Vol. 478 No. 5
33 Mr. M. Kitt asked the Tánaiste and Minister for Foreign Affairs the proposals, if any, he has to meet the Canadian Executive Director of the World Bank, Mr. Leonard Good, when he visits Ireland in early May 1997 to press for speedy implementation of the heavily indebted poor countries initiative; and if he will make a statement on the matter. [11466/97]
The Minister of State in my Department, Deputy Burton, will meet Mr. Leonard Good, the Canadian Executive Director of the World Bank, during the course of his forthcoming visit to Ireland to discuss issues of common interest. These will include the HIPC Initiative, the debt initiative for heavily indebted poor countries.
The HIPC Initiative, which was agreed at the annual meetings of the World Bank and the International Monetary Fund in October 1996, represents a significant step forward in the international community's response to the debt problems of the poorest countries. It is intended to bring their debts down to sustainable levels in the interests of their economic and social development.This initiative can, if implemented vigorously and fully, produce significant debt relief for severely indebted countries and it represents an important contribution to efforts to bring about sound economic development and growth in the affected countries.
The Government is deeply concerned about the debt problem and the serious constraint itimposes on the economic and social development of the poorest and most indebted countries. We have consistently used the relevant international fora to emphasise the need to find ways to address the debt problem of the poorest countries.We welcome the HIPC Initiative as a practical expression of the international community's commitment to address the debt problem and we would hope to see it implemented in a full and constructive manner as early as possible.
This will be conveyed to Mr. Good at the forthcoming meeting.
