IMF Managing Director tells UK campaigners of hope for "bolder step" in debt relief

IMF Managing Director Horst Köhler raised hopes of a new deal on the debts of the world's poorest countries at a meeting with campaigners and the UK Government in London today. Following a impassioned speech, he said: "I'm personally thinking we could – we should – go a step further in debt relief, an even bolder step".

Adrian Lovett, Deputy Director of Jubilee 2000, attended the meeting hosted by British Chancellor Gordon Brown, along with leaders of major aid agencies and churches, many of them members of the Jubilee 2000 Coalition. Mr Lovett said, "Mr Kohler seemed to show real personal commitment to going further on debt relief and that's very good news. However we mustn't forget that he's starting from a very low base – after the failure of the G8 in Okinawa, there's a real worry that the IMF and the rich countries just won't deliver, so he's got a lot of work to do."

"Mr Kohler seems to be willing to tackle some of the obstacles slowing down the delivery of debt cancellation. That's a good start – but he must go further. The current scheme will cut only a third of the debts of the poorest countries. The G7 countries have all pledged to write off 100 per cent of the debt owed to them. The IMF has healthy reserves and could easily write off 100 per cent too."

Campaigners will now focus on the IMF and World Bank meetings in Prague this month, as the last opportunity for decision makers to act on the debt crisis in this millennium year. Jubilee 2000 supporters from Europe and beyond are travelling to Prague to ensure the campaign's message is heard during the meetings.

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