Jargon Buster

Millennium Development Goals Agreed by United Nations in 2000
The world's leaders met in the United Nations General Assembly to set out a new global vision for humanity. A number of targets were set, the primary goal being to reduce the proportion of people living on less than 60 pence a day by half. Millennium Development Goals have been adopted by all major donor agencies as guiding principles for their strategies for poverty eradication. From the IMF and World Bank to the UK government.

HIPC
Heavily Indebted Poor Country - a country included in the debt relief initiative of the IMF and World Bank launched in autumn 1996. 42 countries are currently eligible.

Decision Point
When a commitment is made to cancel a certain proportion of a heavily indebted poor country's debt, and there is some reduction in annual debt service repayments.

Completion Point
When heavily indebted poor country debt stocks are actually written off. To date only 8 out of the world's 52 poorest countries have reached completion point.

Bilateral Debt
Owed by one Government to another.

Multilateral Debt
Owed to the IMF, World Bank and Regional Development Banks

World Bank
An international bank that lends money to countries for development programmes.

International Monetary Fund (IMF)
Lends money to countries with short-term cash flow problems. In return, countries have to carry out economic reforms.