The Heavily Indebted Poor Country

The Heavily Indebted Poor Country - 1 The Heavily Indebted...

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1. The Heavily Indebted Poor Country (HIPC) Initiative is an agreement among official creditors designed to help the poorest, most heavily indebted countries to escape from unsustainable debt. It enables poor countries to focus their energies on building the policy and institutional foundation for sustainable development and poverty reduction. Started in 1996, the Initiative was enhanced in 1999 as an outcome of a comprehensive review by IDA and the IMF, including public consultations. 2. A. (1) be IDA-only and PRGF-eligible; (2) face an unsustainable debt burden, beyond traditionally available debt-relief mechanisms; (3) establish a track record of reform and sound policies through IMF- and IDA-supported programs; and (4) have developed a Poverty Reduction Strategy Paper (PRSP) through a broad-based participatory process B. Accepted: Benin, Honduras, Rwanda, Bolivia, Madagascar Not accepted: Nepal, Sudan 3. - Mozambique channeled its savings from HIPC debt-relief into a number of social programs: $13.9 million for child vaccination programs; $10 million to bring electricity
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