§ Mr. Alison
asked the Chancellor of the Exchequer by what terminal dates, and by what quantitative stages, must the two International Monetary Fund loans, each of $1,400 million, made to the United Kingdom in May, 1965 and November, 1967, be repaid; to what extent repayment stages will overlap; and what rate of interest is payable.
§ Mr. Roy Jenkins
The repayment schedule in respect of the 1965 drawing was announced last May. A first instalment of $100 million was repaid in August and a second instalment of the same amount will follow this month. The remainder is to be repaid in six quarterly instalments beginning in February, 1969, and ending in May, 1970. No drawing was made under the standby of November, 1967 until June, 1968 and repayment of that drawing is due by June, 1971.
Charges for I.M.F. drawings vary according to the total amount borrowed and the length of time for which it is held. We are currently paying charges at rates varying between 2½ and 4½ per cent.