Debt sustainability

At the time of the adoption of the United Nations Millennium Declaration, the primary concern of the international community regarding the external debt of the developing countries was the difficult situation facing the low-income countries. The Heavily Indebted Poor Countries (HIPC) Initiative was launched by the International Monetary Fund (IMF) and the World Bank in 1996 and enhanced in 1998, but progress with the Initiative was slow. The 2002 Monterrey Consensus of the International Conference on Financing for Development underlined the need for the full and speedy implementation of the HIPC Initiative as an important contribution to achieving the MDGs. As part of this process, the HIPC Initiative was complemented in 2005 by the Multilateral Debt Relief Initiative (MDRI). The MDRI, by providing full relief on eligible debt, is designed to free up additional resources to help the HIPC countries achieve the MDGs.

Sustainable Development Goals:

Partnerships for the Goals