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Debt Relief

Volume 400: debated on Monday 24 February 2003

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To ask the Chancellor of the Exchequer what discussions he has had with developing countries on (a) the future of debt relief and (b) the proposed international finance facility. [98259]

The UK remains at the forefront of the international debate on debt relief and continues to promote the implementation of the Heavily Indebted Poor Countries (HIPC) initiative. The Chancellor discusses debt relief issues in a wide range of international meetings with representatives of developing countries. For example, on 24–26 September 2002 the UK hosted the Commonwealth Finance Ministers meeting that included a Commonwealth HIPC ministerial forum. Debt relief and the HIPC initiative will also be discussed at the forthcoming spring meetings of the IMF and World Bank.On 27 November 2002 the Chancellor announced in his pre-budget report that he had written as Chairman of the International Monetary and Finance Committee to all fellow Finance Ministers, and to the World Bank and United Nations about the international finance facility.On 23 January 2003 the Chancellor and the Secretary of State for International Development published a document on the UK's proposal for the international finance facility. The Chancellor and Secretary of State have written to their counterparts in developing countries enclosing a copy of the proposal document.