§ Sir C. Osborne
asked the Chancellor of the Exchequer if the recent borrowings of £950 million from the International Monetary Fund and Central Banks are in terms of gold, dollars and other hard currencies; if they are repayable in those currencies; if he will take still harsher action to restrict home consumption so as to avoid devaluation of sterling which 194W would increase the burden of repayment of these loans; and if he will make a statement.
§ Mr. Callaghan
The drawings on the International Monetary Fund and the parallel Swiss loan, amount together to £900 million, and are repayable in convertible non-sterling currencies. The second part of the Question does not arise.