§ Mr. Langasked the Chancellor of the Exchequer what was the total of overseas debt incurred from April 1974 to May 1979; what is the total of annual interest payments thereon; when the debts are due for repayment; what sums have been repaid or renegotiated since May 1979; and if he will make a statement.
§ Mr. LawsonOfficial external borrowing between April 1974 and May 1979 amounted to $24.3 billion. Over the same period loan repayments totalled $7.1 billion, giving a net increase in debt of $17.2 billion. Total interest payments made between April 1974 and May 1979 amounted to $6.4 billion, of which around 90 per cent. can be attributed to loans incurred during that period. The final repayment on these loans is scheduled to be made in 1998.
Between May 1979 and December 1980 gross repayments of $6.8 billion have been made, of which $3.4 billion were made ahead of schedule. Net repayments amounted to $4.2 billion leaving $18 billion outstanding at the end of 1980.