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Written question asked by Alex Sobel (Labour) on Thursday, 25 May 2023, in the House of Commons. It was due for an answer on Monday, 5 June 2023. It was answered by Andrew Mitchell (Conservative) on Tuesday, 13 June 2023 on behalf of the Foreign, Commonwealth and Development Office.

Developing Countries: Debts Written Off

Question

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, with reference to the Seventh Report of the International Development Committee, HC 146, published on 28 February 2023, whether his Department plans to introduce legislative proposals to cancel debt in (a) Pakistan and (b) low income countries across the world.

Answer

The UK plays a leadership role in international discussions on developing country debt. Where a country requests debt relief the UK works with its international partners, the G20 and Paris Club, to negotiate a treatment that returns a country to debt sustainability, and presses for this to be swift.

The UK, alongside international partners, expect private creditors to participate in debt restructurings on terms at least as favourable as bilateral (i.e. country) creditors.

At this time, 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
186930
Session
2022-23
Related items
Developing Countries: Debts Written Off
Thursday, 29 February 2024
Written questions
House of Commons
Subjects
Developing countries Debts written off Pakistan
Link
View this Written question on www.parliament.uk