International Finance Facility

Treasury written question – answered on 13th May 2004.

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Photo of Professor Ross Cranston Professor Ross Cranston Labour, Dudley North

To ask the Chancellor of the Exchequer what progress has been made on the international finance facility as a result of spring meetings with the IMF and World Bank.

Photo of John Healey John Healey The Economic Secretary to the Treasury

Good progress has been made in taking forward the IFF proposal at the Spring Meetings with a number of countries expressing their support. Following the developing country statement at the 8 April conference, both the G24 and African Governors endorsed the IFF and called on donors to implement the proposal. The World Bank's interim paper on Financing Modalities found that the IFF is technically feasible and concluded that frontloading of aid holds considerable attractions. Communiqués looked forward to reviewing the on-going joint World Bank and IMF work on aid effectiveness, absorptive capacity and, results-based measurement mechanisms, such as an IFF, at the Annual Meetings in September 2004.

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