§ Dr. TongeTo ask the Secretary of State for International Development what progress she plans to make with the process of debt relief at the G8 Summit in Genoa. [2291]
§ Hilary BennTo date, 23 countries have qualified for exceptional debt relief under the Enhanced Heavily Indebted Poor Countries (HIPC) initiative. Relief totalling more than $53 billion will be provided to these countries, reducing their debts by more than two-thirds on average, and freeing up resources for spending on poverty reduction. At the G8 summit in Genoa, we will be urging our partners to push forward with implementation of the HIPC initiative, so that more countries will qualify for relief. However, making substantial progress will be difficult, as many of the remaining HIPC countries are affected by conflict.
Debt relief is only one part of what will be required by developed and developing countries alike if poverty is to be reduced and the International Development targets set for 2015 to be met. The Italian Government, which hold the Presidency of the G8 in 2001, have already issued a paper to be discussed at the Genoa summit entitled "Beyond Debt Relief"—which sets out some of the other key areas in which progress needs to be made: trade reform, generating investment and improving the quantity and quality of spending on health and education. These are all important issues for poverty reduction which can be taken forward effectively at international level through the G8 forum.