§ Mr. Torneyasked the Chancellor of the Exchequer whether he has received IMF approval of recent United Kingdom applications for borrowing; and if he will now publish the letters of application and memorandum which he sent to the fund.
§ Mr. HealeyThe IMF approved both applications on Wednesday 31st December. The Government will be drawing on the oil facility in the agreed amount of SDR 1,000 million—about £575 million—shortly, and the first credit tranche of SDR 700 million—about £400 million—will be available on a stand-by basis for use as and when it is needed. I am lodging in the Library copies of both the letter of application for the oil facility drawing and the letter of application for the first credit tranche, the text of which served also in place of the customary oil facility memorandum.