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HIPC?
It's the latest plan to help cut debt.
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Apart from yet another forgetable acronym you mean?
It's the Heavily Indebted Poor Countries Initiative. Pronounced 'hipick'.
Sounds complicated, do you mind if...
No, come back! It's an IMF idea, and it's probably meant to sound complicated so no one has anything to get their campaign teeth into. But what we're talking about here are the world's poorest countries, with the world's poorest people - many living on less than US$1 a day.
Which countries are they?
Around 42 countries are in the HIPC plan. Countries such as Uganda, Bolivia, Ethiopia and Tanzania have made it through the scheme but still face unpayable debt, mainly because their exports are worth less than ever. If all 50-plus of the worst debt ridden nations are included, we're talking about 1 billion people crushed by debt and economic chaos. Oh, and one more thing. Unlike the more powerful players in this game, the HIPC countries don't meet up, and they don't speak with one voice.
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| Christian Aid / Andrew Pendleton |
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