Draft International Development Association (Multilateral Debt Relief Initiative) (Amendment) Order 2022 Draft International Development Association (Twentieth Replenishment) Order 2022

Vicky Ford Excerpts

Monday 31st October 2022 General Committees

[Vicky Ford (Chelmsford) (Con)]

I rise to congratulate my right hon. Friend the Member for Sutton Coldfield on taking on the incredibly vital job of Minister for Development. It was 17 years ago that he first gave me the opportunity to be part of a community in Africa: it was a pre-school in an orphanage, and we were able to roll up our sleeves and see at first hand what a difference our international aid and international help can make, not only helping the local community to build but helping our own safety and security at home. It is heart-wrenching to leave a job that I loved so much, but it is absolutely wonderful that it is being taken on by such a brilliant champion for development. I know that we will all have his back.

Covid, conflict and climate change have had a desperate impact on the world’s poorest countries, and all have been exacerbated by the war in Ukraine, which has pushed millions more people into poverty, hunger and starvation. However, against that backdrop, the World Bank does exceptional work for the world’s poorest. My biggest bugbear with the World Bank is not what it does, but the fact that it does not talk nearly enough about what it does—so many people should be so joyful about that great work. Not only do we have a uniquely strong voice as one of the largest shareholders in the World Bank, but we are one of the few that uses it. As such, I encourage my right hon. Friend to use that voice for the vulnerable in three different ways.

First, please encourage the World Bank and all multilateral development banks to look not only at immediate needs, but deeply at tackling the impact and causes of climate change. During my visit to Ethiopia two weeks ago, I saw how tempting it is to continue to fund day-to-day needs, but the needs of climate change are the biggest ones. It is the biggest issue that we face; if we do not get to grips with it, every other issue will continue to explode.

Secondly, with so many countries facing unstable debt, please continue to use our voice to ask creditors to act quickly in debt negotiations. We know from our constituents that if an individual or a company, let alone a country, is facing unsustainable debt, the longer that issue is left to fester, the worse the rot becomes. It becomes septic, and the economic situation just spirals down and down. That is not in the interests of the creditor or the debtor, so please continue to press for creditors to come to the table.

Thirdly, please continue encouraging the World Bank to innovatively expand its balance sheet. That is an issue that the UK has been pressing on, because we know that across the world many developing countries need more financial assistance. We also know that traditional donors cannot plug all the holes in that assistance, so finding new ways to fill those holes is vital. I know that my right hon. Friend, with all his experience in financial services as well as in the developing world, will be a great champion of bringing those two parts together.