Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps he is taking to support international efforts to address sovereign debt challenges faced by developing countries; and what discussions he has had with international partners on reforming global debt restructuring mechanisms to improve access to timely and effective debt relief.

The UK has a long history of leadership on global sovereign debt. Tackling unsustainable debt and its impact on global stability is one of the UK Government’s international priorities. The UK has fully participated in recent debt restructurings, working alongside other creditors to restore debt sustainability. We have also championed transparency and sustainability, including publishing details of new lending and introducing “pause clauses” into UK debt to provide fiscal space following external shocks.

The Government works through various multilateral fora, including the G20, Paris Club and the Global Sovereign Debt Roundtable. The UK also co-chairs the London Coalition on Sustainable Sovereign Debt which brings together government and private sector stakeholders to find innovative solutions to more sustainable sovereign debt financing in developing economies.