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May 21, 2001
The international community has agreed to seek a moratorium on debt service payments for the world's most highly- indebted countries in "exceptional" situations - such as those plagued by civil wars, floods and natural disasters - and to facilitate access to debt relief for post-conflict countries. "A historic decision, is what we call it," said Swedish trade minister Leif Pagrotsky, who served as president of the Third UN Conference on Least Developed Countries (LDC-III). "And that is on top of the present process going on to reduce debt for the least developed countries. This is a new step forward in that area".
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