Third United Nations Conference on the Least Developed Countries, Brussels Declaration, 2 July 2001

Sectors : Debt relief, Aid volume
Organisation : UN
Date made: 
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Commitments in: Financing for Development - Debt relief

“9. We are concerned with the external debt overhang that affects most LDCs and remains a main obstacle to their development. We affirm the commitment to provide the full financing and the speedy and effective implementation of the enhanced HIPC Initiative, which is essential for freeing domestic budgetary resources for poverty reduction. We undertake to make expeditious progress towards full cancellation of outstanding official bilateral debt within the context of the enhanced HIPC Initiative. We also undertake to provide debt relief to post conflict countries within the flexibility provided under the HIPC framework. The debt sustainability of LDCs, including non- HIPC LDCs, will continue to be subject to review, and consideration may be given to granting a moratorium on debt service payments in exceptional cases”


Commitments in: Financing for Development - Aid volume

“8. We affirm, also in this context, that official development assistance (O DA) has a critical role to play in support of LDC development. We take upon ourselves not to spare any effort to reverse the declining trends of ODA and to meet expeditiously the targets of 0.15% or 0.20% of GNP as ODA to LDCs as agreed. We undertake to improve aid effectiveness and to implement the OECD-DAC recommendation on untying ODA to LDCs.”