G8 Finance Ministers' finalize debt proposal.

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Summary Analysis of the June 11, 2005 G8 Debt Proposal
On June 11, Finance Ministers from the G8 countries announced a debt remission proposal that would cancel multilateral debts owed to the World Bank, the International Monetary Fund (IMF) and the African Development Bank's African Development Fund (AfDF) by 18 low-income countries.

The G8 proposal offers 100% debt stock cancellation for debts owed to three multilateral financial institutions for the 18 countries that have reached their 'completion points' through the Heavily Indebted Poor Country (HIPC) Initiative. A further 9 HIPC 'decision point' countries, who have not completed or have stalled in their World Bank/IMF programs, might qualify in the near term. The deal could also potentially be extended to the 11 remaining HIPCs that have not yet reached their decision points.

G8 Debt Cancellation a Major Step - But G8 Leaders Still Have a Lot of Unfinished Business

The New President's Challenges ' Who's Going to Reform the World Bank?
This Wednesday Paul Wolfowitz will walk into an imposing glass and steel building on 18th Street in Washington, D.C. and start his first day in what could be the most challenging job he has ever held. As the 10th President in the 60-year history of the World Bank, Mr. Wolfowitz will have an unprecedented opportunity to help steer the direction of development as we rapidly move towards the Millennium Development Goal targets. 

His new position could allow him to help to truly bring opportunity, choice and prosperity to the poorest areas of the globe. But to do so he will have to confound his critics, defy skeptics and dramatically change both his approach to the international community and more importantly the attitude and engagement of the institution he now heads.

As Paul Wolfowitz begins work today (June 1) as the 10th President of the World Bank, 303 civil society groups from 6

Halifax Initiative Analysis of Finance Canada Report to Parliament on Bretton Woods institutions
On the eve of the annual spring meetings of the World Bank (WB) and International Monetary Fund (IMF) in Washington, DC, the Halifax Initiative Coalition (HI) released a new report critical of how the federal government publicly reports to Canadians about its relations with the WB and IMF. The federal government is required, by an act of Parliament, to report to Parliament on the operations of the Bretton Woods institutions (BWI) annually. The government report for 2004 was released on March 22, 2005.

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March 7, 2005

Statement issued by Stephen Lewis, UN Special Envoy for HIV/AIDS in Africa, on the occasion of the launch in Canada of the "Make Poverty History" campaign, at a press conference in Ottawa, February 11th, 2005, 10:00 a.m.

The "Make Poverty History" campaign is rooted in the conviction that 2005 can be the turning point in the fight to eliminate poverty from the face of the earth. There are one billion, two hundred million people living in absolute poverty world-wide, and nearly half of them are in Africa. From my perspective, the mesh of poverty and HIV/AIDS is the deadliest combination on the planet, and there's not the slightest possibility of confronting poverty so long as AIDS runs its savage course.

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Coalition of Canadian CSOs Highlight the Weaknesses of Canadian Debt Proposal

Ottawa, Febuary 2, 2005 – A coalition of Canadian civil society organizations criticized the Government of Canada’s proposal for debt relief noting it actually doesn’t cancel any debts and only starts to address the needs of the poorest countries.

“The package announced by the Government of Canada this morning won't fully meet the needs of the poorest countries because it only covers debt servicing for a maximum of ten years up to 2015 and doesn’t lead to full debt cancellation at all,” says John Mihevc, of KAIROS: Canadian Ecumenical Justice Initiatives and Chair of the Halifax Initiative Coalition.

April 8, 2005

2005FIN153718

Mr. John Mihevc and co-signatories
Chair
Halifax initiative Coalition
104-153 Chapel Street
Ottawa, ON KIN 1H5

Dear Mr. Mihevc and co-signatories:

Thank you for your correspondence of January 28, 2005 regarding debt relief, additional financing and other development issues. I apologize for the delay of my reply.