28 September 2005
G8 DEBT CANCELLATION ENDORSED BY WORLD BANK AND IMF
The World Bank and the IMF have agreed to cancel the debt of 18 countries in an endorsement of the deal agreed to by the world leaders at the G8 summit in Gleneagles in July.
This means US$40 billion of debt will be cancelled for 18 of the world's poorest countries. The decision was welcomed by those who have long campaigned for debt relief such as Jubilee Australia
Nevertheless, the deal represents just a beginning for the 'drop the debt' campaign. There is still a further 24 highly indebted poor countries desperately in need of similar relief who have so far not qualified under the strict conditions imposed by the Heavily Indebted Poor Countries (HIPC) process.
Jubilee Australia argues that the HIPC process should be abandoned, all HIPC nations should be allowed to qualify for debt forgiveness and the world economic community should be considering the crippling debt of other highly indebted developing countries, such as Indonesia.
This means US$40 billion of debt will be cancelled for 18 of the world's poorest countries. The decision was welcomed by those who have long campaigned for debt relief such as Jubilee Australia
Nevertheless, the deal represents just a beginning for the 'drop the debt' campaign. There is still a further 24 highly indebted poor countries desperately in need of similar relief who have so far not qualified under the strict conditions imposed by the Heavily Indebted Poor Countries (HIPC) process.
Jubilee Australia argues that the HIPC process should be abandoned, all HIPC nations should be allowed to qualify for debt forgiveness and the world economic community should be considering the crippling debt of other highly indebted developing countries, such as Indonesia.
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