this. one way to do this is to increase basic votes. there is a need to change our way of dealing with crises secondly, is the question of the way we prevent and handle crises. the fund ’ s success in preventing and handling crises is not measured by the amount of finance it disburses. precautionary arrangements have become more and more common in recent years. i have noted the latest suggestion to create a so - called policy monitoring arrangement. however, it is an open question whether there would be demand for such an arrangement or whether the existing tools can serve the same purpose that a policy monitoring arrangement is supposed to do. another interesting discussion has centred on the exceptional access framework and on considerations of its proper functioning. in general, i feel that the existing framework with early board involvement should be left unchanged for the time being. we should make sure that we apply the exceptional access criteria, as they are defined, in order to have a predictable and equitable framework in place. the call for a strong exceptional access framework is reinforced by the fact that there has been limited progress on other aspects of the crisis resolution framework. issues related to private sector involvement have been put on the back burner for too long, making the current system still tilted towards bailing out the private sector. it is a welcome development that the use of collective action clauses has become so widespread, but we should also develop other tools to involve the private sector. the fund ’ s lending into arrears policy provides guidance on how to react in such a situation, but i believe that the policy would benefit from more operational criteria that would make the policy easier to apply. well - defined rules on debt restructuring do not have to lead to easier defaults but rather to a more predictable and orderly process. stepping up our efforts to reduce poverty in low - income countries thirdly, is the question of the international community ’ s efforts to reduce poverty in low - income countries and on the role the fund can play in this, without compromising its core function. the attainment of the millennium development goals depends on sound policies, good governance, and adequate financing. trade liberalization especially in agricultural products would give a boost to low - income countries. ensuring better and equal access to basic services such as education and health care, reducing poverty and underpinning a more equal income distribution, would help to enhance and sustain growth. an operational framework for debt sustainability would enable both the countries themselves and the donors to better tailor policies

to be consistent with the countries ’ long - term debt sustainability. further work on a debt sustainability framework would also facilitate our discussion about what is needed beyond the present hipc initiative. the decision to extend the initiative for two more years was a welcome move in order to ensure equal treatment of eligible countries. however, there is a need to consider new ways of addressing long - term growth and sustainability issues in both hipc as well as in other low - income countries.