FLOATATION OF GOVERNMENT LOANS SINCE 3RD JUNE, 1959

Mr Ong Chang Sam asked the Minister for Finance since 3rd June, 1959 (i) how many loans have so far been floated by the Government; (ii) what is the amount for each loan; and (iii) what has been done with them.

Mr Byrne (for the Minister for Finance): Sir, since 3rd June, 1959, five loans have been floated by the Government, one for each year from 1959 to1963.

The total amount of loan in respect of the five loans is $247,514,000. The breakdown of this figure is as follows:

In 1959, $40 million was floated under the Development Loan (Local) Ordinance, 1959 (No. 50 of 1959).

In 1960, $30 million under the same Ordinance.

In 1961, $50 million was floated under the Development Loan Ordinance, 1961 (No. 7 of 1961).

In 1962, $60 million under that Ordinance, and in 1963, $67,514,000 under the same Ordinance.

Sir, the funds raised by these loans have been paid into the State Development Fund to finance development projects in the State in accordance with section 5 of the Development Loan (Local) Ordinance, 1959, in respect of those loans floated in 1959 and 1960, and in accordance with section 5 of the Development Loan Ordinance, 1961, in respect of those loans floated in 1961, 1962 and 1963.