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International Finance Facility

Volume 405: debated on Thursday 22 May 2003

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To ask the Chancellor of the Exchequer (1) what discussions his Department has had with the relevant finance and development departments of other donor countries regarding the proposed International Finance Facility; and if he will make a statement; [114665](2) what his Department's spending predictions are for

(a) overseas aid after 2015 and (b) the International Finance Facility; and if he will make a statement; [114664]

(3) what assessment he has made of the financial risks associated with the proposed International Finance Facility; how he plans to minimise them; and if he will make a statement; [114669]

(4) what percentage of the funds from the proposed International Finance Facility will be given as (a) grants and (b) loans; and if he will make a statement; [114667]

(5) what contingency plans his Department has in conjunction with the Department for International Development in the event that the required number of donors for the proposed International Finance Facility reaches 50 per cent. or less of the target; and if he will make a statement; [114666]

(6) what criteria will be used to decide which countries will receive aid from the proposed International Finance Facility; and if he will make a statement. [114668]

The UK Government continue to press the urgent case for an International Finance Facility to raise the additional finance needed to meet the Millennium Development Goals by 2015 in all relevant national and international fora.The UK Government are committed to the UN 0.7 per cent. ODA/GNI ratio target. The UK will reach an ODA/GNI ratio of 0.4 per cent. in 2005–06 from a level of 0.26 per cent. in 1997 and 0.33 per cent. in 2003–04.Further details of the IFF proposal, including its proposed structure, can be found in the IFF proposal document published in January 2003 and an accompanying technical note published in February 2003. Both these documents are available in the Library of the House and on the Treasury website at http:// www.hm-treasury.gov.uk/IFF.