Developing Countries: Debts:Written question - 189731

Asked by Patrick Grady
(Glasgow North)

Named Day

'Named day' questions only occur in the House of Commons. The MP tabling the question specifies the date on which they should receive an answer. MPs may not table more than five named day questions on a single day.

Asked on: 09 November 2018
Developing Countries: Debts
To ask the Chancellor of the Exchequer, if he will issue a response to EDM 158, transparency of developing country debts.
Answered by: John Glen
Answered on: 14 November 2018

The Government recognises that ensuring debt sustainability and transparency in Low Income Countries (LICs) is important. UK-based lenders are subject to extensive prudential disclosure requirements under UK prudential and accounting law, including for material loans made to foreign Governments, which appropriately reflect firms’ exposures. Compliance with these requirements are independently assessed by the relevant UK regulator during their supervisory activities.

Given the complex international nature of LIC debt, we continue to believe that internationally-agreed assessments and coordinated approaches to tackle debt vulnerability are most effective. The G20 have been supporting work on debt sustainability, including G20 sustainable lending guidelines and voluntary industry-led initiatives to promote debt transparency from private lenders to sovereign nations, especially LICs.

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