HC Deb 14 October 1976 vol 917 cc178-9W
18. Mr. Marten

asked the Chancellor of the Exchequer when he next proposes to visit the IMF.

29. Mr. Crawford

asked the Chancellor of the Exchequer when he next proposes to meet the Chairman of the International Monetary Fund.

Mr. Healey

I have at present no plans to do so.

21. Mr. Skinner

asked the Chancellor of the Exchequer what steps he has taken to negotiate further loans from the International Monetary Fund.

Mr. Healey

I announced on 29th September that I had informed the Managing Director of the International Monetary Fund of my intention to apply for a standby which would make available the United Kingdom's remaining credit tranches in the fund.

Mr. Macfarlane

asked the Chancellor of the Exchequer if he will list the dates in 1974, 1975 and 1976 and the amounts of money borrowed from the IMF; and what were the interest rates for each year.

Mr. Denzil Davies

No drawings were made by the United Kingdom in 1974 or 1975. In January 1976 the United Kingdow drew the remaining portion, £174 million of the gold tranche, the rest of which had been drawn in 1972. At the same time a drawing of £573 million from the 1975 IMF oil facility was also made. In May 1976, £473 million was drawn from the first credit tranche. Table 11.5 of Financial Statistics gives full details.

The rate of interest payable on the oil facility drawing is 7⅝ per cent. per annum for the first three years, 7¾, per cent. for the fourth year and 7⅞ per cent. for the next three years. The rate of interest on credit tranche drawings is 4 per cent. for the first year and rises by ½ per cent, to a maximum of 6 per cent. No interest is payable on gold tranche drawings.