Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what progress has been made towards global debt reform in discussions with the London Coalition.

The government is committed to working with our international partners and the private sector to tackle unsustainable debt. The London Coalition for Sustainable Sovereign Debt, initiated last year, continues to make progress on bolstering the private sector international debt architecture. The Coalition aims to promote greater resilience and debt sustainability for debtor countries through contractual innovations and enhanced coordination of creditors.

The bonded debt working group continue to advance work on pause clauses, which suspend interest payments when events like climate shocks occur. This includes consulting with key stakeholders on their input paper published in November. The non-bonded debt working group is developing guidelines for how private sector creditors can better coordinate themselves during debt restructurings.