Asked by: Earl of Sandwich (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask His Majesty's Government, further to the evidence by the Chancellor of the Exchequer to the House of Commons Treasury Select Committee on 29 November, why Official Development Assistance will remain at 0.5 per cent of gross national income for five successive years despite previous commitments by Ministers.
Answered by Baroness Vere of Norbiton
The Government remains committed to returning to a target of spending 0.7% of GNI on ODA when, on a sustainable basis, the government is no longer borrowing for day-to-day spending and underlying debt is falling.
Asked by: Earl of Sandwich (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty's Government what plans they have, if any, to initiate, or support, a new debt relief scheme designed to assist the least developed countries affected by climate change.
Answered by Earl of Courtown - Opposition Deputy Chief Whip (Lords)
The UK is a member of the Paris Club of official creditors, and any bilateral restructuring of UK loans to other sovereigns is conducted through this group. The UK forgave most of our loans to the least developed countries through the Paris Club framework under the International Monetary Fund (IMF) and World Bank Group (WBG) Heavily Indebted Poor Countries (HIPC) initiative in the 1990s and 2000s.
The UK continues to play a leading role in discussions on debt sustainability and transparency in international fora, including on climate-resilient instruments. The UK has supported work through the Paris Club and G7 to develop “Hurricane Clauses” which can provide Caribbean sovereigns with cash-flow relief following natural disasters.
The UK also provides broader policy support to assist the least developed countries affected by climate change. The Prime Minister announced at the UN Climate Action Summit on 23rd September 2019 that the UK would be doubling its international climate finance commitment to £11.6bn over the next five years. This will include work to help vulnerable countries and communities become resilient to the damaging effects of climate change.
Asked by: Earl of Sandwich (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty’s Government, further to the Written Answer by Lord Deighton on 17 February (HL4697), whether United Kingdom government ministers have been involved in financial negotiations (1) between the government of Ukraine and the European Union, and (2) between the government of Ukraine and the International Monetary Fund; and, if so, what assessment they have made of the package of financial support offered to Ukraine to date.
Answered by Lord Deighton
The Ukrainian authorities have been in direct negotiations with the International Monetary Fund (IMF) to agree a new package for financial assistance. The IMF will present its proposals for financial assistance for Ukraine to its Executive Board in the coming weeks, which the Government will consider as part of the normal process of decision-making on IMF lending.
As I noted in my Written Answer to HL4697, the Government strongly supports providing financial assistance to Ukraine from the European Union and the International Monetary Fund, accompanied by appropriate policy conditionality.
Asked by: Earl of Sandwich (Crossbench - Excepted Hereditary)
Question to the HM Treasury:
To ask Her Majesty’s Government what their role has been, or will be, in financial negotiations with the government of Ukraine, through both the European Union and the International Monetary Fund.
Answered by Lord Deighton
The Government strongly supports providing financial assistance to Ukraine through the European Union and the International Monetary Fund (IMF), accompanied by appropriate policy conditionality.