§ 16. Ms Christine RussellTo ask the Chancellor of the Exchequer if he will make a statement on the role of the UK in pressing for reductions in third-world debt. [11345]
§ Mr. BoatengThe UK has consistently been at the forefront of the international debate on debt relief for the developing countries. The UK pushed for the Heavily Indebted Poor Countries (HIPC) initiative to be speeded up, and as a result, 23 countries are now receiving debt relief. These countries will receive $54 billion in debt relief, which will reduce their debts to below the developing country average. The UK's 100 per cent. bilateral policy on debt relief means that it stands ready to write off £1.9 billion of debts for all 42 HIPCs. The Chancellor also announced last December that the UK would hold in trust any payments from those HIPCs yet to receive debt relief. We call on other G7 countries to follow our lead.