Oxfam new improved HIPC

[This paper is one of several to stimulate a debate for the Rome conference.It does not necessarily represent the views of any Jubilee 2000 campaign.]

 

Excerpts from a leaflet (designed to be similar to an advertisement for a "new improved formula" washing powder)

New improved formula HIPC Initiative

In recent months, Oxfam International has become concerned that political support for debt relief is waning. We believe it is time to take a fresh look at the HIPC Initiative. If our proposals for reform are accepted, the HIPC Initiative could give poor countries the debt relief they need and help millions of people to escape poverty.

A new improved formula for the HIPC Initiative could revitalise it. Oxfam International proposes five reforms:

• Earlier debt relief – cut the waiting time from six to three years.
• Deeper debt relief – down to levels that poor countries can really afford.
• New eligibility criteria – to allow maintenance of basic social services.
• Remove IMF conditions – and show more flexibility on past performance.
• Reduce poverty – make poverty reduction a condition of debt relief.

[This paper is one of several to stimulate a debate for the Rome conference.It does not necessarily represent the views of any Jubilee 2000 campaign.]

• Policy debate
• Policy papers