§ Sir C. Osborneasked the Chancellor of the Exchequer why he decided on 19th June, 1968, to draw $ 1,400 million, £ 583 million, from the International Monetary Fund, thus drawing the full amount under the standby arrangements made last November; what factors in the country's economy have necessitated this step; when the money is repayable; and what arrangements he has made for its repayment.
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§ Mr. Roy JenkinsThe purpose of the drawing is to reorganise the United Kingdom's debt arrangements. The $ 1,400 million has been used to repay short-term debt to Central Banks, thus reconstituting short-term borrowing facilities by the same amount. In particular, the $ 2 billion swap line with the F.R.B. has been entirely reconstituted and is available to us in full. Since repayment of the I.M.F. drawing is due in three years, the effect of the transaction is to lengthen to three years the period over which $ 1,400 million of our existing debt has to be repaid.