Jubilee Debt Campaign has released a statement in response to the annual meeting of the World Bank and IMF in Singapore this week, calling for action to be taken and debt cancellation to be given without hidden conditions.

Trisha Rogers, Director of Jubilee Debt Campaign, in Singapore for the annual meetings of the World Bank and IMF, stressed this week that "debt cancellation must come without harmful strings attached".

She added that the debt cancellation must also be accompanied by increased aid and fairer terms of trade, "if poor countries are to avoid future debt crises and be successful in tackling poverty".

|QUOTE|The President of the World Bank, Paul Wolfowitz, reporting this week's meeting of the Development Committee of the World Bank in Singapore, said that if poor countries are to meet the internationally agreed poverty reduction targets and avoid a future debt crisis, it is crucial that rich countries quickly meet their promises on delivering more aid.

The Finance Ministers of the countries in the Heavily Indebted Poor Country (HIPC) process of the World Bank and International Monetary Fund (IMF) agreed and stressed that funds should be allocated according to need, rather than the present performance-based formulas, which involve economic policy conditions.

Paul Wolfowitz also condemned conditions, saying, "Trying to force countries to do something they don't want to do is like pushing on a locked door."

All agreed that countries may need to take out new loans for the investment needed. For example, to improve their communications and electricity.

If they do not receive enough grants quickly, the Finance Minister of Niger, Ali Lamine Zeine, noted that, "Poverty will not wait" and the countries will need to take out loans, though they are being careful to ensure the best possible terms and to be transparent and accountable to their own people about their financial arrangements.

The Finance Ministers commented on the slow progress of some countries through HIPC to achieve debt relief. This is mainly because of the World Bank and IMF economic policy conditions that are still in place, in spite of Paul Wolfowitz' condemnation.

Trisha Rogers said, "The World Bank and IMF must end the harmful and undemocratic conditions that are excluding many people from the chance of development."

Stephen Rand, Co Chair of Jubilee Debt Campaign said, "It's encouraging to hear the President of the World Bank agree with things campaigners have been saying for years - now we need action, not just words."