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Pakistan (Sterling Balances)

Volume 478: debated on Friday 20 October 1950

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asked the Chancellor of the Exchequer whether he has any statement to make about the recent conversations of the Minister of State for Economic Affairs with the Finance Minister of Pakistan.

In the course of these conversations the opportunity was taken to review the arrangements agreed between the two Governments on 27th July last (see Command Paper 8008) regarding drawings on Pakistan's sterling balances during the year ending 30th June, 1951. In that agreement it was contemplated that supplementary transfers might be found to be necessary by the end of September, 1950, for the purpose of meeting Pakistan's requirements for foreign exchange. It has now been agreed that additional transfers of £2½ million may be made to cover Pakistan's requirements up to the end of December, 1950, when the matter will again be reviewed between the two Governments.