§ 52. Mr. CorbynTo ask the Secretary of State for Foreign and Commonwealth Affairs what action he is taking to reduce the debt burden of developing countries.
§ Mr. Chris PattenWe have made the major contribution to the interest subsidy account of the IMF's enhanced structural adjustment facility. We have converted nearly £1 billion of old aid loans into grants. The Paris Club is now implementing the special Toronto terms based on the sub-Saharan African initiative first proposed by my right hon. Friend the Chancellor of the Exchequer in 1987. These are all very significant contributions towards lessening the debt burden on the poorest countries—and widely recognised as such.