Chesterfield MP Toby Perkins has asked that the UK Treasury is doing to help Zambia to cancel their debts.

Toby was urged by constituents to act upon global debt cancellation after Zambia became the first country to start restructuring talks in line with the new Common Framework for Debt Treatments, agreed upon by the G20

The G20 aimed to deal with insolvency and protracted liquidity problems in the DSSI-eligible countries by providing debt relief consistent with the debtor’s capacity to pay and maintain essential spending needs.
Zambia -as the first African nation to default in the pandemic era- has begun to take action to talks over as much as $17.3 billion of external debt, and the country’s finance minister is urging the nation’s creditors to participate.

Toby asked a written parliamentary question to the Treasury to ask what steps their department is taking to assist Zambia in their attempts to become the first nation to benefit from The Common Framework debt cancellation process.

The Economic Secretary to the Treasury, John Glen, replied that “Zambia is one of three countries – along with Chad and Ethiopia – to have so far requested the Common Framework. In its February 2022 communique, the G20 reiterated its commitment to step up efforts to implement the Common Framework in a timely, orderly and coordinated manner”. He added: “Progress in implementing the Common Framework has been a regular feature in the Chancellor’s discussions in the G7 and G20 and – as a creditor to Zambia – it is a priority to work with our international partners to ensure swift progress on the debt treatment”.

Toby stated “I’m grateful to local residents for contacting me regarding global debt, particularly in relation to Zambia’s attempts to reduce their debts. Developing nations should not face having to choose between funding public services or paying off crippling debts. The pandemic has highlighted the need for tackling the excessive debt and debt service burdens of developing countries and this issue rightly gained more prominence on the international agenda”.

He added “It’s welcome that Treasury Ministers have prioritised working with international partners about Zambia’s attempts to cancel their debts and I’ll continue to monitor developments about this issue”.

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