Debts: Cuba

(asked on 9th November 2023) - View Source

Question to the HM Treasury:

To ask His Majesty's Government what contribution they make to the Paris Club group of official creditors; how they monitor the use of any contributions to the group, and in particular whether any funds have been provided to Cuba in the last five years in funding or in debts being written off.


Answered by
Baroness Vere of Norbiton Portrait
Baroness Vere of Norbiton
Parliamentary Secretary (HM Treasury)
This question was answered on 22nd November 2023

The Paris Club is an informal group of official creditors who coordinate on providing debt treatments for debtor countries. The UK does not make any financial contributions to the Paris Club, nor does the Paris Club have a function in providing any finance directly to countries. Any debt treatments agreed by the Paris Club are implemented on a bilateral basis between the official creditor and debtor countries.

In 2015, the Group of Creditors of Cuba (GCC), including the UK, agreed a debt treatment with the Government of the Republic of Cuba to restructure USD 2.6 billion of debt in arrears, over an 18-year period. In 2021, the GCC agreed to defer payments due under the 2015 agreement.

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