Written question asked by Andrew Dismore (Labour) on Thursday, 11 November 2004, in the House of Commons. It was due for an answer on Wednesday, 17 November 2004. It was answered by Stephen Timms (Labour) on Wednesday, 17 November 2004 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, which countries have had 100 per cent. of debt to the UK written off. - Inc figures and ref to ECGD website.

Answer: Mr. Dismore: To ask the Chancellor of the Exchequer which countries have had 100 per cent. of debt to the UK written off. [198408] Mr. Timms: The UK is committed to provide 100 per cent. debt relief for all 42 HIPCs to support a sustainable exit from debt. This is done by writing off or holding in trust their debts. Under the Enhanced HIPC Initiative, at Completion Point the UK offers 100 per cent. stock relief on all bilateral debt owed by eligible HIPCs. 15 countries have reached Completion Point, receiving a total debt write-off of £989 million from the UK. A further 12 have reached Decision Point and will receive 100 per cent. flow relief until such time as they reach Completion Point. The UK's hold-in-trust policy means that any debt service payments received from indebted countries yet to enter the Initiative will be returned to the countries once they reach Decision Point. The UK will not benefit financially from their payments. Details of debt forgiveness by the UK through the Export Credit Guarantee Department (ECGD) can be found at: http://www.ecgd.gov.uk/index/susdev home/ susdev debt.htm

Secondary information