## EXECUTIVE SUMMARY

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### Overview
- 36 countries have reached the completion point under the HIPC Initiative.
- Debt relief under the Initiative enabled recipient countries to increase their poverty-reducing expenditure by over one and a half percentage points of GDP between 2001 and 2015.
- Creditor participation:
  - Strong among multilateral and Paris Club creditors.
  - Participation from other creditor groups still needs to be strengthened.
- Total cost estimates (end-2015 PV terms):
  - HIPC Initiative total cost to creditors: US$76.9 billion.
  - MDRI costs to the four multilateral creditors: US$42.4 billion.
- Date of this update: September 1, 2017.

### Introduction and Scope of Update
- This report updates:
  - The status of implementation for the HIPC Initiative and the MDRI.
  - Cost estimates of these Initiatives in end-2015 present value (PV) terms.
- Updated figures and tables include trends in poverty-reducing spending and debt service (Annex III Tables AIII.1–3), costs by creditor and country (Tables 2 and 3 and Annex III Tables AIII.4–14), non-Paris Club bilateral creditor participation (Annex III Table AIII.15), and commercial creditor litigation against HIPCs (Annex III Table AIII.16).
- Reporting on Millennium Development Goals monitoring discontinued (MDGs monitoring expired in 2015).

### Progress in Implementation
- Out of 39 countries eligible for the HIPC Initiative, 36 have reached the completion point.
- Three pre-decision-point countries have yet to start or complete the qualification process: Eritrea, Somalia, and Sudan.

Findings by country (selected)
- Eritrea
  - No updates from the previous report.
  - Benefitted from mining and production of gold since 2011 and base metals since 2013.
  - Political situation remains fragile.
  - Last Article IV Consultation: 2009; no IMF-supported program discussions since.
- Somalia
  - IMF Executive Board concluded its first Article IV Consultation with Somalia in more than a quarter-century in July 2015.
  - IMF management approved a 12-month Staff-Monitored Program (SMP) in May 2016; a follow-up one-year SMP was approved on June 21, 2017.
  - External Debt Technical Working Group measured accumulated arrears (as of December 31, 2016):
    - Arrears to the IMF: about US$319 (SDR 238) million.
    - Arrears to the World Bank: US$303 million.
    - Arrears to the AfDB group: about US$97 million.
  - World Bank approved a US$50 million grant (Somalia Emergency Drought Response and Recovery Project) on May 30, 2017 to provide emergency humanitarian relief to about 6.7 million people.
  - Multi-Partner Fund (MPF) administered by the World Bank:
    - Donors committed $189.7 million, of which US$165.1 million is paid.
  - Steps needed to reach Decision Point under HIPC:
    - (i) develop an Interim or a Poverty Reduction Strategy Paper,
    - (ii) establish a track record of cooperation on policies and payments with the IMF and the World Bank, including via SMPs,
    - (iii) receive financing assurances from creditors for HIPC debt relief,
    - (iv) clear arrears to the IMF, World Bank, and AfDB, and have an arrears clearance plan with remaining external creditors.
- Sudan
  - In debt distress (per the 2016 debt sustainability analysis) and eligible for HIPC debt relief but has yet to meet all qualifications.
  - Arrears (as of April 30, 2017):
    - SDR 966.8 million to the IMF (about US$1,325 million).
    - US$848 million to the World Bank.
    - UAC240.3 million (or US$329.5 million) to the AfDB.
  - Normalization of relations with external creditors is key for debt relief.
  - Steps needed to reach Decision Point under HIPC:
    - (i) receive financing assurances from creditors for HIPC debt relief,
    - (ii) establish a track record of performance (e.g., through an SMP judged to be of Upper-Credit Tranche quality by the Executive Board of the IMF),
    - (iii) clear arrears to the IMF, World Bank and AfDB and have an arrears clearance plan with remaining external creditors.
  - No firm timeline can be assigned for fulfillment of these steps.
- Zimbabwe
  - Eligibility to receive assistance under HIPC remains unclear.
  - Remains in debt distress and needs a comprehensive arrears clearance framework with the international community.
  - Latest indebtedness assessments (2014) based on reconciled loan-by-loan data indicate Zimbabwe met the indebtedness criterion for eligibility under the HIPC Initiative.
  - On the World Bank side, a modification of, or exception to, IDA's HIPC Initiative income criteria would be required.
  - 2014 assessment indicated that based on end-2013 debt-to-exports ratio, Zimbabwe would not qualify for HIPC debt relief.
  - Authorities presented an arrears clearance strategy to creditors outside the HIPC framework in Lima in October 2015.
  - Zimbabwe cleared its arrears to the PRGT in October 2016 and the IMF’s Executive Board thereafter lifted remedial measures, including restoring Zimbabwe’s eligibility to the PRGT.
  - To receive HIPC debt relief, Zimbabwe would need to qualify for the Initiative, potentially requiring deliberations and modification or exception to IDA’s income criterion.

