Debt Relief to Poorest Countries

HL Deb 28 March 2000 vol 611 cc64-5WA

Lord McColl of Dulwich

asked Her Majesty's Government:

How far they have fulfilled their pledge to match the United States' commitment to write off 100 per cent of the bilateral debt of the poorest countries. [HL1576]

Lord McIntosh of Haringey

The UK Government announced in December last year that the UK will be providing 100 per cent relief on the debts of countries qualifying under the Heavily Indebted Poor Countries (HIPC) Initiative.

In making this announcement, the UK has gone beyond the commitment made by the US by stating that the relief applies to all debt (the so-called "pre cut-off date" debt and "post cut-off date" debt), that the relief will commence from the time the country reaches its decision point under the HIPC initiative, and that it also applies to the Heavily Indebted Poor Countries likely to have sustainable levels of debt after traditional relief mechanisms.