HC Deb 01 July 1999 vol 334 c257W
Mr. Kidney

To ask the Chancellor of the Exchequer if he will review the United Kingdom's policy on the conditions to be attached to future financial contributions towards remedying the financial crises and preventing future ones in(a) Brazil and (b) elsewhere. [87883]

Ms Hewitt

Financial tensions in Brazil have eased significantly, following the IMF-led international financial support package agreed last year. The conditions attached to the UK's contributions to this support package are those of the programme as a whole and the UK Government will continue to play an active role in monitoring Brazil's performance under the programme. Continued adherence under the IMF programme, together with an appropriate contribution from private sector creditors, underpins the BIS co-ordinated credit line, to which the UK has also contributed.

The UK Government have played their part, most recently at the G7 Summit on 18 June, to ensure that future packages to which the UK contributes are as effective as possible. Commitments which were made at the Summit to help achieve this included promoting the involvement of the private sector in crisis resolution; ensuring that the poor and vulnerable are better protected from the burden of adjustment in times of crisis; and greater transparency in the way in which the International Financial Institutions operate.