Using Cheap Borrowing for Development
McCartin asked whether Government funds borrowed cheaply could be channelled to agriculture and industry to support development. Dukes said the loans were for Exchequer purposes and that comparable funding would not necessarily be available for those uses at the same rates.
The Minister indicated, in his reply, that this money would not necessarily be available. I was not speaking about money borrowed on behalf of banks or the ACC for lending to farmers, I was speaking about borrowing by the Government for their own purposes. The Minister said that this money would not necessarily be available to industrialists and farmers for development. Would the Minister indicate if he has in mind any means through which money so cheaply borrowed by the Government can be made available to agriculture and industry and which would alleviate many of the problems faced by those sectors?
Comment on this
The moneys we are talking about and which are dealt with in the statement which I am circulating are borrowings carried out for Exchequer purposes. I was concerned to point out that this is sovereign country borrowing, and funding would not necessarily be available at the same rates of interest for the kind of borrowing the Deputy has in mind.