INTER-PARLIAMENTARY UNION PLACE DU PETIT-SACONNEX 1211 GENEVA 19, SWITZERLAND |
WRITING OFF THE GOVERNMENT DEBT OF HEAVILY INDEBTED POOR COUNTRIES (HIPCs)
Resolution adopted without a vote by the 101st Inter-Parliamentary Conference
Acknowledging and appreciating the HIPC initiative launched by major donor countries, through the International Monetary Fund and the World Bank, to provide debt relief for heavily indebted poor countries, Concerned at the slow and limited implementation of the initiative, Deeply concerned that several poor countries cannot service their foreign debts, Deeply concerned also that the burden of debt inhibits and in some cases totally prevents economic growth and the delivery of vital socio-economic services in these countries, Aware that the stranglehold of poverty is a source of instability and conflict within countries and regions, making world peace difficult to attain, Distressed at the abject poverty and deprivation of many communities and the impact this has on the lives of their members, in particular the most vulnerable (women, children and the elderly), Aware that in many cases the debt burden of poor countries has been inherited from historical conditions of colonialism and foreign domination, and further aware of the problem of corruption existing in some debtor and creditor countries, Recognising the urgency of the issue, as evidenced by the high-level attention currently being devoted to the problem of HIPCs by donor governments, parliaments, multilateral institutions and citizens groups world-wide, Welcoming the efforts of debtor countries, despite the short-term social impact often involved, to pursue economic reform, stabilisation and structural adjustment programmes, Recalling the relevant provisions of past IPU resolutions, notably the resolution on the "Need for a radical solution to the problem of debt in the developing world", adopted in Stockholm in September 1992, and the resolution on "Foreign debt as a factor limiting the integration of the Third World countries into the process of globalisation", adopted in Windhoek in April 1998,
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