Review of Financing of the Fund&#39;s Concessional Assistance and Debt Relief to Low-Income Member Countries

Immediately following the effectiveness of the decisions on the Multilateral Debt Relief Initiative (MDRI) and the Exogenous Shocks Facility (ESF), debt relief totaling SDR 2.3 billion was delivered to 19 qualifying members, including 17 countries under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative and two non-HIPCs, on January 6, 2006, with financing from the HIPC Umbrella sub-accounts and the newly established MDRI Trusts.

Somalia

IMF Staff Country Reports ◽

10.5089/9781513538327.002 ◽

2020 ◽

Vol 20 (86) ◽

Author(s):

Keyword(s):

Low Income ◽

Net Present Value ◽

Debt Relief ◽

Debt Management ◽

Policy Framework ◽

Low Income Countries ◽

Debt Sustainability ◽

Poor Countries ◽

This paper presents an assessment of Somalia’s eligibility for assistance under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The macroeconomic framework reflects the policy framework underlying the proposed three-year Fund-supported program. The debt relief analysis (DRA) remains largely unchanged, but some of the underlying debt data has been updated to reflect new information from creditors. In addition, this paper presents an assessment of debt management capacity in Somalia and a full Debt Sustainability Analysis under the Debt Sustainability Framework for Low-Income Countries. The DRA reveals that, after traditional debt relief mechanisms are applied, Somalia’s debt burden expressed as the net present value of debt-to-exports ratio is 344.2 percent at the end of December 2018—significantly above the HIPC Initiative threshold. Despite the challenging environment, progress on reform and policy implementation has been good and sustained reforms have translated into economic results. In addition to the coordinated support from the World Bank and the IMF, reforms have been supported by other development partners.

Update on the Financing of the IMF's Concessional Assistance and Debt Relief to Low-Income Member Countries

Policy Papers ◽

10.5089/9781498334150.007 ◽

2008 ◽

Vol 2008 (57) ◽

Author(s):

Keyword(s):

Low Income ◽

Poverty Reduction ◽

Debt Relief ◽

Annual Review ◽

Executive Board ◽

Poor Countries ◽

Exogenous Shocks ◽

Emergency Assistance ◽

The Status ◽

Heavily Indebted Poor Countries

This paper provides a semi-annual review of the status of financing for Poverty Reduction and Growth Facility-Exogenous Shocks Facility (PRGF-ESF) lending, subsidization of emergency assistance to PRGF-eligible countries, and Heavily Indebted Poor Countries (HIPC) and Multilateral Debt Relief Initiative (MDRI) debt relief. The last review was completed by the IMF Executive Board on April 21, 2008.

Initiative for Heavily Indebted Poor Countries (HIPC) and Multilateral Debt Relief Initiative (MDRI)-Status of Implementation and Proposals for the Future of the HIPC Initiative

Policy Papers ◽

10.5089/9781498338295.007 ◽

2011 ◽

Vol 11 (59) ◽

Author(s):

Keyword(s):

Low Income ◽

Poor Country ◽

Debt Relief ◽

Low Income Countries ◽

Poor Countries ◽

The Future ◽

The Status ◽

This report aims to accomplish three objectives: (a) it provides an update on the status of implementation, impact, and costs of the Heavily Indebted Poor Country (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI); (b) it proposes a modification of the reporting of progress under the initiatives, including the discontinuation of the annual status of implementation reports, and the preparation of periodic reports on debt vulnerabilities in low income countries (LICs), including HIPCs; and (c) it proposes a further ring-fencing of the list of countries eligible or potentially eligible for debt relief under the HIPC Initiative based on end-2010 income and indebtedness criteria.

Heavily Indebted Poor Countries Initiative and Multilateral Debt Relief Initiative - Statistical Update

Policy Papers ◽

10.5089/9781498342032.007 ◽

2013 ◽

Vol 2013 (86) ◽

Cited By ~ 17

Author(s):

Keyword(s):

Debt Relief ◽

Cost Of Debt ◽

Participation Rates ◽

Poor Countries ◽

The Past ◽

The Status ◽

Hipc Initiative ◽

The Cost ◽

The Imf

This report provides an update on the status of implementation of the HIPC Initiative and the MDRI over the past year. Given that most HIPCs have reached the completion point, in November 2011, the IMF and IDA Boards2 endorsed staff’s proposal to further streamline reporting of progress under the HIPC Initiative and MDRI. It was agreed that the annual HIPC Initiative/MDRI status of implementation report will be discontinued, while the core information—on debt service and poverty reducing expenditure, the cost of debt relief, creditor participation rates, and litigation against HIPCs—should continue to be made available and updated regularly on the IMF and World Bank websites.

