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Debt Relief (Developing Countries)
13 November 2024
Lead MP
Bambos Charalambous
Debate Type
General Debate
Tags
Taxation
Other Contributors: 1
At a Glance
Bambos Charalambous raised concerns about debt relief (developing countries) in the House of Commons. Other MPs contributed to the debate.
How the Debate Unfolded
MPs spoke in turn to share their views and ask questions. Here's what each person said:
Lead Contributor
Opened the debate
Mr. Bambos Charalambous moved to bring in a Bill aimed at providing debt relief for certain developing countries, highlighting the severe economic burden of external debts on healthcare and education budgets in low-income nations post-COVID pandemic and inflation spikes. He cited specific statistics such as African countries spending $104 billion on external debt servicing and Kenya's expenditure surpassing UK aid by a significant margin. The speaker emphasised the need for coordinated creditor mechanisms to ensure equal treatment and prevent private creditors from evading relief obligations.
Southgate and Wood Green
Mr. Bambos Charalambous argued that debt servicing by low-income countries, especially to commercial creditors, is a major drain on resources needed for healthcare and education. He noted the inadequacy of current mechanisms like the G20’s common framework in compelling private creditors to participate effectively in debt relief negotiations. The MP proposed legislation similar to the 2010 Debt Relief Act to compel active creditor participation and prevent legal challenges, thereby facilitating more equitable and timely debt restructuring.
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Assessment & feedback
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About House of Commons Debates
House of Commons debates take place in the main chamber of the House of Commons. These debates cover a wide range of topics including government policy, legislation, and current affairs. MPs from all parties can participate, question ministers, and hold the government accountable for its decisions.