§ Sir Frederic Bennettasked the Chancellor of the Exchequer what is now the total indebtedness of the Union of Soviet Socialist Republics and the members of the COMECON, listed separately and in United States $ terms, as the result of medium- and long-term credits granted to them since 1st August 1975 by major Western creditor countries generally and specifically by the United Kingdom.
§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 28th March 1977; Vol. 929, c. 38–9], gave the following information:
The estimated total indebtedness, including short-term trade finance, in convertible currencies, increased in the period from August 1975 to the end of 1976 as follows:
$ billion Total UK only Bulgaria 0.5 0.2 Czechoslovakia 0.5 0.1 German Democratic Republic 1.5 0.3 Hungary 1.1 0.3 Poland 2.8 0.2 Romania 0.3 — USSR 7.0 1.4 13.7 2.5 On average, perhaps about half of these individual country totals may be accounted for by medium-and long-term credit.
§ Sir Frederic Bennettasked the Chancellor of the Exchequer what proportion of the total indebtedness of COMECON to the United Kingdom that has accrued since February 1974 was calculated in sterling for repayment purposes; what has been the average rate of interest on these loans and their average duration terms capital before redemption; what was the relevant exchange rate of sterling vis-à-vis the rouble at that time; and what is the comparable rate today.
§ Mr. Robert Sheldon, pursuant to his reply [Official Report, 28th March 1977; Vol. 929, c. 38–9], gave the following information:
114WIt is estimated that nearly 20 per cent. was calculated in sterling for repayment purposes. Information is not available from which to calculate the average interest rate and, the period of the loans. The exchange rate was 1.72 roubles to the pound in February 1974 compared with 1.27 roubles today.