G20

Liam Byrne Excerpts

Thursday 17th November 2022 Commons Chamber

[The Prime Minister]

My hon. Friend puts it very well. He is right about the importance of CPTPP, not only for its very significant economic benefits but for the strategic benefits to the United Kingdom of being an engaged member of the Indo-Pacific community. I discussed this with the Prime Ministers of Australia, Japan and Canada, and there is incredible excitement about our joining. We will continue to conclude those negotiations as quickly as possible.

[Liam Byrne (Birmingham, Hodge Hill) (Lab)]

The Prime Minister will know that the last G20 summit agreed to on-lend $100 billion of IMF special drawing rights to help tackle the crisis of food fragility and climate finance in the global south. To date, we have agreed to share much less of our entitlement than both France and China. The crisis is now. Will the Prime Minister look again at how we can increase our on-lending to this multilateral effort, not least to make good the appalling decision to slash our aid budget?

[The Prime Minister]

As Chancellor, I was pleased to usher through the special drawing rights allocation at the IMF, which is providing enormous relief to countries around the world. I met the IMF’s managing director to discuss how we can do more, but remember that the SDR allocation is just one part of our effort to support people around the world. I was recently pleased to announce our £1 billion commitment to the Global Fund, which was warmly welcomed, especially by countries in Africa.