Written question asked by Andy Reed (Labour) on Wednesday, 25 November 1998, in the House of Commons. It was due for an answer on Thursday, 3 December 1998. It was answered by Patricia Hewitt (Labour) on Thursday, 3 December 1998 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, what restrictions are placed upon the Government's ability to act independently of other creditors to reduce debt owed by developing countries by (i) the European Union, (ii) the Organisation for Economic Co-operation and Development and (iii) other international organisations or agreements.

Answer: Mr. Reed: To ask the Chancellor of the Exchequer what restrictions are placed upon the Government's ability to act independently of other creditors to reduce debt owed by developing countries by (i) the European Union, (ii) the Organisation for Economic Co-operation and Development and (iii) other international organisations or agreements. [61491] Ms Hewitt: The UK is not restricted in acting unilaterally to reduce debt owed by developing countries by either the EU, the OECD or any other international agreements. However, lasting solutions to the problems of heavily indebted poor countries require a multilateral effort. Since the UK holds only a part of the total debt owed by these countries, it cannot by itself reduce their debts to sustainable levels. That is why the UK has been making such efforts in international forums to ensure that all creditors co-operate in giving poor countries a permanent solution to their debt burdens.

Secondary information