Developing Countries: Debts
The question
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what recent discussions she has had with colleagues in the Chancellor of the Exchequer on the potential impact of developing country debt held by financial institutions based in the UK on the ability of those countries to meet the Sustainable Development Goals.
Answered by Chris Elmore
Supporting developing countries to tackle unsustainable debt is a key development priority of this government. The Foreign, Commonwealth and Development Office (FCDO) works closely with the Treasury to support countries facing high debt burdens and struggling to finance their development priorities.
The UK plays a leading role in mobilising private finance for development, leveraging the City of London's global strengths and our track record on innovative financial instruments. We are committed to ensuring finance is sustainable, which is why the Chancellor established the London Coalition on Sustainable Sovereign Debt last year. The Chancellor and the Minister for International Development will attend the World Bank/International Monetary Fund (IMF) Spring Meetings and the Minister for International Development will join discussions with borrowing countries on how the London Coalition can help them tackle their debt challenges.
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