### Debt Service Relief and Poverty-Reducing Expenditure
- Debt relief under HIPC and MDRI has enabled recipient countries to increase poverty-reducing expenditures (reference: Figure 1 and Annex III Table AIII.1).
- Figure 1: Poverty-Reducing Expenditure and Debt Service in 36 Post-Decision-Point HIPCs (in % of GDP, indexed to 100 at completion point).
- Note: Data constraints use ‘t’ to indicate completion point rather than decision point; the effect of debt relief may be underestimated because some debt relief may have occurred prior to completion point.

Annex III aggregate indicators (selected series)
- Debt Service Paid/Due after Enhanced HIPC Initiative and MDRI (annual series shown): 4,307 3,693 3,997 4,458 4,843 3,986 3,262 3,065 3,405 2,863 3,564 4,263 5,111 7,021 8,078 9,602 11,339 11,536 12,592 13,470 12,700
- Poverty-Reducing Expenditures (annual series shown): 6,325 7,587 8,927 11,042 15,078 17,941 22,407 27,012 30,128 32,485 32,283 38,173 36,688 36,945 32,751 36,016 39,245 39,769 39,979 42,450 39,577
- Average ratios (in percent) — selected:
  - Debt Service/Exports: 17.6 14.8 12.6 12.0 10.1 10.5 5.4 4.3 4.1 3.0 3.2 3.5 3.8 4.8 6.2 6.8 6.7 6.5 6.8 7.1 6.8
  - Debt Service/GDP: 3.0 2.6 2.3 2.3 2.2 2.0 1.2 1.0 1.0 0.8 0.9 0.9 1.0 1.3 1.5 1.7 1.7 1.7 1.8 1.9 1.8
  - Poverty-Reducing Expenditure/Government Revenue: 47.2 47.6 47.3 45.7 46.3 47.2 46.5 51.5 55.6 48.6 46.5 48.9 42.2 43.4 46.0 48.4 45.6 44.2 42.0 40.9 37.1
  - Poverty-Reducing Expenditure/GDP: 6/6.0 6.4 6.7 6.8 7.1 7.3 7.7 7.9 8.6 8.1 7.6 8.4 7.9 7.6 8.1 8.8 8.5 8.5 8.5 8.4 7.8

### Update of the Costs of the Initiatives
- HIPC Initiative total cost to creditors (end-2015 PV terms): US$76.9 billion (Table 2).
  - The increase relative to end-2014 PV terms is explained by a lower SDR discount rate (which increases the PV).
- MDRI total nominal cost for the four participating multilateral creditors (end-2015 PV terms): US$42.4 billion (Table 3, Annex III Table AIII.4).

Key cost breakdowns and memoranda (end-2015 PV terms) — selected aggregates from Table 2
- Multilateral creditors total: 28.6 (Post-Completion-Point HIPCs) + 0.0 (Interim HIPCs) = 28.6 (Total Post-Decision-Point HIPCs); + 5.5 (Pre-Decision-Point HIPCs) = 34.1 (Total).
  - IDA: 13.4 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 13.4 (Total Post-Decision-Point HIPCs); 1.5 (Pre-Decision-Point HIPCs); 14.9 (Total).
  - IMF: 4.6 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 4.6 (Total Post-Decision-Point HIPCs); 2.0 (Pre-Decision-Point HIPCs); 6.6 (Total).
  - AfDB Group: 5.1 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 5.1 (Total Post-Decision-Point HIPCs); 0.5 (Pre-Decision-Point HIPCs); 5.6 (Total).
  - IaDB: 1.7 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 1.7 (Total Post-Decision-Point HIPCs); 0.0 (Pre-Decision-Point HIPCs); 1.7 (Total).
  - Other multilateral: 3.8 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 3.8 (Total Post-Decision-Point HIPCs); 1.6 (Pre-Decision-Point HIPCs); 5.4 (Total).
- Bilateral and commercial creditors total: 30.7 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 30.7 (Total Post-Decision-Point HIPCs); 12.0 (Pre-Decision-Point HIPCs); 42.7 (Total).
  - Paris Club: 22.0 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 22.0 (Total Post-Decision-Point HIPCs); 5.9 (Pre-Decision-Point HIPCs); 28.0 (Total).
  - Other Official Bilateral: 5.0 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 5.0 (Total Post-Decision-Point HIPCs); 5.0 (Pre-Decision-Point HIPCs); 10.0 (Total).
  - Commercial: 3.8 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 3.8 (Total Post-Decision-Point HIPCs); 1.0 (Pre-Decision-Point HIPCs); 4.8 (Total).
- Total Costs (Table 2): 59.4 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 59.4 (Total Post-Decision-Point HIPCs); 17.5 (Pre-Decision-Point HIPCs); 76.9 (Total).
- Memorandum: Total Costs from Previous Report (discounted to end-2015 terms): 58.0 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 58.0 (Total Post-Decision-Point HIPCs); 17.1 (Pre-Decision-Point HIPCs); 75.1 (Total).

