§ 23. Vera BairdTo ask the Secretary of State for International Development what progress towards cancellation of unpayable debt owed by the poorest countries to the IMF and World Bank she expects from the G8 summit in Canada. [54760]
§ Clare ShortUnder the Heavily Indebted Poor Countries (HIPC) Initiative, the World Bank and IMF have agreed to meet their share—estimated at US$10.8 billion—of the total estimated US$36.4 billion costs for the Initiative. We are currently exploring with our G8 partners whether there are further actions they might wish to support 691W on debt. It is important to ensure the full financing of any multilateral debt relief, to reduce the risk of skewing development resources away from other very poor countries who have handled their debt well. We will therefore be raising the issue of HIPC financing, and the possible need for further contributions to the HIPC Trust Fund.