HC Deb 23 January 2003 vol 398 cc422-3W
Helen Jones

To ask the Chancellor of the Exchequer, what recent discussions he has had on the participation of the poorest countries in the global economy; and if he will make a statement. [92752]

John Healey

Overcoming economic marginalisation and integrating the poorest countries into the global economy is vital to securing the economic growth required to meet our Millennium Development Goal of halving the proportion of people living in extreme poverty by 2015.

We will continue to engage the international community on this issue as we have done over the past year through the G7 and G8, the EU, and the IMF and World Bank—supporting their proposals for high-level dialogue between potential investors and developing country governments. Yesterday, the Chancellor of the Exchequer addressed key corporate figures as well as NGO leaders and developing country representatives, when he spoke at a Chatham House conference on the role of the private sector in developing countries through increased levels of investment, improved accountability and strategic and consultative engagement in the wider development context.

Today, the Chancellor and the Secretary of State for International Development are publishing their detailed proposals for an International Finance Facility to release $50 billion a year in additional aid flows for investment in developing countries. This additional support will help poor countries put in place the reforms required to attract increased private sector investment.

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