The Initiative for Heavily Indebted Poor Countries (HIPC) is an unprecedented program in both its design and in its goal of easing the crippling debt burden of some of the world's poorest countries. Despite its accomplishments, questions remain regarding whether the Initiative delved deeply enough for these nations to truly achieve a sustainable path of growth and poverty reduction. This roundtable focused on the achievements and the shortfalls of debt relief, proposals for deepening debt relief, and recent innovations for financing future development.
Zanny Minton-Beddoes of The Economist, the event's moderator, began the session by posing four broad questions to the panelists.
- Has HIPC lived up to its promise, and how can it be improved?
- How can we stop a repeat of the debt problem?
- What else do we need to do?
- What else must happen, both in developing countries and in the rich world, in order to progress forward?
Below are individual transcripts of the participants' responses.
Nancy Birdsall, President, Center for Global Development
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François Bourguignon, Chief Economist and Senior Vice President, Development Economics, World Bank
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Collins Magalasi, National Coordinator, Malawi Economic Justice Network
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His Excellency Yaw Osafo-Maafo, Minister of Finance and Economic Planning, Ghana
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John Taylor, Under Secretary for International Affairs, U.S. Department of Treasury
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