HC Deb 29 October 1987 vol 121 cc388-9W
18. Mr. David Nicholson

asked the Chancellor of the Exchequer if he will report recent progress following his debt initiative for the benefit of the poorer countries in sub-Saharan Africa.

Mr. Lawson

There has been wide recognition of the need for special help for the poorest, most heavily indebted countries, particularly in sub-Saharan Africa. Good progress has been made on two of the proposals in my initiative: the United Kingdom has converted aid loans into grants for 13 African countries, and other creditor countries are following suit, and five countries have had their official debts rescheduled over longer than usual periods in the Paris club. I am continuing to press for international action to reduce interest rates on rescheduled official debt.

19. Mr. Skinner

asked the Chancellor of the Exchequer what recent meetings he has had with other Finance Ministers regarding world debt; and if he will make a statement.

Mr. Lilley

Last month my right hon. Friend attended the Commonwealth Finance Ministers' meeting and the meetings of the IMF and World Bank where the Debt problems of some of the developing countries, especially those of the poorest in sub-Saharan Africa, were discussed.

27. Mr. Patrick Thompson

asked the Chancellor of the Exchequer if he will report recent progress following his debt initiative for the benefit of the poorer countries in sub-Saharan Africa.

51. Mr. Wells

asked the Chancellor of the Exchequer if he will report recent progress following his debt initiative for the benefit of the poorer countries in sub-Saharan Africa.

83. Mr. Key

asked the Chancellor of the Exchequer if he will report recent progress following his debt initiative for the benefit of the poorer countries in sub-Saharan Africa.

Mr. Lilley

Considerable progress has been made towards implementing two of the specific proposals that my right hon. Friend the Chancellor made at the April meeting of the Development Committee: The United Kingdom has converted aid loans into grants for 13 African countries; other creditor countries are following suit. Five countries have had their official debts rescheduled over longer than usual periods in the Paris club. We are continuing to press for international action to reduce interest rates on rescheduled official debt.