This involves above all good governance, respect for the rule of law, an end to armed conflicts, and the fight against corruption. The second pillar consists of more decisive, faster, and more comprehensive support from the international community. Debt relief clearly must form part of a comprehensive concept for poverty reduction . As a result, the total external debt of those countries will be reduced to one-third . However, debt relief should not be viewed as a panacea .
Credit is and remains an indispensable element for economic development .
Credit must, however, be based on the confidence that contracts will be respected. Promotion of such a credit culture is not only essential for development but also for the stability of the international financial system as a whole. 16.The true test of the credibility of industrial countries' efforts to combat poverty lies, in my view, in their willingness to open their markets to poor countries' exports and to deliver on their promises of official development assistance . The governments and parliaments in industrial countries have more than a moral obligation here . They must, at last, allow developing countries free access to their markets .