§ Ms WalleyTo ask the Chancellor of the Exchequer if he will make a statement in respect of debt owed by Nigeria to the UK. [130991]
§ Miss Melanie JohnsonThe UK welcomes Nigeria's new democratic government and its determination to push ahead with economic reform. As Nigeria's largest creditor we have been working to help Nigeria resolve its debt burden within the context of IMF support so that freed-up resources can be devoted to poverty eradication. The Chancellor has taken a two-stage approach: first, a generous debt rescheduling at the Paris Club once an IMF programme has been agreed; and then, once Nigeria has built a track record of reform, the UK has made clear that it would be willing to consider partial debt cancellation subject to a debt sustainability analysis.