Overseas Loans: Registration

Treasury written question – answered on 9th September 2019.

Alert me about debates like this

Photo of John Martin McDonnell John Martin McDonnell Shadow Chancellor of the Exchequer

To ask the Chancellor of the Exchequer, what discussions he has had with the Secretary of State for International Development on establishing an Overseas Loan Transparency Register to ensure that people using UK law in loan contracts are not able to make secret loans to governments in the Global South.

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

The Chancellor of the Exchequer has not discussed proposals to establish an “Overseas Loan Transparency Register” with the Secretary of State for International Development.

The UK Government is concerned about the sustainability and transparency of loans to low income developing countries. Given the complex international nature of sovereign debt, we continue to believe that internationally-agreed approaches are the most effective way to promote sovereign debt transparency.

The UK is working through the G20 to monitor an industry-led initiative by the Institute of International Finance (IIF) to improve the transparency of lending of private creditors. The work of the IIF was acknowledged by finance ministers in June at the G20 finance ministers’ summit in Fukuoka, and the UK government will be closely monitoring its progress.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.