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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:
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.