Congresswoman Waters Helps Launch World Bank Caucus

Today, at an event on Capitol Hill to announce the establishment of  the congressional World Bank Caucus, Rep. Maxine Waters (CA-35) called on the World Bank to provide expedited debt relief to Haiti and Liberia.  The World Bank Caucus was launched by World Bank President Robert Zoellick and  a bipartisan group of Members of Congress to promote dialogue between Congress and the World Bank.  The Congresswoman made the following statement:

I am proud to join World Bank President Robert Zoellick for the official launch of the World Bank Caucus.  I commend my colleagues, Congresswoman Betty McCollum and Congressman Kevin Brady, for organizing this event.

The World Bank is a critical source of financing for poverty alleviation and development projects worldwide.  As a senior member of the House Financial Services Committee, I have been both a strong supporter of World Bank funding and a critic of World Bank policies throughout my congressional career.

Back in 1999, I urged the World Bank, along with other multilateral financial institutions and the Clinton Administration, to provide debt relief to the world's poorest countries.  Since then, I have been closely monitoring the progress of the World Bank's debt relief initiatives, specifically the Enhanced Heavily Indebted Poor Countries Initiative (HIPC) and the Multilateral Debt Relief Initiative (MDRI).  More than 20 of the world's poorest countries have already had their debts canceled as a result of these programs.  The World Bank should be truly proud of this achievement.

But there is still more that needs to be done.  Other impoverished countries are working hard to comply with the World Bank's debt relief conditions but are still waiting to have their debts canceled.  Haiti and Liberia are two such countries.  Both have democratically-elected governments.  Both are recovering from periods of political instability and conflict.  Both have been profoundly impacted by rising food prices, and both of these countries desperately need debt cancellation.

I plan to work with the World Bank and my colleagues in the World Bank Caucus to expedite debt cancellation for Haiti and Liberia and ensure that all of the world's poorest countries are freed from onerous debts.  I also plan to work with the World Bank to develop new initiatives to respond to rising food prices and alleviate poverty throughout the world.

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