§ Mr. LazarowiczTo ask the Chancellor of the Exchequer if he will make a statement on the progress being made in the establishment of an international financing facility. [144696]
§ John HealeyThe proposal to double global aid levels by providing an additional US$50 billion a year through an International Finance Facility is being taken forward in partnership with the international community. The Government continue to push for further international agreement to the initiative. The International Finance Facility will be most effective if all major donor countries are involved.
The Facility received wide support from other countries at the Annual Meetings of the World Bank and IMF in September 2003. The Bank and Fund have been mandated to do further work on financing for development options, including the International Finance Facility, reporting back at the Spring and Annual Meetings in 2004.
The Annual Meetings also agreed that developing and emerging market countries should be consulted. This process will include a ministerial conference on Financing for Development in spring 2004, chaired by the French Government.
The UK Government continue to build the support in civil society necessary to make the initiative a reality. In February, the Treasury will be hosting a conference bringing together the President of the World Bank with representatives from faith groups, media, business, Government and non-governmental organisations from across the UK.