MDRI nominal costs by main creditor and country group (Table 3) — selected totals
- Post-Completion-Point HIPCs: IDA 28.7; IMF 3.7; AfDF 5.9; IaDB 3.7; Total 42.1.
- Interim and Pre-Decision-Point HIPCs: IDA 0.2; IMF 0.0; AfDF 0.2; IaDB 0.0; Total 0.4.
- All HIPCs: IDA 28.9; IMF 3.7; AfDF 6.1; IaDB 3.7; Total 42.4.
- Non-HIPCs: IDA 0.0; IMF 0.2; AfDF 0.0; IaDB 0.0; Total 0.2.

### Creditor Participation and the Debt Relief Trust Fund (DRTF)
- Multilateral creditors:
  - Over ninety-nine percent of multilateral creditors, estimated by their share in the total cost of HIPC debt relief to post-completion-point HIPCs, have committed to participate in the HIPC Initiative (Annex III, Table 5).
  - A number of multilateral creditors received support from the Debt Relief Trust Fund (DRTF), administered by IDA, to fulfill provision of committed debt relief.
- DRTF finances and activity (as of end-August 2016):
  - Donor contributions to the DRTF: US$6.8 billion.
  - DRTF investment income: US$603 million.
  - DRTF disbursements: about US$7.2 billion.
  - Remaining resources available in the DRTF: US$0.4 billion.
  - The remaining US$0.4 billion is estimated to be sufficient to help finance expected debt relief costs to eligible creditors in respect to remaining pre-completion point HIPCs.
  - Note: Annex III Table 10 excludes contributions from AfDB, which are non-cash transactions.

Official bilateral and commercial creditor participation (selected)
- Paris Club:
  - Paris Club creditors have committed to provide debt relief estimated at US$22 billion in end-2015 PV terms to the 36 countries that have reached their decision points.
  - Most members of the Paris Club have voluntarily committed to provide additional debt relief beyond that required under the HIPC Initiative.
- Non-Paris Club official bilateral creditors:
  - Share attributable to non-Paris Club official bilateral creditors: US$4.9 billion in end-2015 PV terms.
  - Thus far, a little less than half of this expected debt relief has been delivered.
  - Non-Paris Club creditors responsible for approximately 30 percent of the cost (based on end-2015 PV terms) have yet to participate in the HIPC Initiative.
  - World Bank and IMF staffs continue to rely on moral suasion and efforts by the HIPCs themselves to increase participation of these creditors.
- Pledges included in totals:
  - Includes pledges from Germany and the United States that total about US$145 million.

