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Debts: Developing Countries

Volume 505: debated on Wednesday 3 February 2010

To ask the Chancellor of the Exchequer what recent discussions he has had with his G8 counterparts to discuss progress towards reducing the debts of developing countries; and if he will make a statement. (315200)

The Government have regular conversations with their G8 partners on a range of subjects: including development. Good progress is being made to deliver debt relief to the world’s poorest countries through the internationally agreed heavily indebted poor countries (HIPC) initiative and the multilateral debt relief initiative (MDRI). 35 out of 40 eligible countries are now receiving debt relief worth $117 billion, freeing up resources for poverty reduction. Of these, 28 have completed the HIPC initiative and received irrevocable debt cancellation, including Haiti, Central African Republic, Afghanistan, Republic of Congo and Burundi in the past year.