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Ussr (Loan)

Volume 887: debated on Tuesday 4 March 1975

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asked the Secretary of State for Trade if the long-term credit facilities of up to £950 million that he has agreed to grant the USSR will necessitate increased borrowing by the United Kingdom from the Arab or other overseas countries in order to service the obligation.

The need for borrowing arises from our balance of payments difficulties. The Anglo-Soviet Credit Agreement which is designed to increase the level of trade between the Soviet Union and the United Kingdom should help to alleviate the situation.