70 countries to benefit from HIPC initiative

Bangalore, Jan 17 (UNI) Seventyfive to 80 of the world's poorest countries would benefit from debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative of the IMF and the World Bank, British Chancellor of Exchequer Gordon Brown said today.

Mr Brown told the plenary on Globalisation at the 13th CII Partnership Summit here that so far 40 countries have benefitted from the initiative and the potential debt relief could be to the tune of 170 billion Dollars. Another 75 to 80 countries qualify for such a relief, he said, replying to queries from participants.

He said efforts were on to ensure that huge debt burden on these countries caused due to historic reasons and not due to the fault of the present rulers was wiped off so that the least developed countries could take up the path of economic development.

UNI