§ Mr. Wardasked the Secretary of State for Trade and Industry whether he intends to make any new arrangements to facilitate the restructuring, in accordance with Paris club or other similar international agreements, of credits guaranteed by the Export Credits Guarantee Department.
§ Mr. ChannonIn order to facilitate the restructuring, in accordance with the terms of Paris club or other, 557W similar, inter-governmental agreements, of commercial credits granted by United Kingdom suppliers and banks and guaranteed by the Export Credits Guarantee Department, I intend to use the powers contained in section 2(1) of the Export Guarantees and Overseas Investment Act 1978 to give guarantees in the national interest for the purpose of rendering economic assistance to countries outside the United Kingdom. The Export Credits Guarantee Department will give such new guarantees as may be necessary to implement such international debt restructuring agreements. The use of these powers in the circumstances I have described will assist the orderly repayment of debts owed to the United Kingdom.