News Releases

Nov 17, 2006

IDB Governors reach agreement on Debt Relief for Bolivia, Guyana, Haiti, Honduras and Nicaragua

At a meeting of the Committee of the Board of Governors in Washington, DC

The Committee of the Board of Governors of the Inter-American Development Bank today announced that its members reached an agreement on a framework for debt relief for Bolivia, Guyana, Haiti, Honduras and Nicaragua.

“This relief will benefit the poorest countries in our region and assist them in their efforts to achieve the Millennium Development Goals,” said the chairman of the Committee of the IDB Board of Governors, Jose Carlos Miranda of Brazil.

“I thank all the governors for their participation and their understanding in reaching this agreement as well as the IDB staff for helping us find a viable solution,” Miranda added.

“This is great news for the more than 30 million people in these five countries,” said IDB President Luis Alberto Moreno.

The IDB will now put in place agile mechanisms to implement the agreement, Moreno added. Bank staff will also propose elements for the discussion of principles for a future replenishment of the Fund for Special Operations (FSO), the IDB’s concessional lending window.

“It’s essential to continue with the FSO, which is part of this institution’s DNA,” Moreno said.

Under the framework agreed by the committee, IDB member countries will ensure the continuity of the FSO and the IDB’s technical cooperation program.

The Committee of the Board of Governors will meet in January 2007 in Amsterdam to define technical details for the implementation of the new debt reduction framework. Agreements reached at that follow-up meeting will be presented to the full Board of Governors when it convenes in Guatemala City next March.

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