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Millennium Development Goals

Volume 409: debated on Friday 18 July 2003

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To ask the Minister of State, Department for International Development whether the Government support the linking of levels of debt servicing by developing countries to the achievement of the millennium development goals. [126261]

The UK Government agree that heavily indebted poor countries (HIPC) must receive the resources they need to finance their Poverty Reduction Strategies. In calculating their levels of debt sustainability, account should be taken of this. But debt relief alone cannot deliver the resources needed to meet the Millennium Development Goals (MDGs). Deeper debt relief to HIPC countries would not significantly increase the net amount of development finance available, as this would have to come mainly from the multilateral development institutions since most bilateral debt has already been written off. We therefore support debt relief which is deep enough to ensure debt sustainability, while recognising that additional donor resources are needed to enable HIPC countries to meet the MDGs.