U.S. Department of the Treasury

(Archived Content)

FROM THE OFFICE OF PUBLIC AFFAIRS

Last night's agreement on debt relief is important for half a billion people in the world's poorest countries. Debt relief emphasizing economic growth and poverty reduction is good, sound and conservative financial practice. Additional resources will now be available for critical needs like poverty reduction, education and health care. With President Clinton's leadership at Cologne, the world committed itself to debt relief for the world's poorest in this Millennium year. This agreement moves toward making that commitment a reality.

The important work of debt reduction is not complete. We welcome Congress' commitment to move forward early next year to release the remaining resources necessary to bring this global effort to fruition.