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When I look back over the last six years since I came to the World Bank, I see an institution that has been undergoing a process of continuous renewal?with significant results.
In 1995, there was no comprehensive mechanism in place for debt relief for the poorest countries, by either the multilateral institutions or other creditors...
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Today, 22 countries have begun receiving debt relief under the Heavily Indebted Poor Country (HIPC) Initiative, 18 of them in Africa?for a total of $34 billion. The total external debt of these countries will be reduced by two-thirds, lowering their indebtedness to levels below the average for all developing countries...
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