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<p>The Government recognises that ensuring debt sustainability and transparency in
Low Income Countries (LICs) is important. UK-based lenders are subject to extensive
prudential disclosure requirements under UK prudential and accounting law, including
for material loans made to foreign Governments, which appropriately reflect firms’
exposures. Compliance with these requirements are independently assessed by the relevant
UK regulator during their supervisory activities.</p><p> </p><p>Given the complex
international nature of LIC debt, we continue to believe that internationally-agreed
assessments and coordinated approaches to tackle debt vulnerability are most effective.
The G20 have been supporting work on debt sustainability, including G20 sustainable
lending guidelines and voluntary industry-led initiatives to promote debt transparency
from private lenders to sovereign nations, especially LICs.</p>
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