LOAN FOR DEFENCE
(New Zealand Press Association J WELLINGTON. March 8 The Government is negotiating with the United States Im-port-Export Bank for a loan to buy American military equipment.
The Prime Minister (Mr Holyoake) declined tonight to say how much would be borrowed.
“Preliminary approaches were made some months ago for a loan from the ImportExport Bank, an organ of the United States Government," he said. Asked when New Zealand would accept the loan, Mr Holyoake replied: “The answer to that will be influenced by the final shape of the defence review.” The Cabinet is studying the
review. Legislation was passed by the House of Representatives last year to enable the Government to seek a loan from the bank.
Under the 1965 Finance Act, the Minister of Finance is authorised to borrow outside New Zealand on the security of the public revenue such sums of money as he thinks fit for the purchase of defence equipment and ancillary equipment.
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Press, Volume CV, Issue 31004, 9 March 1966, Page 1
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159LOAN FOR DEFENCE Press, Volume CV, Issue 31004, 9 March 1966, Page 1
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