Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative

Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative

The HIPC Initiative is a comprehensive approach to debt reduction for heavily indebted poor countries pursuing IMF- and World Bank-supported adjustment and reform programs. To date, debt reduction packages have been approved for 30 countries, 25 of them in Africa, providing US$35 billion (net present value terms as of the decision point) in debt-service relief over time. Ten additional countries are potentially eligible for HIPC Initiative assistance and may wish to avail themselves of this debt relief.