FROM THE OFFICE OF PUBLIC AFFAIRS

I am extremely pleased by today's agreement by Congress to fully fund the President's budget request for the Heavily Indebted Poor Counties debt relief initiative.

Today's action to appropriate $435 million and authorize the use the remaining resources from IMF off-market gold sales enables the United States to leverage billions of dollars from other creditors to finance the debt relief initiative. Thanks to the leadership of President Clinton, this initiative will help give a fresh start to poor countries throughout Africa and Latin America, enabling them to translate old debts into new opportunities through education, health care, and other investments necessary to spur economic growth and reduce poverty.

Debt relief is both a moral and a financial imperative. I would like to congratulate and thank the unique coalition of members of congress from both sides of the aisle, the diverse group of religious leaders, humanitarian agencies, and business groups that worked so hard to make this initiative a reality.

I am also pleased that Congress provided substantial funding for the World Bank's International Development Association and other multilateral development institutions. These organizations are at the core of international efforts to reduce global poverty by assisting countries to address their enormous development challenges and improve basic social services. Finally, I welcome the Congress' support of the Global Environment Facility that provides assistance to address cross-border environmental challenges in developing countries.