Debts: Developing Countries
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the adequacy of the Institute of International Finance and OECD's debt transparency initiative; and whether she has had discussions with relevant stakeholders on the adequacy of the information on lending activities provided by private creditors to that Initiative.
Answered by Tulip Siddiq
The UK is a strong advocate for enhancing debt transparency including for private sector debt. As part of this, we supported the Institute of International Finance (IIF) and OECD Debt Transparency Initiative, set up in 2021, and the IIF’s Voluntary Principles for Debt Transparency, which underpinned it. The UK has taken a lead in ensuring its own lending is transparent and meets G20 best practice, publishing details of all new direct lending quarterly and the stock of debt owed to the UK annually.
The UK continues to engage closely with the private sector and other relevant stakeholders through international fora, such as the Global Sovereign Debt Roundtable, to promote the importance of transparency, and to explore ways to build on and improve existing efforts.
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