Guyana's Debt Relief After a long period of discussion, the International Monetary Fund and the World Bank finally agreed last week [May 9, 1999] to endorse the successful completion of the Highly Indebted Poor Countries (HIPC) initiative for Guyana. Under this arrangement, Guyana will benefit from debt relief totaling some US$256 million in net present value terms or some US$530 million in nominal terms. This represents a major breakthrough for Guyana since its late President, Dr. Cheddi Jagan, was one of the chief pioneers that had long struggled for this initiative from multilateral financial institutions (IMF, World Bank and IDB). However, despite this initiative, Guyana is not yet out of the woods and every effort will have to be made to secure more enhanced terms and put the country on the most viable path of economic and social prosperity. Related Links: Debt write-offs Letters Menu Archival Menu UK assures Guyana of more HIPC debt relief support April 1, 2004 UK cuts Guyana funding March 31, 2004 A critical assessment of HIPC February 29, 2004 A proud record January 27, 2004 ‘I’m proud of our record’ – President Jagdeo January 25, 2004 A worldwide financial scandal January 18, 2004 Paris Club agrees to reduce Guyana's debt January 15, 2004 What conditions are attached to debt relief? December 28, 2003 Gov't to try creative approach to gain further debt relief December 20, 2003 HIPC Initiative approval Guyana's best Xmas gift December 20, 2003 Good news for Guyana December 20, 2003 Increases in national debts could widen rich-poor gap December 19, 2003 IMF approves enhanced debt relief for Guyana December 18, 2003 House clears way for 20-yr HIPC debt relief package December 16, 2003 THE DEBT BURDEN: A FORGOTTEN LEGACY HIPC & ENHANCED-HIPC INITIATIVE December 15, 2003 US$600M debt relief likely December 13, 2003 The Debt Burden November 29, 2003 Guyana to seek HIPC support at UK meeting November 28, 2003 Guyana largely on track to secure further debt relief September 9, 2003 Government feels squeeze with delays in debt relief July 18, 2003 World Bank issues road map for fiscal sustainability March 23, 2003 Jagdeo lobbying for debt relief to cover budget deficit February 27, 2003 Guyana among others to benefit from 125M Euros December 21, 2002 Evening of Carols cancelled December 19, 2002 IPED loans reached $669M in 2001 December 4, 2002 THE DEBT BURDEN: A FORGOTTEN LEGACY October 27, 2002 Public debt up May 26, 2002 World Bank ups Guyana's poverty reduction credit May 1, 2002 Debt relief and securing investments can be enduring and linked policies January 28, 2002 Debt relief negotiations warrant personal attention January 12, 2002 Further debt relief unlikely this year February 27, 2001 Guyana's debt to drop to US$829M after HIPC January 28, 2001 $548.3M debt rescheduling pact signed with Germany December 14, 2000 Guyana to save US$590M in debt service November 19, 2000 IMF ratifies interim poverty reduction paper November 18, 2000 President knocks financial institutions for `playing games' September 29, 2000 More donors beginning to better understand Guyana's problems September 14, 2000 Guyana concerned at drop in development aid August 17, 2000 IMF should look for new debt relief sources - Ministers April 14, 2000 Jagdeo calls for workable debt relief mechanism April 14, 2000 What to do about debt March 19, 2000 Guyana calls for cap on debt servicing March 2, 2000 Further debt relief hinges on public sector reform December 28, 1999 Guyana could see US$36.1M debt write-off October 17, 1999 The implications and the effects of debt write-offs October 10, 1999 Guyana will benefit from new debt relief pact September 30, 1999 The advocacy for debt relief and poverty reduction September 26, 1999 Funding conditionalities too harsh September 7, 1999 President Jagdeo to expand foreign policy focus September 7, 1999 Debt distress warning September 7, 1999 The case for an Anti-Paris Club August 15, 1999 Guyana set to earn further debt relief under Cologne Initiative July 10, 1999 Cologne initiative can do more harm than good June 29, 1999 Pay demands threaten Guyana debt plan May 14, 1999 IMF, World Bank Approve Debt Reduction Package December 23, 1997 If you do not see the 'Guyana: Land of Six Peoples' drop-down menu on the left then please click here to enter through the front door which will give you additional options and information.