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Sterling Balances (Releases)

Volume 486: debated on Tuesday 10 April 1951

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asked the Chancellor of the Exchequer what is the total amount which has been made available by the United Kingdom in the form of releases from the sterling balances, loans, gifts and materials to India, Pakistan, Ceylon, Burma, Malaya, Siam, French Indo-China and Indonesia since 1945.

The amounts to be released from the sterling balances of individual holders since restriction of these accounts began are given in the various published Agreements with the countries concerned. As regards the actual use of sterling balances, the White Paper on the Colombo Plan (Cmd. 8080) states that India, Pakistan and Ceylon drew upon their balances to finance their deficits on current account in the years 1946–49 to the extent of about £340 million. There was no significant drawing on sterling balances by the other countries concerned. Loans and gifts, whether in cash or in kind, to the countries in question since 1945 amounted to some £140 million.