International Fund for Agricultural Development

HC Deb 14 June 1989 vol 154 cc445-6W

Mr. Pake

To ask the Secretary of State for Foreign and Commonwealth Affairs what was the outcome of the negotiations to replenish the international fund for agricultural development; and what will be the British contribution.

Mr. Chris Patten

I am glad to say that IFAD members successfully agreed early on 8 June to replenish the fund with at least $523 million so as to cover its operations up to 30 June 1992. The final total, to be fixed by the end of September, will depend on how far the group of non-oil developing countries can raise their pledges towards $75 million, in response to an offer by western donors to match this by 3:1. If that figure is reached, the replenishment will come to $611 million, corresponding to over $730 million for a full three year period. But the level already secured, with reflows to the fund, is enough to allow it to continue operations at a reasonable level.

The British contribution, like that of other western donors, will only be finalised at the end of September. I shall report it to the House thereafter, and it will naturally be subject to parliamentary approval.