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• Commonwealth convenes high level debate on debt relief and poverty reduction

Commonwealth convenes high level debate on debt relief and poverty reduction

13 July 2000

Senior officials from heavily indebted poor countries, major creditors, governments, civil society and other agencies will meet in London to assess whether the enhanced Heavily Indebted Poor Countries (HIPC) Initiative that was agreed last year by the International Monetary Fund and the World Bank is likely to provide genuine debt sustainability and allow HIPC countries to reach internationally agreed development and poverty targets by 2015.  Ten Commonwealth members have applied for debt relief under the HIPC initiative.

The workshop at Marlborough House on 17 and 18 July, organised by the Commonwealth Secretariat, comes at a time of dissatisfaction with the lack of substantial progress in implementing the new framework.  Ugandais the only country, out of the 36 that were considered eligible for debt relief to have reached the completion point.

Some of the critical issues to be considered include the complicated and cumbersome nature of the HIPC framework; under-funding of the Initiative; the heavy burden of domestic debt; and excessive and unpredictable conditionality in the HIPC process.  Participants will develop ideas and proposals to revitalise the HIPC process as the 36 countries cannot begin to grow and eliminate poverty without a lasting exit from unsustainable debt burden.

Among the speakers and participants invited to take part in the global debate are Hon S Kowlessar, Minister of Finance for Guyana; Mr Emmanuel Tumusiime-Mutebile, Permanent Secretary and Secretary to the Treasury in Uganda; Dr Kwesi Botchwey, Director of Africa Research and Programmes at Harvard University; Mr William Cash MP and Chairman of the House of Commons All Parliamentary Group on Third World Debt; Sir James Lester, Chairman of World Aware in London; Mr Godfrey Gaoseb, Executive Director in the World Bank; Professor Tony Killick, Senior Research Associate, Overseas Development Institute, UK; Mr Matthew Martin, Director, Debt Relief International and Mr Tony Faint, Director, International Division, UK Department for International Development.  Senior government officials from Ghana, Mozambiqueand Tanzaniaas well as representatives of the United Kingdom, Japanese and United Statesgovernments, the IMF, World Bank, UNCTAD, leading UK-based NGOs and the press will also address their concerns and perspectives of the HIPC process.

The policy workshop is the third global debate to be organised by the Commonwealth Secretariat on the reform of the HIPC programme.  It is taking place in advance of the G8 Okinawa Summit (21-23 July) and the Commonwealth Finance Ministers Meeting in Malta(19-21 September).  The Commonwealth Secretariat expects the workshop to give further impetus to the work of the Commonwealth in promoting international consensus for rapid debt relief for poor countries as well as developing strategies and mechanisms for strengthening debt management. 

Note to Editors:

Media who want to attend and participate should contact:

Mr Mwambu Wanendeya        Tel:  020 7747 6382
Email:  m.wanendeya@commonwealth.int

ISSUED BY THE COMMUNICATIONS AND PUBLIC AFFAIRS DIVISION
Commonwealth Secretariat Marlborough House Pall Mall London SW1Y 5HX United Kingdom
Tel: +44 (0)20 7747 6385/6 Fax: +44 (0)20 7839 9081
Email: info@commonwealth.int