§ Sir R. Robinsonasked the Secretary of State for the Colonies what arrangements are proposed for the provision of financial assistance to British Guiana.
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§ Mr. Lennox-BoydI explained in my Written Reply to my hon. Friend on Friday the 18th July why Her Majesty's Government had agreed, subject to the provision of funds by Parliament, to lend British Guiana up to a maximum of £5.5 million during 1958 and 1959. Until a few months ago, it was expected that British Guiana's requirements in excess of her own resources and her allocation under the Colonial Development and Welfare Acts, to meet expenditure under the development programme could be met by raising external loans on the London market, but for reasons outside the control of H.M.G. it is clear that this is no longer the case.
In the light of these circumstances, a Supplementary Estimate to provide general financial assistance to British Guiana by way of loan will be laid before the House in due course. In the meantime, advances will be made from the Civil Contingencies Fund.