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To ask the Minister of State, Foreign, Commonwealth and Development Office, with reference to the oral contribution of the Secretary of State for Foreign, Commonwealth and Development Affairs of 12 March 2024, Lords Official Report, column 1910, If he will publish a summary of Treasury advice received by his Department...
To ask the Minister of State, Foreign, Commonwealth and Development Office, with reference to the oral contribution of the Secretary of State for Foreign, Commonwealth and Development Affairs of 12 March 2024, Lords Official Report, column 1910, If he will publish a summary of Treasury advice received by his Department...
The Government recognises the importance of private sector lending to low-income countries. The UK, alongside international partners, expects 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 in debt restructuring, which the IMF have found to be largely effective in recent years. As part of this, the UK has led the development of Majority Voting Provisions for private syndicated loans. We engage regularly with the Treasury on this issue.
The Government recently set out our commitments on developing country debt in our international development White Paper.
The Government recently set out our commitments on developing country debt in our international development White Paper.
Whether he has had recent discussions with his international counterparts on a strategy to reduce debt in the developing world.
The hon. Lady is right to point to the considerable difficulties that countries are finding. Some 15% of low-income countries are in debt distress, and 45% are at higher risk of that. The African Development Bank says that debt repayments in 2024 are likely to be six times the level of 2021. That is why Britain is working with other creditors to secure debt restructurings, most often through the G20 common framework, but also through the Paris Club.
The hon. Lady is right to point to the considerable difficulties that countries are finding. Some 15% of low-income countries are in debt distress, and 45% are at higher risk of that. The African Development Bank says that debt repayments in 2024 are likely to be six times the level of 2021. That is why Britain is working with other creditors to secure debt restructurings, most often through the G20 common framework, but also through the Paris Club.
The main mechanism to tackle the debt crisis, the common framework for debt treatment, is failing due to the low level of participation by private creditors who own around 40% of low-income country debt. Does the Minister agree that there is strategic need for the United Kingdom to take debt reduction seriously and change its approach, given the crisis in Africa and the growing role of China and Russia in the developing world?
Whether he has had recent discussions with his international counterparts on a strategy to reduce debt in the developing world.
Whether he has had recent discussions with his international counterparts on a strategy to reduce debt in the developing world.
The Government recently set out our commitments on developing country debt in our international development White Paper.
To ask the Minister of State, Foreign, Commonwealth and Development Office, what recent assessment he has made of the potential implications for his policies of Zambia's debt situation.
To ask the Minister of State, Foreign, Commonwealth and Development Office, what recent assessment he has made of the potential implications for his policies of Zambia's debt situation.
The UK is committed to supporting Zambia's economic recovery. We welcome the deal between the Government of Zambia and the Official Creditor Committee, which represents significant progress in Zambia's path to debt sustainability. While the Common Framework for debt treatment has been a major step forward, it has taken too long for Zambia to get to this point. That is why in the recently published International Development White Paper, the UK government has committed to working to strengthen the international debt architecture to enhance its co-ordination, predictability and timeliness.
Mr Deputy Speaker, since my statement to the House on 18 July, the Government have consulted extensively to secure evidence and ideas on international development that will transform our world. I pay tribute to the team of 15 officials who have worked night and day and most of their weekends...
Mr Deputy Speaker, since my statement to the House on 18 July, the Government have consulted extensively to secure evidence and ideas on international development that will transform our world. I pay tribute to the team of 15 officials who have worked night and day and most of their weekends...
I thank the hon. Lady for her co-operation and her kind personal remarks. She will know that, in order to get buy-in from our friends and experts around the world and from the civil service, the White Paper needed to run to 2030. In the unlikely event that my party...
I thank the hon. Lady for her co-operation and her kind personal remarks. She will know that, in order to get buy-in from our friends and experts around the world and from the civil service, the White Paper needed to run to 2030. In the unlikely event that my party...
My right hon. Friend knows a great deal about this area from his past ministerial posts, and he is absolutely right. The key trick is to secure the status money, whether provided by the multilateral banks or the development finance institutions, and to marry it with the private sector and...
My right hon. Friend knows a great deal about this area from his past ministerial posts, and he is absolutely right. The key trick is to secure the status money, whether provided by the multilateral banks or the development finance institutions, and to marry it with the private sector and...
I thank the hon. Lady for her party’s collaboration and for the tone and content of what she said. She mentioned that the 0.7% figure does not feature extensively in the White Paper, but the White Paper is about doing development in a different way. We are ratcheting in, through...
I thank the hon. Lady for her party’s collaboration and for the tone and content of what she said. She mentioned that the 0.7% figure does not feature extensively in the White Paper, but the White Paper is about doing development in a different way. We are ratcheting in, through...
