§ John BarrettTo ask the Chancellor of the Exchequer how much is owed to the UK in bilateral debt by countries in Africa, broken down by country. [177418]
§ John HealeyMost of the debt owed to the UK Government by other sovereign Governments arises from defaults on export contracts guaranteed by the Export Credits Guarantee Department (ECGD). These debts usually become the subject of Bilateral Debt Agreements entered into under the auspices of the Paris Club of official creditors. The following table shows the debt owed to the UK Government as at 30 September 2003 under Paris Club Arrangements.
The UK Government have already announced their commitment to providing 100 per cent. irrevocable debt relief for all countries eligible for the Heavily Indebted Poor Countries (HIPC) Initiative on their reaching Completion Point. In addition, for eligible HIPC countries yet to reach Decision Point, the UK does not ask for, or expect to receive, payments. Any debt payments that are made are held in trust until they can be returned to fund poverty reduction.
The debts of Benin, Burkina Faso, Ethiopia, Mali, Mauritania, Mozambique, Niger, Senegal, Tanzania and Uganda were all cancelled when they reached the HIPC Completion Point.
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Total amounts outstanding1 held by African countries on Paris Club Agreements as at 30 September 2003 Total owed (£ million) Algeria 145.1 Angola 130.4 Cameroon2 64.1 Central African Republic3 0.4 Congo3 159.8 Cote d'lvoire3 18.9 Democratic Republic of Congo2 75.3 Egypt 151.9 Ethiopia4 11.8 Gabon 139.8 Ghana2 27.7 Guinea2 3.9 Kenya5 18.9 Liberia3 20.6 Madagascar2 27.2 Malawi2 0.4 Morocco 25.3 Niger4 8.2 Nigeria 4,905.1 Senegal4 1.4 Sierra Leone2 3.5 Somalia3 31.9 Sudan3 580.8 Togo3 19.4 Zambia2 174.4
Total amounts outstanding1 held by African countries on Paris Club Agreements as at 30 September 2003 Total owed (£ million) Total 6,746.2 1 Includes principal outstanding plus any arrears. 2 At Decision Point of the HIPC Initiative. 3 Eligible for the HIPC Initiative, but not yet at Decision Point. 4 Graduated from the HIPC Initiative and had all debt irrevocably written off since end-September 2003. 5 Eligible for HIPC Initiative but currently deemed sustainable without HIPC treatment.