Heavily Indebted Poor Countries


Also found in: Wikipedia.

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.
References in periodicals archive ?
He noted that he was pleased with the developmental steps taken by the FGS, which led the International Monetary Fund (IMF) to announce granting the country a debt relief, as part of the fund's Heavily Indebted Poor Countries (HIPC) Initiative.
Khartoum, May 29 (SUNA) -- The Economic Expert and Professor of Economics at the University of Khartoum Mohamed Al-Jack has stressed that the economic situation requires exertion of efforts by the state and society to mobilize the international community to exempt the country's foreign debts, estimated at 50 billion dollars, in whole or in part, in accordance with the Heavily Indebted Poor Countries Initiative (HIPC).
Following satisfactory completion of the current SMP, I am optimistic that a follow-up program can be agreed that meets one of the key requirements for Somalia to reach the Decision Point under the Heavily Indebted Poor Countries (HIPC) Initiative.
According to Nomura Securities, of 31 heavily indebted poor countries, China has provided relief to 28, and even generously offered full debt forgiveness to several, such as Afghanistan and Burundi.
She also called for measures to alleviate the debt burden on developing countries by taking advantage of the Heavily Indebted Poor Countries Initiative (HIPC), debt restructuring, and sound debt management.
Since several years, Khartoum continued to urge the international financial institutions and the international community alike to apply only technical requirements to offer debt relief to Sudan away from the political agenda saying it has met the requirements to benefit from Heavily Indebted Poor Countries (HIPC) initiative.
It also received significant debt write-downs under the International Monetary Fund's Heavily Indebted Poor Countries Initiative/Multilateral Debt Relief Initiative in 2010.
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."
World Bank Country Manager Alexander Kremer expressed regret over refusal of Kyrgyzstan to join the Heavily Indebted Poor Countries Initiative (HIPC).
The Jubilee Debt Campaign is asking that debt, which was often taken on by corrupt dictators and will in any case never be repaid, be cancelled in order to give a new start to what are known as "heavily indebted poor countries".
a result of the IMF/World Bank Heavily Indebted Poor Countries (HIPC)
In 1998, it became the first nation to be declared eligible for relief under the Heavily Indebted Poor Countries Initiative, set up by the World Bank and International Monetary Fund.