The Earl of Sandwich – 2016 Parliamentary Question to the Department for International Development

The below Parliamentary question was asked by The Earl of Sandwich on 2016-03-22.

To ask Her Majesty’s Government what is the annual cost to the UK of the Heavily Indebted Poor Countries Initiative; which ten countries have benefited most financially from the scheme; and which countries have performed best in terms of debt servicing and repayment.

Baroness Verma

To date 36 countries have benefited from the HIPC Initiative. As a result, many developing countries have seen a marked improvement in their debt position and growth over the last 15 years. The recipients that have benefited most by committed volume are: Democratic Republic of Congo, Ghana, Ethiopia, Mozambique, Tanzania, Zambia, Cameroon, Cote d’Ivoire, Liberia and Uganda.

Many countries saw substantial reductions in their debt servicing as a result of HIPC debt relief. The largest reductions in terms of the ratio of debt service to exports were Burundi, Central African Republic, Congo, Ethiopia, Haiti, Malawi, Rwanda, Sao Tome and Principe and, Sierra Leone which all saw a fall of more than 10%.