§ Tony BaldryTo ask the Chancellor of the Exchequer what representations he has made to ensure that the first 23 countries to receive debt relief spend less on debt and more on education. [31670]
§ Mr. BoatengThe UK Government have been at the forefront internationally of pressing to ensure that savings on debt relief are linked to the development of comprehensive national poverty reduction strategies. Education is a key feature of these plans.
638WCountries receiving HIPC debt relief have benefited from increased social spending of $1.7 billion in 2001–02, equivalent to 1.2 per cent. of their GDP. Education spending has accounted for 40 per cent. of the savings made on debt, equivalent to nearly $700 million in 2001–02. The World bank and the IMF are currently preparing a report, to be presented to the board, to further track the spending of HIPC finance.