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
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


Preliminary Results: MH17 Investigation Report

The Joint Investigation Team (JIT) is convinced of having obtained irrefutable evidence to establish that on 17 July 2014, flight MH-17 was shot down by a BUK missile from the 9M38-series. According to the JIT there is also evidence identifying the launch location that involves an agricultural field near Pervomaiskyi which, at the time, was controlled by pro-Russian fighters. More>>


At The UN: Paris Climate Agreement Moves Closer To Entry Into Force

The Paris Agreement on climate change moved closer toward entering into force in 2016 as 31 more countries joined the agreement today at a special event hosted by United Nations Secretary-General Ban Ki-moon. More>>



Gordon Campbell: On The End Game In Spain (And Other World News)

The coverage of international news seems almost entirely dependent on a random selection of whatever some overseas news agency happens to be carrying overnight... Here are a few interesting international stories that have largely flown beneath the radar this past week. More>>

Amnesty/Human Rights Watch: Appalling Abuse, Neglect Of Refugees On Nauru

Refugees and asylum seekers on Nauru, most of whom have been held there for three years, routinely face neglect by health workers and other service providers who have been hired by the Australian government, as well as frequent unpunished assaults by local Nauruans. More>>


Other Australian Detention

Gordon Campbell: On The Censorship Havoc In South Africa’s State Broadcaster

Demands have included an order to staff that there should be no further negative news about the country’s President Jacob Zuma, and SABC camera operators responsible for choosing camera angles that have allegedly made the President ‘look shorter’ were to be retrained... More>>


Gordon Campbell: On A Bad Week For Malcolm Turnbull, And The Queen

Malcolm Turnbull’s immediate goal – mere survival – is still within his grasp... In every other respect though, this election has been a total disaster for the Liberals. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news