the clear statement I have made and also in the light of the views of the other executive directors.

Mr. Roy Jenkins

At the Stockholm Conference, for instance, leading to the activation of S.D.R.s, the attitude of the British Government was firmly in favour of the link clause if we could get one. Has there been any change in the attitude of the Government since then?

Mr. Barber

We are certainly not opposed in principle to the idea, if that is what the right hon. Gentleman means.