Millennium Development Goal Eight

Target: To deal comprehensively with the debt problems of developing countries through national and international measures and make debt sustainable in the long term.

• Thirty-six countries are currently receiving debt relief, with four still able to qualify when they meet the necessary conditions. 
• Over $119 billion of unpayable debt has been written off through the Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI).
• Poverty-reducing expenditures in countries that receive assistance from the HIPC Initiative rose from $5,952 billion in 1999 to $26,697 billion in 2008.
• Thirty HIPCs have received 100% debt cancellation at the World Bank, IMF and African Development Bank through HIPC and MDRI.
• Eight countries - Cape Verde, Lesotho, Moldova, Mongolia, Nepal, Samoa, Vanuatu and Vietnam - currently receive assistance under the UK MDRI.  Over US$110 million has been provided under this initiative so far.
• Between 1999 and 2008, annual spending on anti-poverty programmes increased in countries receiving debt relief from $6 billion to almost $27 billion

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