HC Deb 11 April 2002 vol 383 cc574-5W
Ms Drown

To ask the Chancellor of the Exchequer what preparations his Department has made to call for the acceleration of debt cancellation under the HIPC process to the level required to help achieve international development targets set at the bank April meetings of the International Monetary Fund and World Bank. [44532]

Mr. Boateng

The Government continues to press for rapid implementation of the HIPC debt relief initiative to ensure that all eligible countries benefit and achieve sustainable debt levels.

The cost of achieving the International Development Targets has been estimated at an additional US$50 billion per annum, equivalent to a doubling of current global aid. Debt reduction under the HIPC initiative can therefore be only one element of the additional finance required. For this reason the Government has been calling for substantial increases in aid and has welcomed recent commitments by the US and EU, announced in advance of the UN Financing for Development Conference in Monterrey, of an US$12 billion per annum increase in aid levels.

Ms Drown

To ask the Chancellor of the Exchequer if his Department plans new bilateral loans to(a) the heavily indebted poor countries and (b) other countries. [45188]

Hilary Benn

I have been asked to reply.

All DFID bilateral assistance to heavily indebted poor countries and to other developing countries is in the form of grants.