Ugandan Debt
EDM number 514 in 1993-94, proposed by Jim Lester on 02/02/1994.
That this House acknowledges that the Ugandan Government has taken all possible steps to reduce its debt burden; notes that Uganda is still left with an unpayable foreign debt of $2.6 billion, with repayments currently draining the country of $100 million annually; further notes that 70 per cent. of Uganda's debt is owed to multilateral agencies such as the World Bank and the International Monetary Fund, which cannot be rescheduled under existing rules; recognises that Uganda's moves towards democracy and economic recovery are in danger of being undermined by the burden of debt; and calls on the Government firstly to urge the International Monetary Fund to sell its redundant gold stocks in order to write off debts owed to the fund by Uganda and other sub-Saharan African countries and secondly to seek international agreement to establish a debt relief fund to help Uganda meet its immediate repayment obligations.
This motion has been signed by a total of 59 MPs.
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