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 there has been on organising an international conference on innovative mechanisms for providing debt relief, as advocated by the HIPC ministerial network.

Answer: Mr. Gardiner: To ask the Chancellor of the Exchequer what progress there has been on organising an international conference on innovative mechanisms for providing debt relief, as advocated by the HIPC ministerial network. [112921] John Healey: The Chancellor has proposed an International Finance Facility (IFF) that would seek to double the amount of development aid from just over US$50 billion a year today to $100 billion per year in the years to 2015. The IFF could also be used to help fund further debt relief for existing debts, which for some poor and indebted countries is a valuable instrument to help achieve the Millennium Development Goals. At their eighth meeting in Kigali, Rwanda on 28-29 April 2003 36 HIPC Finance Ministers endorsed the UK proposal for an International Finance Facility, and urged that its funding should be fully additional and channelled to grants. The UK is promoting the IFF through a range of international fora and the communique« from the April 2003 G7 Finance Ministers' meeting agreed they would continue to focus on the Millennium Development goals and their financing, including facilities, with a view to progress by the Evian Summit.

Secondary information

Type: Written question
Reference: 112921; 405 c378-9W;405 c377W
Session: 2002-03
Subjects: Debts Developing countries Development aid Debts written off Heavily indebted poor countries initiative Conferences
Link: View this Written question on www.publications.parliament.uk