Debt Reduction

HC Deb 03 June 1998 vol 313 cc230-1W

1. Dr. Palmer

To ask the Secretary of State for International Development if she will make a statement on the steps to be taken in reducing the debt of poor countries, following the G8 meeting. [42496]

9. Sir Sydney Chapman

To ask the Secretary of State for International Development what progress she expects to be made in the reduction of debt among the poorest countries in the next 18 months. [42506]

Clare Short

At the G8 Summit in Birmingham on 15–17 May, we made useful progress in speeding up the implementation of the Heavily Indebted Poor Countries Initiative (HIPC). The Communiqué set out the objective of getting all eligible countries, likely to be about 20 in number, into the process by 2000. This constitutes a significant step towards meeting the Government's Mauritius Mandate which aims for at least three quarters of eligible countries to have received debt relief within the next few years. And following a British initiative, the Summit also agreed on the need to look at ways of providing more and earlier debt relief, to help heavily indebted post-conflict countries. We will be pressing in all appropriate fora for the implementation of these targets.

11. Mr. Wareing

To ask the Secretary of State for International Development what recent discussions she has had with the International Monetary Fund in respect of third world countries' indebtedness; and if she will make a statement. [42508]

Clare Short

Together with my right hon. Friend the Chancellor of the Exchequer, I most recently discussed developing country debt with the Managing Director of the IMF in Washington in mid-April. Despite the progress that has been made in implementing the Heavily Indebted Poor Countries Initiative, we agreed that more must be done, and that we should look at ways for speeding the process up.

24. Dr. Starkey

To ask the Secretary of State for International Development what progress is being made on expanding the scope of international debt reduction programmes. [42521]

Clare Short

At last month's G8 Summit in Birmingham, leaders agreed to support the speedy and determined extension of debt relief under the Heavily Indebted Poor Countries' (HIPC) debt Initiative. Following a British proposal, leaders also agreed on the need to look at ways for providing more and earlier debt relief to help post-conflict countries. We shall be pressing for this work to be taken forward urgently. As a first step, at the donors' meeting in Stockholm earlier this week, we announced a significant contribution to the multi-donor Debt Trust Fund for Rwanda.

25. Mr. Ian Stewart

To ask the Secretary of State for International Development what further actions her Department intends to take to reduce the debt burden of the world's poorest and most indebted countries. [42522]

Clare Short

We shall continue to press for the speedy and determined implementation of the Heavily Indebted Poor Countries debt Initiative, and for the urgent consideration of ways to provide earlier and more debt relief for post conflict countries. As a first step, at the donors' meeting in Stockholm earlier this week, we announced a significant contribution to the multi-donor Debt Trust Fund for Rwanda.