Debt relief is the partial or total forgiveness of
debt, or the slowing or stopping of debt growth, owed by individuals, corporations, or nations. It concerns in particular the
Third World debt, which started exploding with the
Latin American debt crisis (Mexico 1982, etc.).Debt relief for heavily indebted and
underdeveloped developing countries was the subject in the 1990s of a campaign by a broad coalition of development
NGOs, Christian organisations and others, under the banner of
Jubilee 2000. This campaign, involving, for example, demonstrations at the 1998
G8 meeting in
Birmingham, was successful in pushing debt relief onto the agenda of Western governments and international organisations such as the
International Monetary Fund and
World Bank. Ultimately the
Heavily Indebted Poor Countries (HIPC) initiative was launched to provide systematic debt relief for the poorest countries, whilst trying to ensure the money would be spent on
poverty reduction.
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