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Submitted by Jim Rosenberg - World Bank on
We are committed to ensure that loans to developing countries are used for the benefit of their populations. We always work to minimize the risk of inappropriate use of funds, and support governance efforts within countries, as well as the fight against corruption, so that resources go where they are most needed --to build schools, health clinics, clean water facilities, among many others. In addition, over the last decade the World Bank has championed the cause of debt relief for the poorest countries. We are actually the largest single provider of debt relief in the world. We have overseen the elimination of approximately 90 percent of the debt stock of eligible countries --something that allows countries to devote more resources to fight poverty. Just today, we approved the final relief package for Guinea. Now thirty four of the thirty nine eligible countries under the Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative have had their debts brought down to sustainable levels. To help these countries prevent a return to unsustainable debt levels, we monitor their debt sustainability annually with the IMF and adjust our lending terms and volumes accordingly. We have also supported efforts to improve debt management capacity in more than 60 countries since 2008. For more information on the Guinea deal, please visit: www.worldbank.org/guinea For more on overall debt relief, please visit: http://web.worldbank.org/WBSITE/EXTERNAL/TOPICS/EXTDEBTDEPT/0,,contentMDK:21701931~menuPK:64166739~pagePK:64166689~piPK:64166646~theSitePK:469043,00.html

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