The Highly Indebted Poor Countries (HIPC) initiative, which was implemented as a result of your campaigning, continues to have positive effects on millions around the world by enabling the cancellation of unjust debts. Within a few days of each other, on the 30th of June and the 1st of July 2010 Liberia and the Democratic Republic of Congo (DRC) became the 29th and 30th countries to reach completion of HIPC.

Liberia and the DRC secured $4.6 Billion and $12.3 Billion worth of debt relief respectively. This has been negotiated with the World Bank, International Monetary Fund (IMF), the African Development Bank and an array of multilateral creditors.

As a result Liberia's debt burden will be reduced by 90% to around 15% of GDP. For a country which only seven years ago was being raged by civil war this is an extremely positive development and serves as a beacon of hope to fragile states the world over.

Under the arrangement both countries have access to more resources, which enables them to make large steps towards reducing poverty and increase social spending.

For more from Jubilee Debt Campaign click here.

Click here to visit the IMF statement.