On April 22 and 23, 1997, the Executive Boards of the World Bank and the IMF approved Uganda’s eligibility for assistance under the HIPC Initiative. They agreed to an NPV debt-to-exports target of 202 percent for a completion point of April 1998. Based on this, Uganda is expected to receive assistance equivalent to around US$340 million (in April 1998 U.S. dollars), which represents a reduction in Uganda’s debt of 20 percent. The World Bank’s share of this assistance is around US$160 million and the IMF’s share of this assistance is around US$70 million. These amounts will be delivered in April 1998 subject to satisfactory assurances of action by Uganda’s other creditors and Uganda’s continued strong performance under its ESAF- and IDA-supported programs. The resulting total reduction in Uganda’s nominal debt service is likely to be much higher—depending on how the assistance is delivered—at around US$700 million.