§ Mr. HoyleTo ask the Secretary of State for International Development what progress has been made on Belize's application for relief under the Commonwealth Debt Initiative; and if she will make a statement. [144117]
§ Clare ShortThe Commonwealth Debt Initiative announced in 1997 offers relief on old aid debts to poorer Commonwealth countries, provided they are committed to the international development targets, are actively pursuing sound economic policies that benefit the poor, are promoting responsive and accountable government which encourages transparency, and are bearing down on corruption.
In assessing Belize's eligibility for debt relief, the UK and Belize Governments have jointly commissioned a study from KPMG to review the regulation of off-shore financial services and the effect of tax exemptions on pro-poor programmes.
The two Governments have written to KPMG to confirm that the study should cover the issue of Public Investment Companies. When the study has been completed, and discussed with the Government of Belize, a decision will be made on Belize's eligibility for debt relief.