§ Mr. William Powellasked the Secretary of State for Foreign and Commonwealth Affairs what pledge of aid the United Kingdom made at the meeting of the World Bank consultative group on Zambia held on 22 to 24 May.
§ Mr. RaisonIn support of the measures undertaken by the International Monetary Fund we have offered to provide a loan of £5.5 million for the purchase of British spares and raw materials to maintain productive activities in Zambia. Priority will be given to agriculture and to the needs of the private sector.
The loan will be made in two instalments, and the administrative procedures will be similar to those in respect of the loan for £4.5 million which we made available last year. After a grace period of seven years, the loan will be repayable over 18 years at 2 per cent. interest.