Italian debt relief activities since 2001 to 2009

The annual progress report on the implementation of the Italian law on international debt relief (Law n° 209/01) has been published. Since it has been implemented, from 2001 until June 2009, Italian bilateral debt relief activities amounted at 6,47 billion euro, with 61% in Africa and 68% included in the top five countries (Iraq, Nigeria, Congo, Mozambique and Ethiopia). Italian debt relief financially skyrocketed in 2005 (56% of the total amount). Later, each annual share is around 1%, showing the quick and successful implementation of Law 209/01. Moreover, Italian shaky aid quantity performance was yearly boosted by 22%, thanks to the reporting of debt relief operations. In the near future, Italian aid heavy reliance on debt relief operations and the exhaustion of the Italian debt stocks towards developing country is to bring about a significant and stable reduction in Italian aid levels. Eventually, 86% of the whole debt stemmed from the Italian export credit agency initiatives to support Italian firms abroad and not from concessional lending developing countries could not afford to pay back.