§ Mr. CoxTo ask the Chancellor of the Exchequer what plans he has to write off debts owed by the poorest countries; and if he will make a statement. [13459]
§ Mr. BoatengThe UK has consistently been at the forefront of the international debate on debt relief for developing countries. The UK pushed for the heavily indebted poor countries (HIPC) initiative to be speeded up, and as a result 23 countries were receiving debt relief at the end of October. Those countries will receive $54 billion in debt relief, which will reduce their debts to below the developing country average.
The UK's 100 per cent. bilateral policy on debt relief means that it stands ready to write off £1.9 billion of debt to all 42 HIPCs, and is one of the highest contributors to the HIPC trust fund.
In addition, the Chancellor also announced last December that the UK would hold in trust any payments from those HIPCs yet to receive debt relief, and we continue to call on other creditor countries to follow our lead.