PARLIAMENTARY EARLY DAY MOTION
Ukraine debt cancellation (16 May 2022)

That this House recognises the devastating impact of the Russian invasion on the economy of Ukraine; notes the need for all the country’s resources to be mobilised to support the humanitarian response and military defence; notes that the total external debt of Ukraine is $54 billion and that Ukraine is due to make debt payments of $7.3 billion in 2022 alone; notes with concern that the IMF has assessed Ukraine will need $5bn a month for the next three months to address the impact of the invasion on the country’s finances; calls on the Government to use its influence with G7 partners, the IMF and World Bank to suspend all external debt payments for as long as the war lasts and make it clear that a restructuring of debts involving all creditors will take place after the war that will make the debt sustainable; and further calls on the Government to work with partners to establish a fund to provide grants for emergency support and subsequent reconstruction of the country.

Sponsored by:
Richard Burgon (Labour)