TRANSPARENCY OF DEVELOPING COUNTRY DEBTS

That this House expresses concern about the alleged secret loans given by London-based banks in 2013 to Mozambican companies, with Mozambique Government guarantees, and without approval of the Mozambique parliament; notes that over 90 per cent of sub-Saharan Africa Government international bonds are owed under UK law; calls for measures to ensure that all loans under UK law given to governments or with government guarantees are disclosed publicly at the time they are made and comply with the law of the country concerned; and further calls for enhancements to the Debt Relief (Developing Countries) Act 2010 to ensure that vulture funds cannot ignore agreed debt restructuring in pursuit of large profits in UK courts.