Debts: Developing Countries

Treasury written question – answered on 24th March 2021.

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Photo of Andrew Mitchell Andrew Mitchell Conservative, Sutton Coldfield

To ask the Chancellor of the Exchequer, what steps his Department plan to take during the G7 Presidency to work with international partners to ensure that private creditors participate in multilateral debt restructuring agreements for developing countries in the context of the Common Framework.

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

We regularly work with our international partners in the G7, G20 and Paris Club on debt issues, including private sector participation in debt restructurings. We also engage directly with the private sector, including through the Institute of International Finance.

Support for Low-Income Developing Countries is a key priority for the UK’s G7 presidency this year and we have made clear our expectation that the private sector will offer debt treatment on at least as favourable terms as the official sector under the Common Framework agreed by the G20 last November.

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