Question to the Foreign, Commonwealth & Development Office:

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what assessment the Government has made of the implications for its policies of the Summit for a new global financing pact, held in Paris from 22 to 23 June 2023.

I [Minister Mitchell], represented the PM at the Paris Summit. The Summit generated additional political momentum on issues relating to International Financial System reform, giving developing countries a visible platform to put across their priorities. In response to such priorities, the UK held a prominent side-event which launched a call to action on 'Climate Resilient Debt Clauses' (CRDC). CRDCs can enable developing countries to pause repayments on loans if disasters strike. This builds on UK Export Finance (UKEF) becoming the first export credit agency in the world to introduce CRDCs into its loan agreements which was announced at COP27 in 2022. The side-event at Paris included starting a tally of commitments from other countries and Multilateral Development Banks which continues to grow and was a prominent outcome of the Summit.