Developing World: Debt Reduction - Question

Part of the debate – in the House of Lords am 3:18 pm ar 13 Chwefror 2024.

Danfonwch hysbysiad imi am ddadleuon fel hyn

Photo of Lord Cameron of Chipping Norton Lord Cameron of Chipping Norton Foreign Secretary, Foreign, Commonwealth and Development Office 3:18, 13 Chwefror 2024

The noble Lord is in very good company—I follow these things very closely.

The noble Lord is absolutely right about the importance of making sure that we do not have so many private sector holdbacks that hold up the vital debt restructuring of countries that get into trouble. We are trying to use things such as collective action clauses that work on bond issues—so they cannot hold out against repayment —as well as the majority voting provisions in new debt issuances so that private sector lenders are not stopping a country getting the debt restructuring they need.