If highly indebted poor countries
are seen as not responsible for their sovereign debt, then it is unreasonable to hold the same countries responsible for such factors as geographical and climatic conditions or colonial history.
Similarly, more than 90% of LDCs declared highly indebted poor countries
(HIPC) in the late 1990s were African.
As well as 100 per cent multilateral debt relief for the so-called Highly Indebted Poor Countries
, the Chancellor and Mr Blair want the group to back increased aid and fair trade.
It will provide debt relief for the countries involved in the Highly Indebted Poor Countries
Some of these, including the Highly Indebted Poor Countries
initiative, have focused on securing debt relief for very poor countries.
According to a 1999 agreement with the IMF, signed under the auspices of a debt relief program for highly indebted poor countries
, Honduras is to be forgiven about US$1 billion of its external debt over 10 years, beginning in December 2003.
On debt problems, they called on the G-8 countries to extend their debt relief programs for highly indebted poor countries
to also cover other developing nations struggling with debt problems.
And the most highly indebted poor countries
have significantly higher rates of infant mortality, illiteracy, malnutrition, and disease than other developing nations.
However, the accession of a large number of these countries to the Highly Indebted Poor Countries
(HIPC) initiative in recent years, including the Republic of Congo, which was granted debt relief, clearly shows that the model of external financing of deficits is not sustainable; especially if debt contracted from foreign creditors is not used productively but instead is misappropriated and finds its way to foreign banks as private assets.
Over a period of 20 years, the CDRD will have a value of one billion Euros, as Cameroon has reached the completion point of the World Bank-sponsored Highly Indebted Poor Countries