Reduction Of Debt For Third World Countries

EDM number 1436 in 1994-95, proposed by William Cash on 19/07/1995.

That this House urges Her Majesty's Government to recommend the International Monetary Fund and the World Bank to consider amending their charters and policies so that a measure of staged debt forgiveness be made available to individual Least Developed Countries which are fully implementing International Monetary Fund and World Bank structural reform programmes and which have agreed to further self-imposed stringent conditions to ensure full transparency of government; believes that, in the spirit of the recent G7 discussions in Halifax, these conditions should include the acceptance of residential auditors approved by the International Monetary Fund and the World Bank to conduct a continued monitoring of those countries' economic performance under their duly approved national development plans; notes that Uganda, under the leadership of President Museveni, has met these criteria, and was the first heavily indebted county to have been offered expanded bilateral Trinidad Terms debt forgiveness up from 33 per cent. to 67 per cent. in recognition of the fact that the debt was largely accumulated under pervious Ugandan administrations and during the civil war and has demonstrated its commitment to good governance and on inflation and economic probity; further notes that PresidentMuseveni has agreed to invite external auditors to encourage the International Monetary Fund and the World Bank to make necessary changes to their Charters and policies; and, therefore, urges Her Majesty's Government to consider the initiative now proposed to facilitate long term measures of debt forgiveness from the International Monetary Fund and World Bank to countries like Uganda and to enable them to achieve self-sufficiency. (Relevant registered interest declared)

This motion has been signed by a total of 53 MPs.