Official Development Assistance (ODA)

"...There is really a pressing need to extend debt relief to those countries that have been marginalized in the process of globlization and are suffering from extremely heavy burden of external debt. The G7 agreed at last year's Cologne Summit on an epoch-making initiative to cope with this issue, which includes, among others, 100 percent cancellation of ODA claims. Now its early implementation is urgent. Japan, as this year's Summit chair, will make further efforts to accelerate implementation of this initiative with other G7 members.

Moreover, in addition to effecting a sizable reduction of bilateral claims, Japan has already made substantial financial contributions to the debt relief trust funds established in the International Financial Institutions. For the Cologne Initiative to be effective, it is imperative that the International Financial Institutions be provided with sufficient funds.

Additionally, I would like to emphasize that debt relief is not a panacea for resolving the problem of poverty in developing countries. From the perspective of their medium- and long-term development, it is crucial to strengthen our efforts to address the issue of development as a whole. In line with this, Japan will continue to be committed to supporting those countries receiving debt relief with a full range of measures we offer in economic cooperation..."