### Country Coverage, Data Sources, and Assumptions for Costing
- Country coverage for 36 post-decision-point HIPCs: Afghanistan, Benin, Bolivia, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Côte d’Ivoire, Comoros, Democratic Republic of the Congo, Republic of Congo, Ethiopia, The Gambia, Ghana, Guinea, Guinea-Bissau, Guyana, Haiti, Honduras, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Nicaragua, Niger, Rwanda, São Tomé and Príncipe, Senegal, Sierra Leone, Tanzania, Togo, Uganda, and Zambia.
- Pre-decision-point countries used in costing analysis: Eritrea, Somalia, and Sudan.
- Data sources and timing:
  - Staff estimates based on HIPC decision and completion-point documents for 36 post-decision-point countries or estimates from the HIPC Initiative—List of Ring-Fenced Countries that Meet the Income and Indebtedness Criteria at end-2004 for the 3 pre-decision-point HIPCs.
  - Data updated through end-August 2016.
- Assumptions and methods:
  - Calculations include costs under original and enhanced HIPC frameworks and the MDRI.
  - HIPC cost estimates based on debt data after full use of traditional debt-relief mechanisms.
  - Exchange rates for MDRI calculations:
    - IDA and AfDF: initial MDRI Trust Fund replenishment rate of 1.477380 U.S. dollars per SDR applied for FY07-FY08.
    - FY09–FY11 and FY12–FY14: IDA15 and IDA16 foreign exchange reference rates of 1.52448 and 1.50233 U.S. dollars per SDR, respectively.
    - FY15 onward: IDA 17 replenishment rate of 1.50718 U.S. dollars per SDR.
    - Note: IDA 17 covers July 1 2014 to June 30 2017.
  - IMF: used exchange rate of the date debt relief was delivered, or end-December 2015 where debt not yet delivered.
  - IaDB: currency units in U.S. dollars at end-2006.
- Discounting to end-2015 PV terms:
  - Discount rate estimated at 2.39 percent, corresponding to the implicit long-term interest rate of currencies that comprise the SDR basket over 2013–15, calculated as a 6-month average of the CIRR over this period, weighted by currency participation in the SDR basket.
  - The same rate used to calculate MDRI debt relief in end-2015 PV terms.

### Country-Specific Notes (selected pre-decision-point cases)
- Eritrea:
  - Decision Point Date: 12/1/2009.
  - Risk of Debt Distress: In debt distress.
  - PRSP Status: No recent PRSP and no ongoing work towards its preparation.
  - IMF Program and Macroeconomic Status: No ongoing discussions on a Fund-supported program. 2009 Article IV Consultation concluded in December 2009. IMF staff fact-finding mission visited Asmara in February, 2016. Status: Uncertain.
- Somalia:
  - PRSP Status: Authorities prepared a National Development Plan which could be converted into a PRSP.
  - IMF engagement: Extensive technical assistance, including a US$9.3 million multi-donor trust fund launched in February 2015.
  - Program status: No IMF financial assistance since 1987 until arrears cleared; two Article IV Consultations (July 2015 and January 2017) and a completed SMP in May 2017; follow-up one-year SMP approved June 21, 2017.
  - Macroeconomic projections: Growth expected to fall from 3.2 percent in 2016 to 2.1 percent in 2017; inflation projected to pick up to 2.9 percent in 2017 from 2.3 percent in 2016; trade deficit (56.6 percent of GDP on average in 2015–16) projected to remain sizable and largely financed by remittances and grants.
- Sudan:
  - Decision Point Date: 7/25/2016.
  - Risk of Debt Distress: In debt distress.
  - PRSP Status: Interim-PRSP officially shared with the World Bank in November, 2012; I-PRSP and Joint Staff Advisory Note discussed at Fund’s and Bank's Executive Boards in September, 2013; Government implementing the Interim-PRSP and started preparing a full PRSP.
  - IMF Program and Macroeconomic Status: 2016 Article IV consultation concluded on September 7, 2016. Sudan faces large macroeconomic imbalances stemming from mid-2011 secession of South Sudan and loss of oil-related revenues and foreign exchange; policy efforts constrained by international sanctions, large external debt overhang and internal conflicts. Next Article IV consultation planned for latter part of 2017.

### Annex III — Selected Table Highlights and Legal Actions
- Committed debt relief and total HIPC/MDRI outlook (global aggregates, status as of end-August 2016, in millions of U.S. dollars):
  - 36 Post-Completion-Point HIPCs...76,378 50,246 126,624 101,463
  - Total Debt Relief Committed...76,378 50,428 126,806
- Table AIII.4 / AIII.5 / AIII.6A / AIII.8A provide creditor shares, World Bank and AfDB summary totals, and detailed country breakdowns.
- Trust fund resources and donor contributions (Table AIII.10, status as of end-August 2016):
  - TOTAL 6,798 603 (7,192) 209
- Paris Club delivery (Table AIII.12):
  - TOTAL (36 Post-Completion-Point HIPCs): 22,007.7 22,007.7 18,186.4 40,194.0 182.6
  - Country examples (end-2015 PV terms): Afghanistan 510.5; Cameroon 1,234.3; Congo, Democratic Republic of 5,410.1; Côte d’Ivoire 1,581.3; Ghana 1,152.3; Mozambique 1,507.2; Tanzania 1,135.3; Zambia 1,554.3
- Non-Paris-Club creditor delivery performance (Tables AIII.14 / AIII.15):
  - Examples of high delivery: Algeria 267 (delivered 245, 92 percent); China 419 (delivered 350, 83 percent); Guatemala 501 (delivered 494, 99 percent) — aggregated total shown as 1,511 1,369.
  - Examples with partial delivery: Brazil, Colombia, India, Iraq, Kuwait, Poland, Saudi Arabia, Slovak Republic, Venezuela — aggregated total 1,107 769.
  - Many creditors delivered less than 40 percent or no delivery; details by creditor and percent delivered in Table AIII.15.
- Legal actions by commercial creditors (Table AIII.16) — selected cases and amounts (Original Claim / Amount Claimed):
  - Congo, Dem. Rep. of — Frans Edward Prins Rootman — Ongoing — 12.5 / 54.1
  - Congo, Dem. Rep. of — MIMINCO — Judgment awarded — 15.0 / 11.7
  - Congo, Rep. of — Groupe Antoine Tabet (GAT) — Ongoing (France) — 100.0 / 78.7
  - Niger — creditor from Taiwan, China (United States) — Judgment awarded — 60.0 / 183.0
  - Mali — Randgold (United Kingdom/France) — Ongoing — 50.0 / 50.0

