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• Commonwealth workshop on initiative for debt relief for heavily indebted countries

Commonwealth workshop on initiative for debt relief for heavily indebted countries

12 June 1997

The Commonwealth Secretariat, in partnership with the World Bank, the International Monetary Fund (IMF) and the African Development Bank, is hosting a workshop in London on 18-20 June to work out the best way to implement a debt relief initiative for Heavily Indebted Poor Countries (HIPC) of the Commonwealth. Other joint partners are the United Nations and the Macroeconomic and Financial Management Institute of Africa, based in Zimbabwe.

The workshop is being organised by the Commonwealth Secretariat's Economic and Legal Advisory Services Division as part of its technical assistance to governments in debt management.

The HIPC initiative was proposed by the World Bank and the IMF, and agreed to by governments in October 1996. In April, Uganda became the first beneficiary of the initiative, but during the implementation it became evident that certain technical issues would have to be addressed by eligible countries which intend to apply for the facility.

The London meeting will be the first opportunity for HIPC countries and international institutions to discuss implementation issues of the initiative to ease their debt burden.

The meeting is designed to assist HIPCs to understand the criteria used for defining debt sustainability and the use of macroeconomic statistics and their projections in calculating vulnerability indicators. Another objective is to determine appropriate measures at the broader level, taking into account the debt overhang and market access as well as economic development concerns, such as the impact of debt relief on human development. Participants will draw up a list of recommendations governing the implementation of the initiative, as well as areas where technical assistance efforts should be directed.

Countries expected to participate in the meeting, which will be held at Marlborough House, include Cameroon, Ghana, Guyana, Kenya, Malawi, Mozambique, Tanzania, Uganda and Zambia.

 

 

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