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Written question asked by Sarah Olney (Liberal Democrat) on Friday, 5 May 2023, in the House of Commons. It was due for an answer on Tuesday, 9 May 2023. It was answered by Andrew Mitchell (Conservative) on Monday, 15 May 2023 on behalf of the Foreign, Commonwealth and Development Office.

Developing Countries: Debts

Question

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, with reference to the recommendations of the International Development Select Committee in its report entitled Debt relief in low-income countries, HC 146, published on 10 March 2023, if he will hold discussions with the Chancellor of the Exchequer on bringing forward legislative proposals to help ensure private lenders support lower-income countries in crisis by cancelling debt.

Answer

The Foreign Secretary and Chancellor of the Exchequer work closely together on international issues, such as pressing for progress on sovereign debt treatment at the recent International Monetary Fund (IMF)/World Bank Spring Meetings.

The UK, alongside the G20 and Paris Club, expect private creditors to participate in debt restructurings on terms at least as favourably as bilateral (i.e. country) creditors.

The Government is focused on delivering a market-based (contractual) approach to private sector participation, for example recently developing Majority Voting Provisions for private loans.

Secondary information

Type
Written question
Reference
183939
Session
2022-23
Related items
Subjects
Debts Developing countries
Link
View this Written question on www.parliament.uk