Front Matter Page
HEAVILY INDEBTED POOR COUNTRIES (HIPC) INITIATIVE AND MULTILATERAL DEBT RELIEF INITIATIVE (MDRI)—STATISTICAL UPDATE
December 2014
IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations. The following document has been released and is included in this package:
The Staff Report on Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI)—Statistical Update, prepared by IMF/WB staff and completed on December 12, 2014.
The staff report was issued to the Executive Board for information.
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Front Matter Page
HEAVILY INDEBTED POOR COUNTRIES (HIPC) INITIATIVE AND MULTILATERAL DEBT RELIEF INITIATIVE (MDRI)—STATISTICAL UPDATE
December 12, 2014
Executive Summary
The HIPC Initiative and MDRI are nearly complete with 35 countries having already reached the completion point under the HIPC Initiative. One country, Chad, remains in the interim phase. Debt relief under the Initiatives has substantially alleviated debt burdens in recipient countries and has enabled them to increase their poverty-reducing expenditure by two and a half percentage points between 2001 and 2013.
Creditor participation in the Initiative has been strong amongst the multilateral and Paris Club creditors; however participation from the other creditor groups still needs to be strengthened. The total cost of debt relief to creditors under the HIPC Initiative is currently estimated to be US$75.0 billion, while the costs to the four multilateral creditors providing relief under the MDRI is estimated to be US$41.1 billion in end-2013 present value terms.
Approved By
John Panzer and Peter Allum
Prepared by Jayendu De and Christian Gonzales under the supervision of Geneviève Verdier, and Reza Baqir (IMF), and by Signe Zeikate under the supervision of Sudarshan Gooptu (WB).
Contents
ABBREVIATIONS AND ACRONYMS
INTRODUCTION
PROGRESS IN THE IMPLEMENTATION OF THE HIPC/MDRI INITIATIVE
DEBT SERVICE RELIEF AND POVERTY REDUCING EXPENDITURE
UPDATE OF THE COSTS OF THE INITIATIVES
CREDITOR PARTICIPATION: MULTILATERAL CREDITORS
CREDITOR PARTICIPATION: OFFICIAL BILATERAL AND COMMERCIAL CREDITORS
A. Country Coverage
B. Data Sources
C. Assumptions for the HIPC Initiative and MDRI Costing Exercise
D. Update of Cost Estimates in Present Value Terms
FIGURES
Figure 1. Poverty-Reducing Expenditure and Debt Service in 36 Post-Decision-Point HIPCs
TABLES
1. List of Heavily Indebted Poor Countries
2. HIPC Initiative: Costs by Main Creditor and Country Group
3. MDRI: Nominal Costs by Main Creditor and Country Group
ANNEXES
I. Country Status Under the Enhanced HIPC Initiative
II. Country Coverage, Data Sources, and Assumptions for the HIPC Initiative and MDRI Costing Exercise
III. Tables
Abbreviations and Acronyms
| AfDB |
African Development Bank |
| AfDF |
African Development Fund |
| AFRITAC |
Africa Regional Technical Assistance Centers |
| AMF |
Arab Monetary Fund |
| AsDB |
Asian Development Bank |
| BADEA |
Arab Bank for Economic Development in Africa |
| BCEAO |
Central Bank of West African States |
| BDEAC |
Banque de Développement des États de l’Afrique Centrale (Central African States Development Bank) |
| BDEGL |
Banque de Développement des Etats des Grand Lacs (Development Bank of Great Lake States) |
| BEAC |
Banque des Etats de l’Afrique Centrale (Bank of Central African States) |
| BOAD |
Banque Ouest Africaine de Developpement (West African Development Bank) |
| CABEI |
Central American Bank for Economic Integration |
| CAF |
Corporación Andina de Fomento |
| CDB |
Caribbean Development Bank |
| CEMLA |
Centro de Estudios Monetarios Latinoamericanos |
| CIRR |
Commercial Interest Reference Rate |
| CP |
Completion-Point |
| DFID |
Department for International Development |
| DP |
Decision-Point |
| DRC |
Democratic Republic of the Congo |
| EADB |
East African Development Bank |
| EBID |
ECOWAS Bank for Investment and Development |
| ECF |
Extended Credit Facility |
| EFF |
Extended Fund Facility |
| EIB |
European Investment Bank |
| EPCA |
Emergency Post-Conflict Assistance |
| ESF |
Exogenous Shocks Facility |
| EU |
European Union |
| FEGECE |
Fonds d’Entraide et de Garantie des Emprunts du Conseil de l’Entente (Fund of Aid and of Loans Guarantee of the Agreement Council) |
| FOCEM |
Fondo Centroamericano de Estabilización Monetaria |
| FONPLATA |
Fund for the Financial Development of the River Plate Basin |
| FSID |
Fonds de solidarité islamique pour le développement (Islamic Fund for Solidarity and Economic Development) |
| GDP |
Gross Domestic Product |
| HIPC |
Heavily Indebted Poor Countries |
| IaDB |
Inter-American Development Bank |
| IBRD |
International Bank for Reconstruction and Development |
| IDA |
International Development Association |
| IFAD |
International Fund for Agricultural Development |
| IMF |
International Monetary Fund |
| I-PRSP |
Interim Poverty Reduction Strategy Paper |
| IsDB |
Islamic Development Bank |
| JSAN |
Joint Staff Advisory Note |
| LICs |
Low Income Countries |
| MDB |
Multilateral Development Bank |
| MDGs |
Millennium Development Goals |
| MDRI |
Multilateral Debt Relief Initiative |
| NDF |
Nordic Development Fund |
| OPEC |
Organization of Petroleum Exporting Countries |
| OFID |
OPEC Fund for International Development |
| PRGT |
Poverty Reduction and Growth Trust |
| PRSP |
Poverty Reduction Strategy Paper |
| PTA |
Eastern and Southern African Trade and Development Bank |
| PV |
Present Value |
| SDR |
Special Drawing Rights |
| SMP |
Staff Monitored Program |
| WAEMU |
West African Economic and Monetary Union |
| WAIFEM |
West African Institute for Financial and Economic Management |