Written question asked by Barry Gardiner (Labour) on Thursday, 8 May 2003, in the House of Commons. It was due for an answer on Thursday, 15 May 2003. It was answered by John Healey (Labour) on Thursday, 15 May 2003 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, what progress the World Bank and the IMF have made in developing a HIPC-to-HIPC trust fund.

Answer: Mr. Gardiner: To ask the Chancellor of the Exchequer what progress the World Bank and the IMF have made in developing a HIPC-to-HIPC trust fund. [112919] John Healey: At the Spring meetings of the World Bank and the IMF the Development Committee welcomed the recent paper by the Bank and the Fund that reviewed the difficult issues of creditor participation, including HIPC-to-HIPC debt relief and creditor litigation and welcomed the decision by the Bank to explore options to assist with HIPC-to-HIPC debt. Where HIPCs find it difficult to deliver full HIPC relief due to financial constraints, one option would be a donor-financed trust fund to resolve these claims. The UK believes it is worth exploring this option further and will continue to work with the Bank and Fund to examine it in more detail.

Secondary information

Type: Written question
Reference: 112919; 405 c378W;405 c377W
Session: 2002-03
Subjects: Debts Developing countries Debts written off Heavily indebted poor countries initiative International Monetary Fund World Bank
Link: View this Written question on www.publications.parliament.uk