Developing Countries: Financial Services:Written question - HL5282

Asked on: 04 June 2020
Treasury
Developing Countries: Financial Services
Lords
To ask Her Majesty's Government what steps they plan to take to ensure that commercial loans are covered in COVID-19-related debt-relief schemes for the 75 lowest-income nations.
A
Answered by: Lord Agnew of Oulton
Answered on: 16 June 2020

Her Majesty’s Government is deeply concerned about the impacts of the COVID-19 pandemic on low-income developing countries. It is vital that all creditors work together to ensure that countries especially vulnerable to the pandemic are able to protect their citizens and economies.

The Chancellor and his G20 counterparts called on commercial creditors to participate in the G20 Debt Service Suspension Initiative, which suspends payments due from the 77 poorest countries, on comparable terms to the official sector.

Her Majesty’s Government is working closely with the Paris Club of official creditors and Institute of International Finance (IIF) to facilitate private sector participation. On 28 May, the IIF published a Terms of Reference to guide its members’ responses to DSSI-eligible requests for commercial forbearance.

Grouped Questions: HL5089

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