Enhanced Heavily Indebted Poor Countries Initiative - Status of Non-Paris Club Official Bilateral Creditor Participation

Policy Papers ◽

10.5089/9781498333351.007 ◽

2007 ◽

Vol 2007 (38) ◽

Author(s):

Keyword(s):

Response Rate ◽

Debt Relief ◽

Poor Countries ◽

Hipc Initiative ◽

Paris Club

This paper provides an update on the delivery of HIPC Initiative debt relief by non- Paris Club official bilateral creditors and proposes measures to increase their participation. It finds that non-Paris Club creditors have provided about one third of the total HIPC Initiative debt relief expected from them, with significant variations among creditors. Although the response rate to the survey sent by staffs of the Bank and the Fund to creditors was higher than in previous years, the information received is still limited and partial, and the estimate of debt relief delivered remains preliminary.

Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI) - Status of Implementation

Policy Papers ◽

10.5089/9781498333283.007 ◽

2007 ◽

Vol 2007 (40) ◽

Author(s):

Keyword(s):

Poor Country ◽

Debt Relief ◽

Poor Countries ◽

The Status ◽

This report provides an update on the status of implementation, impact and costs of the enhanced Heavily Indebted Poor Country (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) since mid-2006. It also discusses the status of creditor participation in both initiatives and the issue of litigation of commercial creditors against HIPCs.

Staff Guidance Note on the Application of the Joint Fund-Bank Debt Sustainability Framework for Low-Income Countries

Policy Papers ◽

10.5089/9781498334051.007 ◽

2008 ◽

Vol 2008 (3) ◽

Author(s):

Keyword(s):

Low Income ◽

Debt Relief ◽

Low Income Countries ◽

Bank Debt ◽

Debt Sustainability ◽

Poor Countries ◽

Guidance Note ◽

Alternative Scenarios ◽

Sustainability Framework

The objective of the joint Fund-Bank debt sustainability framework for low-income countries is to support LICs in their efforts to achieve their development goals without creating future debt problems. Countries that have received debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) need to be kept on a sustainable track. Under the framework, country DSAs are prepared jointly by Bank and Fund staff, with close collaboration between the two staffs on the design of the macroeconomic baseline, alternative scenarios, the debt distress rating, and the drafting of the write-up.

Caribbean debt initiatives highlight disaster impact

Emerald Expert Briefings ◽

10.1108/oxan-db202806 ◽

2015 ◽

Keyword(s):

Debt Relief ◽

Caribbean Island ◽

Content Type ◽

Poor Countries ◽

Island States ◽

Finance Minister ◽

Economic Commission ◽

The Caribbean ◽

Subject Multilateral debt relief options. Significance At the Third International Conference on Financing for Development, the UN Economic Commission for Latin America and the Caribbean (ECLAC) presented a proposal for multilateral debt relief for Caribbean island states. Barbados's finance minister, Chris Sinckler, has since called for the region to be granted no less favourable debt relief than that made available under the Heavily Indebted Poor Countries (HIPC) Initiative in the 1990s. Impacts Caribbean countries cite debt reduction as indispensable to tackle both socioeconomic stability and global risks such as climate change. However, securing broad support for debt reduction will be difficult. The question of conditionality will be a vexed one.

Initiative for Heavily Indebted Poor Countries (HIPC) and Multilateral Debt Relief Initiative (MDRI) - Status of Implementation

Policy Papers ◽

10.5089/9781498332293.007 ◽

2006 ◽

Vol 2006 (48) ◽

Cited By ~ 2

Author(s):

Keyword(s):

Poverty Reduction ◽

Debt Relief ◽

Debt Service ◽

Poor Countries ◽

The Status ◽

Hipc Initiative ◽

Paris Club ◽

The Imf

This report reviews progress and issues in implementing the enhanced Heavily Indebted Poor Countries (HIPC) Initiative and reports on the implementation of the Multilateral Debt Relief Initiative (MDRI) by IDA, the IMF, and AfDF. It concludes that the volume of debt relief has increased significantly since the inception of the HIPC Initiative in 1996, thereby reducing HIPCs’ debt service burdens and allowing them to finance increased poverty reduction efforts. It also provides updated information on the costs of debt relief under the HIPC Initiative and the MDRI. Finally, it reviews the status of creditor participation and delivery of debt relief under the two initiatives, highlighting the challenges to increase the participation by non–Paris Club official bilateral and commercial creditors in the HIPC Initiative.

Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI) - Status of Implementation 2008

Policy Papers ◽

10.5089/9781498334174.007 ◽

2008 ◽

Vol 2008 (71) ◽

Cited By ~ 1

Author(s):

Keyword(s):

Recent Progress ◽

Poor Country ◽

External Debt ◽

Debt Relief ◽

Poor Countries ◽

Consensus Recommendations ◽

The Status ◽

This report provides an update on the status of implementation, impact and costs of the Enhanced Heavily Indebted Poor Country (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI). With a view to the upcoming Financing for Development meetings in Doha, the report not only reports on recent progress since mid-2007, but also on developments since the Monterrey Consensus recommendations on external debt relief.