Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to implement the recommendations of the G20 Independent Review of Multilateral Development Banks’ Capital Adequacy Frameworks.

The Government is highly supportive of the recommendations of the G20 Independent Review of Multilateral Development Banks’ (MDBs) Capital Adequacy Frameworks, which is expected to unlock hundreds of billions of dollars of additional financing for developing countries, vital in helping to deliver against the Sustainable Development Goals and climate change objectives. Alongside FCDO ministerial colleagues, the Chancellor has been working closely with G20 counterparts to ensure that MDBs begin to analyse and agree reforms. In July, the Chancellor was pleased to endorse the G20 Roadmap for implementing these reforms, drawing attention to the initial $200bn of additional lending headroom which could be unlocked over the next 10 years from reforms agreed or being considered this year, whilst encouraging further ambitious implementation beyond this. We have seen some excellent progress, but more must be done to achieve the significant potential of this review and the Government will continue to pursue this.