The Multilateral Debt Relief Initiative

The Multilateral Debt Relief Initiative (the Initiative) provides additional support to Heavily Indebted Poor Countries (HIPCs) to reach the Millennium Development Goals while ensuring that the financing capacity of the international financial institutions is preserved. The Initiative calls for 100 percent cancellation of debt to the International Development Association (IDA), the African Development Fund and the International Monetary Fund for countries that reach the HIPC completion point. The Initiative also commits to providing additional resources to ensure that the financing capacity of the international financial institutions is preserved.

World Bank and the The Multilateral Debt Relief Initiative (MDRI)

IMF Factsheet: The Multilateral Debt Relief Initiative (MDRI)

Statement By Paul Wolfowitz, President Of The World Bank, At Conclusion Of G8 Summit The G8 Summit at Gleneagles was a success because a partnership was forged between African leaders and leaders of the developed world. This partnership is designed to deliver results for the poor people of Africa and produce a framework of performance by all governments--African governments and governments of developed countries. This includes additional aid and debt relief, as well as trade, improved governance, transparency and accountability….

IDA’s implementation of the multilateral debt initiative

Development committee of the IMF and WB Note of the G8 Debt Relief Proposal: An assessment of costs, implementation issues and financing options

Oxfam briefing paper on Debt cancellation and the Millennium Development Goals The G8 has taken a welcome first step by agreeing multilateral debt cancellation for some countries covered by the HIPC initiative; but rich countries need to go further if all poor countries are to reach the Millennium Development Goals (MDGs). The ability of poor countries to fight poverty and reach the MDGs should be the basis of calculations to determine the necessary level of debt cancellation. This means that the G8 debt initiative should be extended to include all other poor countries that need to have their debts cancelled to meet the MDGs. Similarly, debts owed to other creditors not covered by the G8 initiative such as the Inter-American Development bank (IDB) should be cancelled wherever this is necessary to fight poverty.

Will Debt Relief Make a Difference? Impact and Expectations of the Multilateral Debt Relief Initiative 05/26/2006, Todd Moss