Council Conclusions on Supporting Developing Countries in Coping with the Crisis, Brussels, 18 May 2009

Sectors : Peace and security
Organisation : EU
Date made: 
Heads Of State
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Commitments in: Peace and security

“12...The EU will continue supporting the existing debt relief initiatives, in particular the Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI) and values the Evian approach as an appropriate flexible tool to ensure debt sustainability in times of financial crisis. The EU supports discussions, if relevant, on enhanced forms of sovereign debt restructuring mechanisms, based on existing frameworks and principles, including the Paris Club, with a broad creditors’ and debtors participation and ensuring comparable burden-sharing among creditors with a central role for the Bretton Woods Institutions (BWI) in the debate.”