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Lord Livermore (Lab)

Speaking in the House of Lords on 17 July 2025

Debate

Tackling Unsustainable Debt

Contribution

I absolutely agree with my noble friend and thank him for what he says. He and I were part of the last Labour Government who saw such historic action on debt relief, and I agree that we should celebrate that and remind the world of it. Of course, the world is a different place now; the creditor landscape is very different. Previously, most of the debt was held by Paris Club members and multilateral institutions. Now, borrowers increasingly rely on non-Paris Club members, specifically China and the commercial sector. So the action that we need to take now is different from that which was taken before. My noble friend rightly says that multilateral institutions are important; the onus is on us to strengthen those institutions, speed them up and ensure that they work better than they do currently.

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