§ 25. Mr. Jayasked the Chancellor of the Exchequer what success has been achieved in enabling Middle East Governments' oil earnings to be lent to the IMF, World Bank or other international institutions for relending to deficit countries.
§ Mr. HealeyThere has been a good deal of progress. Middle East oil producers have made the biggest contribution to the first oil facility in the International Monetary Fund. The World Bank has greatly increased its borrowing from them. Oil-producing countries are contributing to other international efforts, including the United Nations Emergency Measures for the most seriously affected 187W developing countries. The IMF is now working on the proposals I made in September for a second oil facility.