HC Deb 18 July 2002 vol 389 cc464-5W
20. Mr. Edwards

To ask the Chancellor of the Exchequer what plans he has to meet G8 Finance Ministers to discuss the reduction of poverty in developing countries. [68421]

John Healey

I refer my hon. Friend to the answer given by the Chancellor of the Exchequer to the hon. Member for Bridgend (Mr. Griffiths) earlier today.

29. Ross Cranston

To ask the Chancellor of the Exchequer what progress is being made through World bank/IMF action in tackling global poverty. [68430]

John Healey

Tackling global poverty is central to the activities of the World bank and the IMF, and both institutions are committed to achieving the Millennium Development Goals.

Macroeconomic stability is a pre-condition of poverty reduction, and the IMF plays a lead role in creating the conditions for stability and growth in the global economy, and the prevention and resolution of financial crisis. In recent years the World bank and the IMF have adopted a new country-led approach to poverty reduction, where developing countries prepare Poverty Reduction Strategy Papers in consultation with civil society. As part of this, the UK is seeking to ensure that the institutions collaborate to include poverty and social impact assessments of the policy choices available to developing country authorities.

Poverty rates have declined in most parts of the world, and recent projections by the World bank show that it is possible to achieve the poverty reduction goal in most regions if growth in per capita income accelerates to an average of 3.6 per cent. a year.

30. Mr. Joyce

To ask the Chancellor of the Exchequer if he will make a statement on the progress made by the G7/G8 countries in respect of tackling debt in the developing world. [68431]

John Healey

The UK continues to be at the forefront of the international debate on debt relief issues, and continues to press for the rapid and full implementation of the Heavily Indebted Poor Countries (HIPC) initiative. We were pleased to have achieved the recent announcement of an extra US$1 billion for the HIPC initiative at the G8 summit in Kananaskis and the agreement of leaders to take action to secure the participation of all creditors, to complete the financing of the initiative and to address the issue of debt sustainability at completion point.

Full details of the commitments on HIPC agreed to at the summit can be found in the document, "Statement by G7 Leaders: Delivering on the Promise of the Enhanced HIPC Initiative", which is available at http://www.g8.gc.ca