Low-income Countries: Debt Cancellation
Debate between Bambos Charalambous and Esther McVey(4 days, 16 hours ago)
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Bambos Charalambous
Again, my hon. Friend makes an excellent point. The lack of investment as a result of debt servicing leads to people seeking opportunities that are not available in their own country, so I totally agree with my hon. Friend on that point.
Before I conclude, I thank CAFOD, Christian Aid, Debt Justice, UNICEF and Save the Children for their excellent briefings ahead of this debate, and for their support in relation to debt cancellation. I conclude with these questions for the Minister. Will the Government support my ten-minute rule Bill to prevent private creditors from being able to sue for enforcement in the UK courts for more than has been agreed in relation to debt relief with bilateral and multilateral lenders? Does the Minister agree that there should be comparable treatment for all creditors? Also, do the Government support a public global debt register for transparency? Does the Minister support the reform of the governance of the institutions, such as the IMF, that set the terms and conditions of bail-outs?
The UK has a unique position in being able to use its global reputation to bring about change on the international stage in relation to debt cancellation, as it did 25 years ago. We led the way then, and it is time to do so again. We cannot afford not to. The global south is looking to us for action, and it is time for us to act.
Esther McVey (in the Chair)
I remind Members that they should bob if they wish to be called.