Editing Millennium Development Goals (section)

===Multilateral debt reduction===
[[G8|G‑8]] Finance Ministers met in [[London]] in June 2005 in preparation for the [[31st G8 summit|Gleneagles Summit]] in July and agreed to provide enough funds to the World Bank, IMF and the [[African Development Bank]] (AfDB) to cancel the remaining HIPC multilateral debt ($40 to $55&nbsp;billion). Recipients would theoretically re-channel debt payments to health and education.<ref name="Carrasco">E.&nbsp;Carrasco, C.&nbsp;McClellan, & J.&nbsp;Ro (2007) [http://www.uiowa.edu/ifdebook/ebook2/contents/part4-I.shtml "Foreign Debt:  Forgiveness and Repudiation"] University of Iowa Center for International Finance and Development E-Book {{webarchive |url=https://web.archive.org/web/20080731123358/http://www.uiowa.edu/ifdebook/ebook2/contents/part4-I.shtml |date=31 July 2008 }}</ref>

The Gleaneagles plan became the Multilateral Debt Relief Initiative (MDRI). Countries became eligible once their lending agency confirmed that the countries had continued to maintain the reforms they had implemented.<ref name="Carrasco" />

While the World Bank and AfDB limited MDRI to countries that complete the HIPC program, the IMF's eligibility criteria were slightly less restrictive so as to comply with the IMF's unique "uniform treatment" requirement. Instead of limiting eligibility to HIPC countries, any country with [[per capita income]] of $380 or less qualified for debt cancellation. The IMF adopted the $380 threshold because it closely approximated the HIPC threshold.<ref name="Carrasco" />