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Debt: G8 Extends HIPC Initiative Introduce action plan for food security The Group of eight (G8) industrial countries have restated their committed to fully implementing the Highly Indebted Poor Country (HIPC) initiative and to supporting debt sustainability in the poorest countries through debt relief and grant financing. The G8 also a new initiative that is expected to end the cycle of famine that continually plagues the north of the continent. To this end, the G8 which includes the most industrialized countries of the world In a statement issued after their meetings with the six African Heads of government invited to the just concluded annual meetings in Savannah, Georgia, the G8 are Work with other donors and the international financial institutions to extend the sunset date of the HIPC initiative until December 31, 2006 and to provide the necessary financing for completion of the initiative, including topping up where appropriate. The G8 would also Consider measures that can further help the poorest countries address the sustainability of their debt and have asked for a progress report on these efforts by the end of the year 2004. creditors were urged to fully participate in the HIPC initiative. On another critical issue of importance to the continent, President Bush led the G-8 in endorsing an initiative towards Ending the Cycle of Famine in the Horn of Africa. This initiative commits the G-8 to Improve worldwide emergency assessment and response systems; Support programs to raise agricultural productivity and promote rural development in food insecure countries; Assist Ethiopia to attain food security for 5 million people by 2009; and Work with other donors to meet fully the emergency assistance needs in the Horn of Africa and other famine-prone regions. The six African leaders , invited to the summit by President George Bush, inlcude Abdelaziz Bouteflika of Algeria, John Kufuor of Ghana, Olusegun Obasanjo of Nigeria, Abdoulaye Wade of Senegal, Thabo Mbeki of South Africa and Yoweri Museveni of Uganda. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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