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Australia to Convert Indonesian Debt into Health Programme
It is the first time that commercial debt is being forgiven under a programme called Debt2Health, launched by the Global Fund to Fight AIDS, Tuberculosis and Malaria.
Instead of repaying the debt, Indonesia will invest half of the total in domestic schemes to combat TB, according to a press release issued jointly by Australia and the Global Fund at a meeting here.
"Indonesia is one of our closest neighbours, and it is a priority for us to support the efforts of the Indonesian authorities to fight tuberculosis," Australia's parliamentary secretary for overseas aid, Bob McMullan, said.
McMullan was in Paris for a meeting on health financing at the Organisation for Economic Cooperation and Development (OECD).
Debt2Health is similar to debt-for-nature swaps, in which rich countries write off a poor country's debt in exchange for commitments that money which is freed up will be spent on environmental protection.
Germany, the first country to join Debt2Health, has signed deals with Indonesia and Pakistan on foregoing repayment of state loans worth 50 million and 40 million euros (69 and 55.2 million dollars) respectively that were used for development aid.
Under Debt2Health, the Global Fund seeks out opportunities for converting debt and then brokers an arrangement between creditor and debtor countries.
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