§ Mr. DenhamTo ask the Chancellor of the Exchequer if he will list, for each country receiving debt relief on current Trinidad terms, their projected debt service payments for each of the next three years.
§ Mr. Nelson[holding answer 24 February 1993]: The information requested is not available. The latest generally accepted source of published information on developing country debt (World bank debt tables 1992–93) is based on data collected up to the end of 1991. Since all but two of the 14 Trinidad terms restructurings so far agreed were concluded after the end of 1991, the projected repayments figures do not reflect the reduction in debt service provided by these agreements.
Trinidad terms allow for the equivalent of the cancellation of up to half the eligible debts consolidated under the agreements, and a commitment by creditors to consider the case for a reduction in the whole stock of eligible debt after a period of two to three years' proven financial and economic responsibility, under arrangements monitored by the IMF. In total, about US$ 1.5 billion will be forgiven under the terms of the existing agreements, and more will follow.