§ 10. Mr. LuffTo ask the Secretary of State for International Development what recent representations she has received from Christian Aid about third-world debt. [119363]
§ Clare ShortOn 4 April, the Chancellor and I met a number of faith leaders and directors of voluntary organisations, including Christian Aid, at one of our regular seminars on debt and poverty reduction. I continue to receive many letters on debt, including from Christian Aid supporters.
§ 23. Mr. WebbTo ask the Secretary of State for International Development what steps her Department is taking to ensure that the amount of debt relief granted to the world's poorest countries is increased. [119377]
§ Clare ShortWe were instrumental in securing the revision of the Heavily Indebted Poor Countries (HIPC) Initiative, which provides faster, wider and deeper debt relief for the poorest countries. The new framework will deliver $50 billion in debt relief. In addition, the Government have announced that they will provide 100 per cent. bilateral relief on all remaining export credit debt for qualifying HIPC countries. Some other countries, including the rest of the G7, have agreed additional debt relief beyond the HIPC framework.
At the Spring Meetings of the World bank and IMF last month, the international community agreed to set up a joint World bank/IMF Committee to oversee the implementation of the enhanced HIPC framework, and to provide regular progress reports to the two Executive Boards. I welcome this measure.
The financing for the revised Initiative has yet to be identified in full. The UK has made the largest commitment to date to the HIPC Trust Fund—over $350 million, including our share of the European Community contribution.