HIPC Initiative

HIPC Initiative

A joint program of the World Bank and the International Monetary Fund providing debt forgiveness and low-interest loans to the least developed countries with the greatest levels of debt. The HIPC Initiative began in 1996 in order to assist in international development. See also: Heavily Indebted Poor Countries.
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To meet the challenge of the poor performance of public administration, the Government adopted in 2008 the Reform of Public Administration has cleared the modality to rebuild the public administration following a gradual two-phase approach, specifying the urgency of capacity building to implement the measures linked to the attainment of the completion point of the HIPC initiative and development projects in priority sectors of the Poverty Reduction Strategy Paper.
In addition, the Fund contributed to enhanced HIPC initiative.
Gemayel who led an IMF's delegation to Khartoum went on to say that Sudan will not be able to benefit from the HIPC initiative despite fulfilling its conditions unless it succeeds in convincing all 55 members of the Paris Club creditor nations whom he said have the power to slash 67% of conventional debt owed by Sudan.
65) The HIPC Initiative was launched in 1996, and was soon followed by the Enhanced HIPC Initiative (sometimes referred to as HIPC II) in 1999.
Guinea becomes the 34th country to reach the completion point under the HIPC Initiative.
In 1999, the HIPC Initiative was enhanced in order to provide "faster, broader, and deeper debt relief' and to allow more countries to qualify for this debt relief program.
Given the lackluster performance of the Honduran economy during the implementation of SAPs in the 1990s and the failure to significantly reduce the levels and depth of poverty, Honduras' participation in the HIPC initiative was expected to free up resources for social investments previously committed to debt servicing and provide space to develop a nationally owned development strategy in a participatory process that would lead to better economic growth performance and concomitant poverty reduction (IMF and International Development Association [IDA] 2000).
In the negotiations in Paris, the three creditors committed to reduce Afghanistan's remaining bilateral debt by a further $441 million as part of the HIPC initiative, bringing the total debt owed to these countries to $585 million.
This book, a collection of advanced papers of a World Bank Conference on debt and development held in October 2008, reviews what has transpired during the first twelve years of the HIPC initiative.
Zambia qualified for HIPC initiative and received $6 b.
In 2005, the Multilateral Debt Relief Initiative (MDRI) expanded upon the HIPC Initiative by eliminating additional debt owed to four international financial institutions (IFI): the International Monetary Fund (IMF), World Bank's International Development Association (IDA), African Development Fund (ADF), and Inter-American Development Bank (IaDB).