House of Commons · Written Ministerial Statement
Gibraltar Covid Response
19 November 2020 · Foreign, Commonwealth and Development Office
Proposed by Dominic Raab Con Esher and Walton
Summarised by AI from the official record, so it can contain mistakes.
At a glance
Key points
- UK Government to provide a Loan Guarantee for Gibraltar up to 500m
- Facility aims to help Gibraltar borrow at more favourable rates
- Contracts to be signed with transparency measures committed
Issue summary
The UK Government is addressing financial strain caused by the COVID-19 pandemic on Gibraltar's economy and government finances.
Action requested
HMG will provide a Loan Guarantee for a lending facility up to £500m, enabling Gibraltar’s government to borrow at more favourable rates. Contracts are being prepared for signature as transparency measures have been committed to.
Key facts
- The pandemic has impacted around 60% of Gibraltar's economy.
- HMG will provide a Loan Guarantee for a lending facility up to £500m.
- A Contingent Liability Checklist has been approved by HMT and FCDO ministers.
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Assessment & feedback
Summary accuracy