Skip to main content

Heavily Indebted Poor Countries

Volume 404: debated on Thursday 8 May 2003

The text on this page has been created from Hansard archive content, it may contain typographical errors.

To ask the Secretary of State for International Development what progress the International Financial Institutions Department within her Department has made on publication of a list of shame of creditors not complying with the HIPC process; and if she will make a statement. [111562]

My Department, together with HM Treasury, has pressed the World Bank and the IMF to take concrete action to secure the full participation of non-Paris Club creditors in the Heavily Indebted Poor Countries (HIPC) Initiative. Several of these, including, both official bilateral creditors and commercial creditors have yet to deliver debt relief. In response to pressure from us the Bank and Fund now include in their HIPC progress reports details of those creditors who have yet to agree to deliver any HIPC relief. For most HIPC countries, the amounts of relief owed to them by non-Paris Club creditors are small, but the potential costs are much higher, in the form of penalty interest and legal fees. The World Bank and IMF staffs have intensified their discussion with non-participating creditors, and Libya, one of the largest such creditors, has now agreed to participate in the Initiative. Discussions continue with the other creditors.