Notes on tables and coverage
- Debt service paid covers 2001–2015; debt service due covers 2016–2020. For post-completion point HIPCs, debt service due reflects negotiated relief, additional voluntary Paris Club relief, and MDRI.
- Poverty-reducing expenditure coverage varies and aligns with PRSP and budget definitions; sectoral coverage has evolved in some countries.
- MDRI nominal costs include principal and interest foregone for multilaterals (except IMF, which includes principal only); IMF estimated costs reflect stock of debt eligible for MDRI relief as of end-2004.
- Tables include country-level time series (2000–21) for debt service, poverty-reducing expenditure, creditor commitments, deliveries, and projections.

*International Monetary Fund — HIPC Initiative and MDRI Initiative—Statistical Update (Executive Summary), September 1, 2017.*

### EXECUTIVE SUMMARY

### EXECUTIVE SUMMARY

### Overview
- The HIPC Initiative and MDRI are nearly complete, with 36 countries having reached the completion point under the HIPC Initiative.
- Debt relief under the Initiative has alleviated debt burdens substantially in recipient countries and has enabled them to increase their poverty-reducing expenditure by over one and a half percentage points of GDP between 2001 and 2015.
- Creditor participation has been strong among multilateral and Paris Club creditors; participation from other creditor groups still needs to be strengthened.
- The total cost of debt relief to creditors under the HIPC Initiative is currently estimated to be US$76.9 billion (end-2015 PV terms).
- The costs to the four multilateral creditors providing relief under the MDRI is estimated at US$42.4 billion (end-2015 PV terms).
- Date of this update: September 1, 2017.

### Introduction and Scope of Update
- This report provides an update on:
  - The status of implementation for the HIPC Initiative and the MDRI.
  - Cost estimates of these Initiatives in end-2015 present value (PV) terms.
- Updated figures and tables include:
  - Trends in poverty-reducing spending and debt service in HIPCs (Annex III Tables AIII.1–3).
  - Costs of the initiatives by creditor and country (Tables 2 and 3 and Annex III Tables AIII.4–14).
  - Non-Paris Club bilateral creditor participation (Annex III Table AIII.15).
  - Commercial creditor litigation against HIPCs (Annex III Table AIII.16).
- Reporting on progress made in achieving Millennium Development Goals has been discontinued (MDGs monitoring expired in 2015).

### Progress in Implementation
- Out of 39 countries eligible for the HIPC Initiative, 36 have reached the completion point.
- Three pre-decision-point countries have yet to start or complete the qualification process: Eritrea, Somalia, and Sudan.

Findings by country:
- Eritrea
  - No updates from the previous report.
  - Has benefitted from development of mining and production of gold since 2011 and base metals since 2013.
  - Political situation remains fragile.
  - The last Article IV Consultation took place in 2009; there has been no discussion with the authorities of an IMF-supported program.

