HC Deb 12 November 2001 vol 374 c515W
Adam Price

To ask the Secretary of State for Foreign and Commonwealth Affairs if it is his policy to support the demands of the Serbian Government to write-off two thirds of the country's foreign debt. [13105]

Mr. Boateng

I have been asked to reply.

The UK Government strongly support the impressive economic reform efforts of the Federal Republic of Yugoslavia (FRY). As a result the UK will be seeking an agreement in the forthcoming negotiations between the FRY and its Paris Club creditors beginning on 13 November that reduces FRY' s debt to sustainable levels. On the basis of current IMF projects HMG will advocate debt reduction by official creditors of 75 per cent. Consistent with our policy towards other recipients of debt reduction, any deal should be designed to provide the incentives for continued economic reform in the medium term.