Increased Debt
(Parliamentary Reporter) WELLINGTON, June 16.
The net increase in external debt for 1965-66 was only £l.2m, as £B.6m from overseas borrowing was offset by transfers of securities from London to New Zealand, according to the Budget. The International Monetary Fund provided £25.2m, but none of this was paid into the public accounts.
Mr Lake said that the cost of servicing public debt was rising because of the higher cost of raising capital overseas and the higher interest paid to encourage New Zealand savings.
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Press, Volume CVI, Issue 31088, 17 June 1966, Page 1
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85Increased Debt Press, Volume CVI, Issue 31088, 17 June 1966, Page 1
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