Island, Georgia (June 10, 2004)
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:
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.
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.