HC Deb 30 July 1965 vol 717 cc193-4W
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 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.

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