Guyana to seek HIPC support at UK meeting
by Nivedta Kowlessar
Guyana Chronicle
November 28, 2003
GUYANA will be seeking support for the early completion of the World Bank's Heavily Indebted Poor Countries (HIPC) Initiative at meetings in the United Kingdom, shortly.
President Bharrat Jagdeo yesterday told reporters he will be pressing the case with the British Department for International Development (DFID).
The Initiative aims to bring the country's debt burden to sustainable levels, subject to satisfactory policy performance. Its objective is to ensure that adjustment and reform efforts are not put at risk by continued high debt and service burdens.
But President Jagdeo said that while it was "announced ages ago", it has still not been implemented in many of the 40-odd countries eligible to benefit. Many of them have not reached the stipulated completion point and the Government has been arguing that this is because the goal posts are shifted constantly by international financial institutions.
President Jagdeo disclosed that United States Treasury representatives visited Guyana last week with a view of considering "an early completion point".
The Treasury represents the U.S on the boards of the multilateral financial institutions and Mr. Jagdeo had asked President George W. Bush to consider sending its officials here.
"...We wanted the Treasury to have an opportunity to see what was happening on the ground, to get a better feel. So when our case goes to the boards, they would understand the challenges of the country and the progress made over a historical period," he said.
The representatives met with officials of the private sector, donor community and the Government during the visit.
While in the UK, President Jagdeo will also be lobbying for Guyana's DFID 5M Pound Sterling aid budget to remain the same in light of recent reallocations for Britain's contribution to rebuilding war-torn Iraq.
He is to have bilaterals with Prime Minister Tony Blair, as well as Caribbean Community-UK consultations on issues to be discussed at the upcoming Commonwealth Heads of Government Conference in Abuja, Nigeria.
The Head of State is scheduled to stop in London later this week enroute to Nigeria for the December 5 - 8 Commonwealth meeting.
He is also to attend the Special Summit of the Americas from January 12 - 13 in Mexico.