§ Mr. BeggsTo ask the Secretary of State for Foreign and Commonwealth Affairs what steps have been taken by Her Majesty's Government to reduce debt burdens incurred by the poorest countries; and what progress has been made since the Earth Summit in Brazil to implement the financial and structural commitments made there.
§ Mr. Lennox-BoydIn 1990, in Trinidad, my right hon. Friend the Prime Minister put forward proposals to reduce significantly the debts of the poorest, most heavily indebted countries. The Paris Club of Government creditors began implementing Trinidad terms in December 1991. The terms currently reduce eligible payments due to governments by up to 50 per cent. Creditors also undertake to consider reducing the whole stock of a country's bilateral official debt after three to four years of economic reform. Ten countries have already benefitted, and we expect more to do so over coming months. We will continue to press for even greater relief to be made available to those low-income, heavily indebted countries that need it.
More than 150 countries signed the conventions on climate change and biological diversity at the Earth Summit. The interim funding mechanism for these two conventions is the global environment facility (GEF). We want to see the GEF established as the permanent funding mechanism for both conventions. We shall make a further contribution to the GEF once the level of its replenishment is agreed, and shall take part in discussions on its restructuring at the participants assembly in December.
Sustainable development is the central aim of our aid programme. We shall continue to focus our aid activities on the priorities set out in "Agenda 21", which lays out a comprehensive strategy for action on environment and development issues into the next century. The current United Nations General Assembly will establish the Sustainable Development Commission, which will have a key role in ensuring effective implementation of "Agenda 21".