FROM THE OFFICE OF PUBLIC AFFAIRS

It is in recognition of the moral and economic imperative of debt forgiveness for the poorest countries that so many leaders have gathered for this event in the White House today. The fact that leading members of Congress from both sides of the aisle and so many religious leaders have joined President Clinton today is a clear demonstration of the broad and deep national consensus that the Heavily Indebted Poor Countries (HIPC) initiative must go forward.

The promise of HIPC relief has been instrumental in strengthening efforts by many of the world's poorest countries to promote growth, educate their children and combat AIDS and other deadly diseases that will contribute to their own stability and to the stability of the world. That is why we are urging Congress to provide the authorizations and appropriations necessary to continue this essential international initiative. In an era of unprecedented wealth, investing just three hundredths of one percent of the United States' FY2001 budget in the future of some of the poorest countries in the world should not be a difficult decision for us to make.

Urgently needed now are $435 million in pending appropriations requested by the President. In addition it is crucial that Congress authorize the U.S. to support use of the remaining investment income on profits from IMF off-market gold sales to finance its share of enhanced HIPC debt relief. I also urge Congress to act on legislation to provide tax incentives for the development of vaccines to combat diseases such as HIV/AIDS and malaria that cost millions of lives every year.

Every day that we fail to fund our commitments to this effort has real human costs. Lack of US funding has already stalled the enhanced HIPC initiative in Latin America and could soon jeopardize debt relief in Africa. The United States is the most prosperous and economically successful country that there has ever been. No country has a greater stake in successful economic development of the poorest economies. The world is waiting for us to do our full and fair share to keep this initiative going. Thank you.