Oral Answers to Questions

Navendu Mishra Excerpts

Wednesday 10th June 2020 Commons Chamber

[Anne-Marie Trevelyan]

Our aid spending is linked to the growth of our economy. The challenge this year, in which gross national income will go down, means that the economy is likely to shrink. We are working closely with the Treasury to understand the likely forecasts and to ensure that we can meet our 0.7% commitment. We are working across Departments to ensure that we continue to drive UK aid spending and commit our official development assistance to the most vulnerable and poorest.

[Navendu Mishra (Stockport) (Lab)]

What discussions she has had with her international counterparts on requiring private creditors to cancel debt owed by developing countries during the covid-19 pandemic.

[Mary Kelly Foy (City of Durham) (Lab)]

What discussions she has had with her international counterparts on requiring private creditors to cancel debt owed by developing countries during the covid-19 pandemic.

[The Parliamentary Under-Secretary of State for International Development (James Duddridge)]

The UK, the G20 and the Paris Club will suspend debt repayments from the poorest countries due this year. My right hon. Friend the Chancellor of the Exchequer and his G20 counterparts have called on private sector creditors to do likewise. At the World Bank spring forum, my right hon. Friend the Secretary of State for International Development amplified that call, along with other World Bank governors.

[Navendu Mishra]

Happy birthday, Mr Speaker. Following comments from the UN Secretary-General in recent weeks on the increase in allocations of its special drawing rights currency to give countries more access to funding, what is the Secretary of State doing to get an SDR issuance agreed multilaterally? Will she support the UK and other rich countries transferring some of their allocation to poorer countries?

[James Duddridge]

Last time, the allocation was split, and I am sure we would want it to be used by developing countries if special drawing rights were exercised. That could be part of the solution, but as the hon. Gentleman knows, 85% of the banks need to agree, and the US effectively has a blocking right, which means that this is perhaps not a short-term solution but one to work on over time with international partners.