A leaked IMF and World Bank report confirms the HIPC initiative is not delivering. Overoptimistic growth and export assumptions have left HIPC countries with chronic unsustainable debt levels. A new report by several NGOs calls for re-evaluation of debt relief and sustainability. In July, Nigeria suspended debt servicing payments to the Paris Club creditor nations, but not to commercial lenders and multilaterals. Nigeria has failed to win relief on its $28bn debt, despite macroeconomic figures being comparable with the 42 HIPC countries.
CAFOD, Christian Aid, EURODAD, Oxfam report
Obasanjo insists on debt remission, allAfrica, 3 September
WB, IMF Poverty-cutting program needs work Reuters, 6 September
Relief works, Jubilee Research