The Bishop of Sheffield asked a question on pauses in debt repayment, during a discussion on the most recent international development white paper, on 23rd November 2023:
The Lord Bishop of Sheffield: My Lords, those of us on these Benches also welcome the Statement and the renewal of the UK’s commitment to sustainable development set out in the White Paper. In particular, we welcome the proposal to permit pauses in scheduled debt repayments in situations of crisis due to conflict or extreme weather events. However, will the Government acknowledge that piecemeal pauses to debt repayments are bound to prove insufficient to enable the progress now urgently needed if we are to achieve the SDGs by 2030? Is not something more comprehensive now needed?
Lord Ahmad of Wimbledon (Con, Foreign Office): The right reverend Prelate is right. Quite often, the way out of a particular current crisis for countries in the developing world is further excess debt. Sometimes the leverage for that debt is eyewatering in terms of the indebtedness over the length of time. That is why, when working on initiatives such as the Bridgetown initiative and on reforms with the multilateral development banks, we need to look at both the current situation as it is and the medium and long term. As we look at innovative ways of financing, including leveraging the private sector, we must ensure that we do so for a debt that is sustainable and ultimately payable. That is also why I mentioned BII—the innovation of what was the CDC—and seeing how we can leverage private finance for long-term debt servicing in a way that is achievable and sustainable for the country in question.
The Church of England in Parliament 
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