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<p>UK-based lenders are subject to prudential disclosure requirements under UK prudential
and accounting law. This includes loans made to foreign governments. 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 sovereign debt, we continue to believe that internationally-agreed approaches are
the most effective way to promote sovereign debt transparency. The UK supports the
IMF and World Bank’s efforts to improve capacity and capabilities of sovereign borrowers.</p><p>
</p><p>The UK recognizes that creditors also have an important role to play in securing
debt transparency and sustainability. The UK is working through the G20 to monitor
an industry-led initiative by the Institute of International Finance (IIF) to improve
the transparency of lending of private creditors.</p>
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