World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

$18 Million To Help World's Poorest Nations

Joint Media Release

The Australian Treasurer, The Hon Peter Costello Mp
And
Australian Minister For Foreign Affairs, The Hon Alexander Downer MP

14 May 2002

Australia Provides $18 Million To Help World's Poorest Nations

The Government will make a new contribution to assist the world's poorest nations to escape the burden of unsustainable debt by providing an extra $18 million to the Heavily Indebted Poor Countries (HIPC) Initiative.

The HIPC Initiative is a multilateral plan to provide debt relief to the world's poorest countries who are pursuing IMF and World Bank supported reform programmes. The additional funding is aimed at meeting the ongoing costs of providing multilateral debt relief to these countries.

This contribution is in addition to the Government's commitment to provide 100 per cent bilateral debt relief for countries that qualify for HIPC assistance. Of those countries identified for possible debt relief under the Initiative, both of the HIPC-eligible countries with bilateral debts to Australia - Nicaragua and Ethiopia - are already benefiting from HIPC assistance and are no longer repaying their debts to Australia.

Australia believes the enhanced HIPC Initiative is the most effective way to provide sustainable debt relief to the world's poorest countries. It involves all creditors, including multilateral development institutions, giving debt relief to countries with sound institutional and policy frameworks to aid further development. It is also directed to ensuring that the proceeds of debt relief are directed towards basic health, education and poverty reduction programmes, and not lost in corruption or military spending.

This contribution meets Australia's share of the continuing costs of the HIPC Initiative, and brings Australia's total commitment to the HIPC Initiative to $77 million.


© Scoop Media

 
 
 
World Headlines

 

Gordon Campbell: Is This Guy The World’s Most Dangerous Thirtysomething?

Saudi Arabia has long been regarded as a pillar of stability in the Middle East, and is the essential caterer to the West’s fossil fuel needs. It is also the country that gave us Osama Bin Laden, al Qaeda, and 15 of the 19 terrorists who carried out the 9/11 attacks... More>>

ALSO:

Non-Binding Postal Vote: Australia Says Yes To Same Sex Marriage

Binoy Kampmark: Out of 150 federal seats, 133 registered affirmative totals in returning their response to the question “Should the law be changed to allow same-sex couples to marry?”. More>>

ALSO:

Bonn Climate Change Conference: Protecting Health In Small Island States

The vision is that, by 2030, all Small Island Developing States will have health systems that are resilient to climate change and countries around the world will be reducing their carbon emissions both to protect the most vulnerable from climate risks and deliver large health benefits in carbon-emitting countries. More>>

ALSO:

Camp Shut Down: Refugees Must Be Rescued From Manus

On 31st October 2017, the detention centre on Manus Island in which the Australian Government has been holding more than 700 refugees was closed, leaving those living there in a desperate situation. More>>

ALSO:

EARLIER:

Rohingya Muslims Massacred: Restrictions On Aid Put 1000s At Risk

Amnesty: The Myanmar authorities’ restrictions on international aid in Rakhine state is putting tens of thousands of lives at risk in a region where mainly Rohingya people are already suffering horrific abuses from a disproportionate military campaign. More>>

ALSO:

 
 
 
 
 
 
  • Pacific.Scoop
  • Cafe Pacific
  • PMC