§ Ms DrownTo ask the Chancellor of the Exchequer what measures he is taking to ensure that the social principles drafted by the World bank will be adhered to by the IMF and World bank in any future financial crisis lending. [86988]
§ Ms HewittMy right hon. Friend the Chancellor of the Exchequer has consistently stressed the importance of preserving investment in the health, education and social programmes which are essential for growth and poverty reduction. The World bank are currently working with the IMF to translate the social principles into good practices in social policy, and this work is due to be completed by the Annual Meetings later this year. It will create an operational guide for the World bank and IMF which I hope will be drawn upon by the two institutions.
§ Ms DrownTo ask the Chancellor of the Exchequer what progress has been made on incorporating the social principles drafted by the World bank into macro-economic decision-making. [86987]
§ Ms HewittMy right hon. Friend the Chancellor of the Exchequer has consistently stressed the importance of preserving investment in the health, education and social programmes which are essential for growth and poverty reduction. He therefore welcomed the endorsement given by the Development Committee at the Spring Meeting in April to the social principles which the World bank had drafted following his call for action in this area at the Annual Meetings last year.
As a matter of urgency, it was agreed that the World bank should report back to the Annual Meetings on policies and practices that could support national and international implementation of the social principles.