DEVELOPMENT LOAN BILL

Order for Second Reading read.

The Minister for Finance (Mr Hon Sui Sen): Mr Speaker, Sir, I beg to move, "That the Bill be now read a Second time."

The Development Loan Act, 1974, which came into operation in November 1974 authorised a sum of $5,000 million to be raised by way of loans for the purposes of the Development Fund. So far, loans totalling $4,200 million have been raised under the Act, leaving a balance of only $800 million.

It is estimated that, in order to meet the needs of development financing over the next four years, new loans amounting to $6,000 million will have to be raised in addition to the $800 million that can still be raised under the Development Loan Act, 1974. It is therefore necessary to enact fresh legislation to empower the Government to raise this amount.

The Bill follows very closely the provisions of the Development Loan Act, 1974. The maximum amount of loans that can be raised under the Bill is $6,000 million.

Sir, I beg to move,

Question put, and agreed to.

Bill accordingly read a Second time and committed to a Committee of the whole House.

The House immediately resolved itself into a Committee on the Bill. - [Mr Hon Sui Sen].

Bill considered in Committee.

[Mr Speaker in the Chair]

Clause 1 -

The Chairman: The citation year will be altered from "1977" to "1978".

Clause 1 ordered to stand part of the Bill.

Clauses 2 to 17 inclusive ordered to stand part of the Bill.

The Schedule ordered to stand part of the Bill.

Bill reported without amendment; read a Third time and passed.