FROM THE OFFICE OF PUBLIC AFFAIRS

For many of the world's poorest countries the promise of the new century began three weeks early when the IMF Board last night decided to begin financing its part of the Heavily Indebted Poorest Countries (HIPC) initiative. I welcome the Board's decision to begin the revaluation of its gold resources to the potential benefit of half a billion people in the world's poorest countries. The IMF's decision is another important step towards the financially sound and morally right fiscal practice of reducing debt and channeling the benefits into successful poverty reduction.

At the same time, the promise of the new century cannot be truly realized until the U.S. fulfills its responsibility to ensure that the HIPC initiative is fully funded. This accounting change will help reduce poverty around the world without impacting the gold market. I look forward to working with Congress, beginning early next year, to deliver the resources necessary to make this global initiative a complete reality.