§ Lord Juddasked Her Majesty's Government:
Whether, during the United Kingdom presidency of the Council of Ministers, they will encourage Member States to use fiscal and other appropriate mechanisms to encourage European banks to write off commercial debts in developing countries, where appropriate.
The Earl of CaithnessThe Government welcome the steady and significant progress made under the Brady plan, and the UK is financing its share of the IMF and World Bank resources involved. Whether or not to participate in debt reduction schemes is ultimately a matter for the commercial judgement of banks. It is not for Government to dictate to the market either in the UK or elsewhere.