To ask Her Majesty's Government what plans they have to raise the issue of relief of poorer income countries’ indebtedness to banks and other private creditors (1) at the meeting of G7 finance ministers, and (2) in discussions with other international partners.
21 June 2021
The UK secured strong commitments on international debt from its G7 partners in the G7 Finance Ministers communique. G7 Finance Ministers reiterated their commitment to implement the G20 and Paris Club Common Framework for Debt Treatments beyond the Debt Service Suspension Initiative and set out their expectation that private creditors will provide at least as favourable debt treatments in line with the Common Framework. They noted the importance of debt transparency for debt sustainability and committed to publish their own creditor portfolios on a loan-by-loan basis for future direct lending by end of 2021 They also welcomed the establishment of a G7 Private Sector Working Group.
We continue to raise the importance of these issues with other international partners including at the G20, Paris Club and the Boards of the IMF and World Bank.