Initiative changes

15 June 1999

The G7 have agreed changes to the Heavily Indebted Poor Country Debt Initiative which will impose more conditionality in return for earlier relief from interest payments. There is still confusion as to whether the IMF‘s ESAF conditions will still be a factor determining when all these countries get fuller debt relief, but it seems likely that countries will be able to obtain some payment reductions in less than 3 years if they complete a small number of conditions quickly.

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