§ 16. Helen JacksonTo ask the Chancellor of the Exchequer what consultations he has had with EU partners since 1 April regarding the international finance facility. [172726]
§ John HealeyThe IFF proposal was discussed at the 8 April conference on Financing for Development which the Chancellor co-hosted with French Finance Minister Sarkozy, attended by representatives from over 55 countries including many of our EU partners. At the conference France reiterated its strong support for the initiative. We continue to build on this support with other EU countries in other fora.
§ 17. Ross CranstonTo ask the Chancellor of the Exchequer what progress has been made on the international finance facility as a result of spring meetings with the IMF and World Bank. [172727]
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§ John HealeyGood progress has been made in taking forward the IFF proposal at the Spring Meetings with a number of countries expressing their support. Following the developing country statement at the 8 April conference, both the G24 and African Governors endorsed the IFF and called on donors to implement the proposal. The World Bank's interim paper on Financing Modalities found that the IFF is technically feasible and concluded that frontloading of aid holds considerable attractions. Communiqués looked forward to reviewing the on-going joint World Bank and IMF work on aid effectiveness, absorptive capacity and, results-based measurement mechanisms, such as an IFF, at the Annual Meetings in September 2004.