My right hon. Friend is right on that, and of course he was one of the 26 Conservative Members who voted not to cut the 0.7%. I hope that he will be energised by the alternative means we have found—the multipliers to ratchet in enormous amounts of money. He is...
My right hon. Friend is right on that, and of course he was one of the 26 Conservative Members who voted not to cut the 0.7%. I hope that he will be energised by the alternative means we have found—the multipliers to ratchet in enormous amounts of money. He is...
If the right hon. Gentleman reads with care the chapter to which he referred, he will see that it is one of the most brilliant chapters in it—that is my biased opinion. The reason for that is that we have in Washington an extraordinary team of young and brilliant officials...
If the right hon. Gentleman reads with care the chapter to which he referred, he will see that it is one of the most brilliant chapters in it—that is my biased opinion. The reason for that is that we have in Washington an extraordinary team of young and brilliant officials...
I thank my right hon. Friend for the tremendous contribution she has made on the matters she is addressing. Chapter 5 directly addresses tackling climate change and biodiversity loss, and delivering economic transformation, and I am glad it has her approval. Chapter 3 deals with mobilising the money and what...
I thank my right hon. Friend for the tremendous contribution she has made on the matters she is addressing. Chapter 5 directly addresses tackling climate change and biodiversity loss, and delivering economic transformation, and I am glad it has her approval. Chapter 3 deals with mobilising the money and what...
I thank the Chair of the International Development Committee and, through her, all of its members, who bring their expertise and enthusiasm to this subject with eloquence and skill. She mentions the importance of debt relief and localism, and she is absolutely right on that. She also mentions the work...
I thank the Chair of the International Development Committee and, through her, all of its members, who bring their expertise and enthusiasm to this subject with eloquence and skill. She mentions the importance of debt relief and localism, and she is absolutely right on that. She also mentions the work...
My right hon. Friend makes a very interesting point about the Commonwealth Heads of Government meeting in Samoa next year; I will take that away and see what we can do on the matter. Gender-based violence, for the reasons she has often said, is central to what we are doing....
My right hon. Friend makes a very interesting point about the Commonwealth Heads of Government meeting in Samoa next year; I will take that away and see what we can do on the matter. Gender-based violence, for the reasons she has often said, is central to what we are doing....
On the hon. Gentleman’s last point about loss and damage, I set out the position of the Government. Some progress was made against expectations a couple of weekends ago. Expanding the pool from which the money comes—the payers—perhaps in the way he suggests and trying to find a deeper pool...
On the hon. Gentleman’s last point about loss and damage, I set out the position of the Government. Some progress was made against expectations a couple of weekends ago. Expanding the pool from which the money comes—the payers—perhaps in the way he suggests and trying to find a deeper pool...
I thank my right hon. Friend for his comments about the importance of nature and biodiversity, which are very prominent in the White Paper. He asks how civil society can access support. The section of the White Paper about the new platform, UKDev, which I hope he will read with...
I thank my right hon. Friend for his comments about the importance of nature and biodiversity, which are very prominent in the White Paper. He asks how civil society can access support. The section of the White Paper about the new platform, UKDev, which I hope he will read with...
I think the D is a good deal less silent than it was. I thank the hon. Lady for what she has said. On the immediate return of the money, she is right; that is the stated policy of the Government and, I think, of the official Opposition. On restoring...
I think the D is a good deal less silent than it was. I thank the hon. Lady for what she has said. On the immediate return of the money, she is right; that is the stated policy of the Government and, I think, of the official Opposition. On restoring...
I am very glad that my hon. Friend—who is, after all, the Government’s envoy on these matters—has already read the White Paper so assiduously. She will, as she said, have noted that there is a clear commitment to
do what she sets out, and I have every confidence that working...
I am very glad that my hon. Friend—who is, after all, the Government’s envoy on these matters—has already read the White Paper so assiduously. She will, as she said, have noted that there is a clear commitment to
do what she sets out, and I have every confidence that working...
I think everyone is praying that a peace process will start as soon as possible. We need to get a political track, and as the hon. Lady will know, we are pressing for humanitarian pauses to achieve what she wants us to achieve. I provided a statement to the House...
I think everyone is praying that a peace process will start as soon as possible. We need to get a political track, and as the hon. Lady will know, we are pressing for humanitarian pauses to achieve what she wants us to achieve. I provided a statement to the House...
My hon. Friend is absolutely right about the importance of AMR, and we certainly aspire to be a global leader in that area. As he knows, I spoke about AMR when I was in New York earlier this year, and we are guided specifically by Sally Davies, the master of...
My hon. Friend is absolutely right about the importance of AMR, and we certainly aspire to be a global leader in that area. As he knows, I spoke about AMR when I was in New York earlier this year, and we are guided specifically by Sally Davies, the master of...