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Somalia

House of Lords written question – answered on 24th July 2013.

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Photo of Lord Hylton Lord Hylton Crossbench

To ask Her Majesty’s Government whether any measures are in hand to cancel the sovereign debt of Somalia; and, if so, when they will take effect.

Photo of Lord Deighton Lord Deighton The Commercial Secretary to the Treasury

Somalia is eligible for debt relief under the internationally agreed Heavily Indebted Poor Country (HIPC) initiative. Multilateral discussions on the timing and process for providing debt relief under HIPC take place at the Paris Club.

As the Paris Club operates on the basis of consensus and confidentiality, the Government does not provide information on discussions held.

Under the UK's presidency of the G8 this year, leaders of the G8 countries expressed support for the Somali Government's efforts to re-engage with the international financial institutions. These efforts represent an important step towards potential future debt relief.

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