DEBT REDUCTION AND THE G7 SUMMIT IN OKINAWA

Summary

That this House acknowledges the leading role played by this Government and the previous Government in promoting initiatives to reduce multilateral and bilateral debt; notes the enthusiastic support of millions of people around the world for the Jubilee goal of lifting the burden of unpayable debt from the poorest countries; supports policies that link debt reduction to poverty reduction; acknowledges the considerable progress made at the 1999 Cologne G7 Summit and recognises that the hopes of millions of the world's poorest people rest on further progress being made at the forthcoming G7 Summit in Okinawa; calls for a clear and enthusiastic endorsement by the G7 of the aspiration for a debt-free start to the New Millennium for the world's poorest countries; and urges the Chancellor of the Exchequer to build on Britain's leadership in this task by seeking agreement for a clear timetable for the fulfilment of the commitments undertaken at Cologne for the full financing of the World Bank's Millennium Trust Fund, all G7 countries to follow the lead of the UK, Italy, Germany and the US and extend 100 per cent. cancellation of bilateral debt to post-cut off debts, a commitment to ensure that the resources made available through debt reduction are used for the reduction of poverty and in particular the achievement of the 2015 International Development Targets, and consideration to be given to a full write-off of debts owed by the heavily indebted poor countries to the World Bank and the IMF should the international development targets be at risk.

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Timeline

1. 10 July 2000

   Early Day Motion

   That this House acknowledges the leading role played by this Government and the previous Government in promoting initiatives to reduce multilateral and bilateral debt; notes the enthusiastic support of millions of people around the world for the Jubilee goal of lifting the burden of unpayable debt from the poorest countries; supports policies that link debt reduction to poverty reduction; acknowledges the considerable progress made at the 1999 Cologne G7 Summit and recognises that the hopes of millions of the world's poorest people rest on further progress being made at the forthcoming G7 Summit in Okinawa; calls for a clear and enthusiastic endorsement by the G7 of the aspiration for a debt-free start to the New Millennium for the world's poorest countries; and urges the Chancellor of the Exchequer to build on Britain's leadership in this task by seeking agreement for a clear timetable for the fulfilment of the commitments undertaken at Cologne for the full financing of the World Bank's Millennium Trust Fund, all G7 countries to follow the lead of the UK, Italy, Germany and the US and extend 100 per cent. cancellation of bilateral debt to post-cut off debts, a commitment to ensure that the resources made available through debt reduction are used for the reduction of poverty and in particular the achievement of the 2015 International Development Targets, and consideration to be given to a full write-off of debts owed by the heavily indebted poor countries to the World Bank and the IMF should the international development targets be at risk.

   Source: Early Day Motion

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Sponsors

• Jim Dobbin · Labour · Primary sponsor

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