Preliminary HIPC documents are prepared jointly by the staff of the IMF and World Bank a few months prior to the possible decision point under the HIPC Initiative. The staffs provide a preliminary assessment of a country's eligibility for assistance under the HIPC Initiative, based on a debt sustainability analysis (prepared by the Fund and Bank staffs and the country authorities). It presents the track record of performance under Fund- and Bank-supported adjustment and reform programs, progress with developing a poverty reduction strategy, and proposes for discussion a number possible measures which could ultimately be approved as conditions for reaching the completion point under the HIPC Initiative. The preliminary document is a consultative document on the basis of which all creditors can make a preliminary assessment of their likely obligations under the HIPC Initiative, and which provides the basis for a dialogue among donors and creditors as to the appropriate conditions which might be required for reaching the completion point, with a particular focus on poverty reduction measures.

HIPC decision point documents are prepared jointly by the staff of the IMF and World Bank immediately prior to the possible decision point. The staffs assess the member country's eligibility for the HIPC Initiative based on an updated debt sustainability analysis (prepared by Fund and Bank staffs and the country authorities) and the track record of performance in Fund- and Bank-supported adjustment and reform programs, and indications of likely participation received from other creditors following the earlier discussion of the preliminary HIPC document. Based on this analysis, the decision point document makes recommendations for decisions by the Executive Boards of the IMF and World Bank regarding: eligibility, timing of decision point under the Initiative, assistance required to reach the sustainability targets, and the agreed policy measures which when implemented would trigger the completion point. The decision point document also sets out the interim assistance to be delivered prior to the completion point, conditional on continuing good performance in Fund- and Bank-supported programs, and satisfactory assurances that all other creditors will participate in providing assistance.

HIPC completion point documents are prepared jointly by the staff of the IMF and World Bank immediately prior to the completion point. In these documents, the staffs confirm that the conditionality agreed at the decision point has been met, assess the outcome with respect to the debt sustainability targets and specify the terms for delivery of remaining assistance by the IMF and the World Bank. On the basis of the staff recommendation, the Executive Boards of the IMF and World Bank decide on the release of all remaining assistance under the HIPC Initiative.

Debt sustainability analysis (DSA) papers are prepared by the IMF and World Bank staffs and the country authorities. DSAs report on a comprehensive analysis of the external debt situation of the member country concerned, and simulate the impact of the full use of traditional debt relief mechanisms--a stock-of-debt operation on Naples terms involving a 67 percent present value reduction on eligible debt from bilateral creditors. DSAs are presented in the place of HIPC documents for countries which have met the requirements to reach a decision point under the HIPC Initiative, but which do not require assistance under the Initiative because they have a sustainable external debt after full use of traditional debt relief mechanisms.