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Thursday, 29 September 1949

Mr CHIFLEY - As the answer to both the first and second questions is " No ", an answer to the third question is unnecessary. There has been no consultation between the two governments about a joint approach to any fund or bank for a loan. I have no knowledge of any decision having been made by the United Kingdom Government to apply to make drawings from either the International Monetary Fund or the International Bank. Although I indicated in my budget speech that the possibility of obtaining a dollar loan was being considered, no particular proposal had been surveyed or examined in that connexion. The position is still as it was then. No such application has been made by the Australian Government. I do not know whether the United Kingdom Government has yet made any decision about drawings. I have received no indication of the possibility of any joint application. The suggestion was quite fantastic, because the International Monetary Fund has not given thought to allowing drawings on the fund for more than one year. I should imagine that the general rule would be that drawings should be made over a period of years. Australia has not yet made any application for drawings from the International Monetary Fund.

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