Debts: Developing Countries

Treasury written question – answered on 8th January 2014.

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Photo of Gerald Kaufman Gerald Kaufman Labour, Manchester, Gorton

To ask the Chancellor of the Exchequer what steps he is taking to support the work of the United Nations Conference on Trade and Development on formulating proposals for a sovereign debt work-out mechanism and building global consensus for its creation.

Photo of Sajid Javid Sajid Javid The Financial Secretary to the Treasury

Co-ordinated international action through existing multilateral frameworks such as the Paris Club, the Heavily Indebted Poor Countries Initiative and the Multilateral Debt Relief Initiative have delivered billions of debt relief in recent years. Any proposal for a wider sovereign debt work-out mechanism would need to be considered on its merits.

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