§ Mr. MossTo ask the Chancellor of the Exchequer what is the amount of debt which has been rescheduled by creditor Governments in the Paris Club; and what is the extent of rescheduling by the United Kingdom.
§ Mr. LawsonThe Paris Club brings together official creditors and debtors, to agree terms for the rescheduling of payments due on officially supported export credits and development loans. During the period 1982–88, the club estimates that it has rescheduled a total of US$83 billion (£48 billion at the current exchange rate). Of this, $56 billion was principal and $27 billion was interest. The United Kingdom share was about £5 billion. In addition, the United Kingdom cancelled £79 million of old aid loans, about £890 million having already been written off in 1978–81.