HIPC Initiative

(redirected from Heavily Indebted Poor Countries 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.
Mentioned in ?
References in periodicals archive ?
Russia said poverty eradication was at the core of its policies in the area of international development, and announced that "under the Heavily Indebted Poor Countries Initiative (HIPC), our country has written off over 20 billion US dollars of the principal debt owed by African countries alone.
His objective is for Chad to reach the completion point under the Heavily Indebted Poor Countries Initiative (HIPC), which would allow the cancellation of all or part of the country's external debt.
In its 2012 report the IMF declared Sudan potentially eligible for relief under the Heavily Indebted Poor Countries Initiative (HIPC) noting that the country has progressed well towards the target of satisfying the conditions of the initiative.
9bn worth of external debt cancelled in July through the World Bank and International Monetary Fund's Heavily Indebted Poor Countries initiative.
Speaking last night, the spokesman said: "We call on all remaining creditors to provide Haiti with the debt relief it can expect under the Heavily Indebted Poor Countries Initiative.
0 million for the cost of debt restructuring programs, including bilateral Heavily Indebted Poor Countries initiative (HIPC) debt reduction, the HIPC Trust Fund, and the Tropical Forest Conservation Act (TFCA).
Several of Standard & Poor's rated governments in sub-Saharan Africa improved their debt profile by participating in the Heavily Indebted Poor Countries initiative, thus obtaining debt forgiveness from official creditors.
We, and other G-8 countries, have called for 100 percent cancellation of debt obligations owed to the World Bank, African Development Bank, and the International Monetary Fund by countries eligible for the Heavily Indebted Poor Countries Initiative,'' which will result in about $40 billion in immediate debt relief, he said.
In addition, we are seeking $100 million in debt relief for the Heavily Indebted Poor Countries initiative, an effort we are pursuing in concert with the G-7 countries, [Canada Germany France, Italy, Japan, the United Kingdom, and the United States] other key lending countries, and the international financial institutions.
In recent years there has been a renewed international rhetorical commitment to poverty reduction, with the landmark agreement of eight Millennium Development Goals in September 2000, and some debt relief being granted under the Heavily Indebted Poor Countries initiative.
All recipients, except Serbia and Montenegro, received debt relief under the heavily indebted poor countries initiative, Foreign Office Minister Mike O'Brien said.
To add insult to injury, Malawi was suspended in April from the Heavily Indebted Poor Countries Initiative (HIPC) over allegations of corruption around the sale.