Asked by: Lord Bishop of Manchester (Bishops - Bishops)
Question to the HM Treasury:
To ask His Majesty's Government what assessment they have made of the statement by African Faith Leaders on 8 August calling for a reduction of debt across African countries.
Answered by Baroness Penn - Minister on Leave (Parliamentary Under Secretary of State)
The Government notes the statement by African Faith Leaders and we are working with our G20 partners to ensure swift progress and effective implementation of debt treatments under the Common Framework to deliver a long-term, sustainable approach to dealing with debt vulnerabilities. The Paris Club and the G20 have been clear that private creditors must participate in restructurings on terms at least as favourable as those provided by the official sector.
The UK is also championing greater transparency around sovereign lending and borrowing, which plays an important role in supporting the debt sustainability of developing countries. While adhering to the G20 Operational Guidelines for Sustainable Financing and OECD sustainable lending principles, the UK has also put addressing the nexus between climate and debt at the top of its international agenda through pioneering the use of climate resilient debt clauses (CRDCs).