§ Richard BurdenTo ask the Secretary of State for International Development if she will make a statement on progress towards accelerating the debt cancellation programme under the HIPC process. [62960]
§ Clare ShortSo far, 26 countries have qualified for relief under the Heavily Indebted Poor Countries (HIPC) Initiative. Relief of more than US$62 billion will be provided to these countries, reducing their debts by more than two thirds on average. Of the 26 countries, 21 have reached Decision Point and are receiving interim debt relief on their "flow" of payment, and five have completed the HIPC process, and have received an irrevocable reduction in their stock of debt. We expect Cote d'Ivoire to reach Decision Point soon and hope that more countries will reach their Completion Point this year. The prospects of the remaining 10 countries 583W with unsustainable debt are not good. Most of them are in conflict and cannot gain debt relief until they make peace, and the remainder have governance problems.