What's New No. The EU attended yesterday's meeting in its capacity as one of the world's largest donors. Initiative to support debt alleviation and sustained economic development. One billion Euros will be allocated to the enhanced HIPC initiative from the European Development Fund. On poverty reduction, Commissioner Nielson said that, while open markets, investment liberalization and competition can help, progress in these areas alone is insufficient.
Political decisions are necessary on both sides.
This lies at the heart of any poverty reduction strategy. To remain vigorous and steady, economic growth must be embedded in a global framework of sustainable development. In this framework, social policy and the respect for international norms on core labor standards, environment and consumer protection are powerful instruments to fight poverty. Nielson said the European Commission fully supports the Comprehensive Development Framework of the World Bank and the joint efforts of the World Bank and International Monetary Fund to work together on poverty reduction in the framework of the Poverty Reduction Strategy Papers. The European Commission is also preparing Country Strategy Papers that seek to promote ownership and an integrated approach to poverty reduction and to stimulate their integration in the world economy.