Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of bringing forward legislative proposals to require lenders to take part in internationally agreed debt relief.

The Government does not currently have any intention to pursue a legislative approach that would force private lenders to participate in debt relief initiatives.

Any legislative approach would need to address a number of challenges. For example, legislating may increase the cost of finance for low-income countries or reduce the availability of finance to meet wider development goals.

The Government is instead prioritising the implementation of the Common Framework for Debt Treatments beyond the DSSI. The UK, along with the G20 and Paris Club, agreed the Common Framework to deliver a long-term, sustainable approach to dealing with debt vulnerabilities. Private sector participation on at least as favourable terms as bilateral creditors is a fundamental principle of the Common Framework. We are fully focused on ensuring that the private sector plays its part in any debt treatments under the Framework.