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International Monetary Fund
This report provides an update on the status of implementation of the HIPC Initiative and the MDRI over the past year. Given that most HIPCs have reached the completion point, in November 2011, the IMF and IDA Boards2 endorsed staff’s proposal to further streamline reporting of progress under the HIPC Initiative and MDRI. It was agreed that the annual HIPC Initiative/MDRI status of implementation report will be discontinued, while the core information—on debt service and poverty reducing expenditure, the cost of debt relief, creditor participation rates, and litigation against HIPCs—should continue to be made available and updated regularly on the IMF and World Bank websites.
International Monetary Fund. External Relations Dept.
Speaking at the Thirty-Third Washington Conference of the Council of the Americas on April 29, IMF Managing Director Horst Köhler expressed optimism about Latin America’s growth prospects. Despite difficult economic times, he said, the people have indicated no desire to return to past authoritarian regimes, and several countries have recently reaffirmed their commitment to a market-based system. A summary of Köhle’s address, delivered at the U.S. Department of State, follows.
International Monetary Fund
This paper examines Ghana’s Fourth Review Under the Poverty Reduction and Growth Facility and Requests for Waiver of Performance Criteria and for Extension of the Commitment Period. Most end-August 2001 quantitative performance criteria were met, but waivers are requested for nonobservance of two structural performance criteria and the ceilings on short-term official external debt and the stock of arrears in the road sector. The authorities’ program for 2002 seeks to consolidate on the macroeconomic gains of 2001, accelerate structural reforms, and create the conditions for faster growth and poverty reduction.