International Financial Institutions (IFIs)
IFIs play an important role in the transfer of financial resources and knowledge to less developed countries. Of great significance is also the fact that dialogue between donor and recipient countries in these institutions extends not only to development projects and programmes but also, as a priority, to the institutional and political conditions required for economic and social development and their improvement.
Austria participates in policymaking through active dialogue with banks and – in a manner appropriate to its economic position – capital contributions and replenishments to these organisations.
- International Monetary Fund (IMF)
- The World Bank Group (WB)
- International Bank for Reconstruction and Development (IBRD)
- International Development Association (IDA)
Regional development banks:
- Inter-American Development Bank (IDB)
- African Development Bank (AfDB) and
- African Development Fund (AfDF)
- Asian Development Bank (ADB) etc.
Debt relief initiative for highly indebted poor countries (HIPC)
For many poor countries the oppressive debt burden constitutes an enormous obstacle to its eco-nomic and social development. With the debt relief initiative for HIPC (Heavily Indebted Poor Countries) launched in 1996 by the World Bank and IMF the burden for heavily indebted poor countries was reduced to a manageable amount. National poverty reduction strategies (Poverty Reduction Strategy Papers: PRSP), to be drawn up by the relevant countries, form the basis for acceptance of a country in the programme. Austria participates in this initiative.
