§ 8. Angela WatkinsonTo ask the Secretary of State for International Development if she will make a statement on the progress of the Heavily Indebted Poor Countries Initiative. [14153]
§ Clare ShortTwenty-four counties have now qualified for relief under the Heavily Indebted Poor Countries (HIPC) Initiative, the latest being Ethiopia which qualified last week. Three countries have completed the process. More than $54 billion of debt relief has been agreed for those countries, which together owe about $75 billion, so a major part of their debt has been written off. The money released is being spent on poverty reduction. Social expenditure in these countries is projected to rise by some $1.7 billion per year, on average.