UK International Development Select Committee publishes report on debt
Reacting to the publication of the UK International Development Select Committee’s report on debt in low-income countries, Paul Steele, IIED’s chief economist who gave evidence to the committee, said:
“We welcome the committee’s recognition that the soaring levels of debt in low-income countries are unsustainable and extremely concerning, in many cases compounding people’s inability to withstand the flooding, wildfires and droughts they face as a result of climate change and nature loss."
“As the report details, IIED’s recent work on debt restructuring has shown that it is possible to tackle debt alongside nature and climate objectives in ways that include local communities and demand political accountability.
“The UK government can play a key role in engaging private sector creditors, many of whom are based in the City of London as well as championing this approach among its peers in the G7 and G20.”