Lord Blackwell
Main Page: Lord Blackwell (Conservative - Life peer)Department Debates - View all Lord Blackwell's debates with the HM Treasury
(13 years ago)
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Lord Sassoon
The IMF does and will continue to play a pivotal role in these systemic issues. There was no agreement at the G20 for an increase in resources for the IMF because, understandably, the US and other key non-European countries want to see the euro area core’s willingness to contribute to the eurozone crisis before they commit. Meanwhile, the IMF has $400 billion available to lend, but I agree with the noble Lord that there is an urgent need to resolve all these interlinked matters.
Lord Blackwell
My Lords, does my noble friend agree that it is undesirable for the IMF or indeed any other agency to fund the debts of any particular country unless that country has a sustainable plan to restore its international competitiveness?
Lord Sassoon
I very much agree with my noble friend. The IMF’s lending programmes are indeed conditional on programmes of that kind.