During the Annual Meetings of the World Bank and IMF in Washington on September 28th and 29th 2002, creditor countries committed themselves to providing the $1bn of additional debt relief that had been announced during the G8 meeting in Kananskis. As a result, World Bank President James Wolfensohn has announced that he is now 'sleeping well at night' over the HIPC initiative. However, analysis by Jubilee Research has shown that even the $1bn additional debt relief committed will not be enough to bring down countries debt levels to the 150% debt-to-export target which is considered a 'sustainable' level of debt under the HIPC initiative.