§ Sir G. Sinclairasked the Minister of Overseas Development whether discussions have yet been held with the Government of Ghana to settle the amount and terms of Great Britain's aid for Ghana for 1967; and if he will make a statement.
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§ Mr. BottomleyYes. Following the meeting held in Paris last April under the ægis of the International Monetary Fund, Her Majesty's Government has offered the Ghana Government a £4 million loan for the purchase of British goods and services in 1967. This was announced in the Press on the 25th May. Disbursements will be charged to the Overseas Aid (Bilateral) Vote.
The loan will have a maturity of 25 years. It will bear interest at the Exchequer lending rate current at the time of each drawing for loans of a comparable period. There will be a seven-year waiver of interest and a five-year grace period on capital repayments.