MAIN CONFERENCE HALLF13 The Problem of International Debt
MAIN CONFERENCE HALL
F13 The Problem of International Debt
Conference notes:
i) The relief of poverty, which is a major cause of conflict in
the world, is of the highest priority.
ii) Highly-indebted poor countries (HIPCs) with an unsustainable
debt burden cannot export enough to pay their debts, which
undermines economic development and creates poverty.
iii) Resources which would otherwise be spent on education,
health care and economic development for their population are
directed into debt servicing.
iv) Corrupt regimes in indebted countries have robbed their
people of revenue which should have been spent on development.
v) In its present form the HIPC Initiative does not go far enough
to relieve the debt burden.
Conference welcomes:
a) The attempts made by the World Bank, the IMF and Paris Club
countries to alleviate unsustainable debt.
b) The steps taken by the Government in its 'Mauritius Mandate'
which called for the acceleration of the HIPC Initiative and the
proposed cancellation of up to £132 million of Commonwealth
countries' debt.
c) The Government's commitment to eliminating world poverty, set
out in its White Paper on International Development, published in
November 1997.
Conference calls for:
1 The Government to take a leading role in pressing for the
reform of the HIPC debt initiative, notably a shortening of the
time required for the HIPC countries to qualify for debt
reduction and a reassessment of criteria that determine debt
relief.
2 The Government to put pressure on Germany and Japan to embrace
the unsustainable debt cancellation debt initiative.
3 The creation of new and additional resources for debt relief,
including the sale of part of the IMF's $40 billion gold stock.
4 The cancellation of unsustainable debt, conditional on:
a) The debtor country's willingness and commitment to poverty
eradication and rechannelling expenditure from interest payments
into measures to improve health, education and economic
development, thus preventing the use of those funds for military
expenditure.
b) A pledge to eliminate the abuse of human rights.
South East Cornwall
Mover: Robin Teverson MEP
Summation: Colin Breed MP
After line 11, add:
(vi) That the Government is wasting a unique opportunity as
President-in-Council of the European Union by failing to
prioritise a powerful and co-ordinated European approach to debt
relief.
(vii) The ease and speed with which massive international funds
were found to salvage South East Asian economies when that crisis
became a threat to Western financial markets.
Delete para 2 (24-25) and insert:
2 The Government to use its Presidency of the European Union to
champion an urgent and strongly co-ordinated Europe-wide approach
to debt relief, which shows global leadership to other major
economic powers.
Mover of motion: 7 minutes; other speakers: 4 minutes.
Dr Jenny Tonge MP Spokesperson on International Development
Robin Teverson MEP
Cllr Richard Darlington Saddleworth and Oldham East
John Gossage Twickenham and Richmond
Gemma Roulston Reigate
Nasser Butt (M) Putney
Colin Breed MP
Edward Davey MP Member of the Treasury Team
Amendment 1: Nem con
Substantive: Carried