Asked by: Steve Race (Labour - Exeter)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, pursuant to the Answer of 22 November 2024 to Question 14217 on Loans: Developing Countries, how many loan commitments have been published under the Principles for Debt Transparency since June 2023; and if she will take steps to ensure that the (a) existence and (b) details of loans to governments by private lenders are published.
Answered by Tulip Siddiq - Economic Secretary (HM Treasury)
The UK is a strong advocate for enhancing debt transparency, including for private sector debt. We have supported the Institute of International Finance (IIF) and the OECD Debt Transparency Initiative, set up in 2021, and the IIF’s Voluntary Principles for Debt Transparency, which underpinned it. The UK has taken a lead in ensuring its own lending is transparent and meets G20 best practice, publishing details of all new direct lending quarterly and the stock of debt owed to the UK annually.
The UK continues to engage closely with the private sector and other relevant stakeholders through international fora, such as the Global Sovereign Debt Roundtable, to promote the importance of transparency and to explore ways to build on and improve existing efforts.
Asked by: Steve Race (Labour - Exeter)
Question to the HM Treasury:
To ask the Chancellor of the Exchequer, if she will amend the Debt Relief (Developing Countries) Act 2010 to make private sector loans to Global South countries (a) lawful and (b) transparent.
Answered by James Murray - Exchequer Secretary (HM Treasury)
The UK is a strong advocate for sustainable lending and enhancing debt transparency, including across the private sector. In this regard, we firmly support the Principles for Debt Transparency published by the Institute for International Finance (IIF), which applies to loans.
The UK continues to engage closely with the private sector and other relevant stakeholders through international fora, such as the Global Sovereign Debt Roundtable, to promote the importance of transparency across the debt architecture, and to explore ways to build on existing efforts.