Heavily Indebted Poor Countries

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Heavily Indebted Poor Countries

The 40 least developed countries with a large amount of foreign debt. The IMF and the World Bank help heavily indebted poor countries restructure their debt by offering low interest loans and some forms of debt relief. The two organizations have offered this service since 1996.
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The ratings are enhanced by the inclusion of Spain as its shareholder and by Nicaragua having reached the completion point of its Highly Indebted Poor Countries Initiative (HIPC).
However, the accession of a large number of these countries to the Highly Indebted Poor Countries (HIPC) initiative in recent years, including the Republic of Congo, which was granted debt relief, clearly shows that the model of external financing of deficits is not sustainable; especially if debt contracted from foreign creditors is not used productively but instead is misappropriated and finds its way to foreign banks as private assets.
Over a period of 20 years, the CDRD will have a value of one billion Euros, as Cameroon has reached the completion point of the World Bank-sponsored Highly Indebted Poor Countries (HIPC) initiative.
As well as 100 per cent multilateral debt relief for the so-called Highly Indebted Poor Countries, the Chancellor and Mr Blair want the group to back increased aid and fair trade.
It will provide debt relief for the countries involved in the Highly Indebted Poor Countries (HIPC) initiative.
Some of these, including the Highly Indebted Poor Countries initiative, have focused on securing debt relief for very poor countries.
According to a 1999 agreement with the IMF, signed under the auspices of a debt relief program for highly indebted poor countries, Honduras is to be forgiven about US$1 billion of its external debt over 10 years, beginning in December 2003.
On debt problems, they called on the G-8 countries to extend their debt relief programs for highly indebted poor countries to also cover other developing nations struggling with debt problems.
And the most highly indebted poor countries have significantly higher rates of infant mortality, illiteracy, malnutrition, and disease than other developing nations.
The good news is that the G8 announcement focuses attention on the economic problems of the highly indebted poor countries, but you have to understand the tradeoffs," says Peter Henry, associate professor of economics.
Compared to other donors, Korea allocates a high proportion of its aid as loans rather than grants about 40% of its total support to most countries and 18% to highly indebted poor countries.

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