G8 Evian Chair's Summary

Sectors : Debt relief
Organisation : G8
Date made: 
2003
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Commitments in: Financing for Development - Debt relief

“Financing for development. We reaffirmed our commitment to address the challenge of global poverty and our support for the Millennium Development Goals and the Monterrey consensus. We noted that achieving these ambitious goals would require considerable efforts from both developed and developing countries, including increased resources....
...Debt. We reaffirmed our commitment to the Heavily−Indebted Poor Countries (HIPC) initiative, launched at our Cologne Summit. Since Kananaskis, where we pledged to provide our share of the shortfall of up to $1 billion, progress has continued in the implementation of the HIPC initiative.Twenty−six of the world's poorest countries are now benefiting from debt relief, totalling more than $60 billion committed in nominal terms. However, in the light of continued implementation challenges and the slow pace of country progress in the initiative, we have identified the following priority areas:...
...− We welcomed the progress made towards completing our commitment in Kananaskis to fill the estimated financing gap in the HIPC Trust Fund, through the pledges of $850 million made in Paris in October 2002. We will continue to monitor the financing needs of the Trust Fund;
− We reaffirmed the objective of ensuring lasting debt sustainability in HIPC countries and noted that these countries will remain vulnerable to exogenous shocks, even after reaching completion point. In this context, we have asked our Finance Ministers to review by September mechanisms to encourage good governance and the methodology for calculating the amount of "topping−up" debt relief available to countries at completion point based on updated cost estimates...”

Scope: 
International