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Foreign Loans

Volume 973: debated on Thursday 8 November 1979

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45.

asked the Chancellor of the Exchequer what was the total sum raised in foreign loans in the five years prior to 3 May and the interest payable yearly on the loans at that date.

Over the five years to 3 May 1979, total gross foreign currency borrowing amounted to $26,133 million. Repayments of $7,687 million were made during the same period, leaving $23,421 million of foreign currency debt outstanding on 3 May 1979. Interest on the outstanding debt at that date amounted to $2,175 million per annum. Interest on the loans drawn down in the five years prior to 3 May could be calculated only at a disproportionate cost of time and resources.