For Immediate Release
Office of the Press Secretary
June 10, 2004
Debt Sustainability for the Poorest
The Heavily Indebted Poor Countries Initiative (HIPC) has to date
provided welcome debt reduction to 27 countries pursuing economic
reform programs, 23 of them in Africa, and is providing $31 billion in
debt service relief over time. We are committed to fully implementing
the HIPC initiative and to supporting debt sustainability in the
poorest countries through debt relief and grant financing. To that
end, we have asked our Finance Ministers to: - Work with other
donors and the international financial institutions to extend the
sunset date of the HIPC initiative until December 31, 2006 and to
provide the necessary financing for completion of the initiative,
including topping up where appropriate.
- Consider
measures that can further help the poorest countries address the
sustainability of their debt.
We have asked for a progress report on these efforts by the end of
the year. We urge other creditors to fully participate in the HIPC
initiative.
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