Developing Countries: Debts

Treasury written question – answered on 14th November 2018.

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Photo of Patrick Grady Patrick Grady SNP Chief Whip

To ask the Chancellor of the Exchequer, if he will issue a response to EDM 158, transparency of developing country debts.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

The Government recognises that ensuring debt sustainability and transparency in Low Income Countries (LICs) is important. UK-based lenders are subject to extensive prudential disclosure requirements under UK prudential and accounting law, including for material loans made to foreign Governments, which appropriately reflect firms’ exposures. Compliance with these requirements are independently assessed by the relevant UK regulator during their supervisory activities.

Given the complex international nature of LIC debt, we continue to believe that internationally-agreed assessments and coordinated approaches to tackle debt vulnerability are most effective. The G20 have been supporting work on debt sustainability, including G20 sustainable lending guidelines and voluntary industry-led initiatives to promote debt transparency from private lenders to sovereign nations, especially LICs.

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