- Somalia
  - The IMF Executive Board concluded its first Article IV Consultation with Somalia in more than a quarter-century in July 2015.
  - IMF management approved a 12-month Staff-Monitored Program (SMP) in May 2016; a follow-up one-year SMP was approved on June 21, 2017.
  - An External Debt Technical Working Group (established April 2014) helped measure Somalia’s accumulated arrears:
    - Arrears amounted to about US$319 (SDR 238) million to the IMF and US$303 million to the World Bank as of December 31, 2016.
    - Somalia’s arrears to the AfDB group were about US$97 million.
  - World Bank approved a US$50 million grant (Somalia Emergency Drought Response and Recovery Project) on May 30, 2017 to provide emergency humanitarian relief to about 6.7 million people.
  - The Multi-Partner Fund (MPF) administered by the World Bank:
    - Donors committed $189.7 million, of which US$165.1 million is paid.
  - Steps needed to reach the Decision Point under the HIPC Initiative include:
    - (i) develop an Interim or a Poverty Reduction Strategy Paper,
    - (ii) establish a track record of cooperation on policies and payments with the IMF and the World Bank, including in the context of a series of SMPs,
    - (iii) receive financing assurances from creditors for HIPC debt relief, and
    - (iv) clear arrears to the IMF, World Bank, and the AfDB, and have an arrears clearance plan with the remaining external creditors.

- Sudan
  - Sudan is in debt distress (per the 2016 debt sustainability analysis) and is eligible for debt relief under the HIPC Initiative but has yet to meet all qualifications.
  - Sudan’s arrears (as of April 30, 2017):
    - SDR 966.8 million to the IMF (about US$1,325 million),
    - US$848 million to the World Bank,
    - UAC240.3 million (or US$329.5 million) to the AfDB.
  - Normalization of relations with external creditors, including the IMF, other multilateral institutions, and bilateral creditors, is a key pillar for debt relief.
  - Steps needed to reach the Decision Point under the HIPC Initiative include:
    - (i) receive financing assurances from creditors for HIPC debt relief,
    - (ii) establish a track record of performance (e.g., through an SMP judged to be of Upper-Credit Tranche quality by the Executive Board of the IMF),
    - (iii) clear its arrears to the IMF, World Bank and the AfDB and have an arrears clearance plan with the remaining external creditors.
  - At this stage no firm timeline can be assigned for the fulfillment of these steps.

- Zimbabwe
  - Eligibility to receive assistance under the HIPC Initiative remains unclear.
  - Zimbabwe remains in debt distress and needs a comprehensive arrears clearance framework with the international community.
  - Latest indebtedness assessments (2014) based on reconciled loan-by-loan debt data indicate Zimbabwe met the indebtedness criterion for eligibility under the HIPC Initiative.
  - On the World Bank side, a modification of, or exception to, IDA's HIPC Initiative income criteria would be required.
  - The 2014 assessment indicated that based on end-2013 debt-to-exports ratio, Zimbabwe would not qualify for the HIPC debt relief initiative.
  - The authorities presented an arrears clearance strategy to creditors outside the HIPC framework in Lima in October 2015.
  - Zimbabwe cleared its arrears to the PRGT in October 2016 and the IMF’s Executive Board thereafter lifted the remedial measures imposed in the wake of the arrears accumulation, including restoring Zimbabwe’s eligibility to the PRGT.
  - To receive HIPC debt relief, Zimbabwe would need to qualify for the Initiative, which would require deliberations and potential modification or exception to IDA’s income criterion.

### Debt Service Relief and Poverty-Reducing Expenditure
- Debt relief has enabled HIPCs to increase poverty-reducing expenditure by over one and a half percentage points of GDP between 2001 and 2015.
- The report updates trends in poverty-reducing spending and debt service in HIPCs (see Figure 1 and Annex III Tables AIII.1–3).

### Costs of the Initiatives and Creditor Participation
- HIPC Initiative costs to creditors (end-2015 PV terms): US$76.9 billion (total).
- MDRI nominal costs to the four multilateral creditors (end-2015 PV terms): US$42.4 billion (total).
- Creditor participation:
  - Strong among multilateral and Paris Club creditors.
  - Participation from other creditor groups (non-Paris Club bilateral and commercial creditors) needs strengthening.
- Updated cost tables and creditor participation breakdowns are included in Tables 2 and 3 and Annex III Tables AIII.4–16.

*International Monetary Fund — HIPC Initiative and MDRI Initiative—Statistical Update (Executive Summary), September 1, 2017.*

### 5.      Debt  relief  under  the  HIPC  and  MDRI  Initiatives  has  substantially  alleviated  debt

### 5.      Debt relief under the HIPC and MDRI Initiatives has substantially alleviated debt burdens

### Impact on poverty-reducing expenditures and debt service
- Debt relief under the HIPC and MDRI Initiatives has enabled recipient countries to increase their poverty-reducing expenditures (reference: Figure 1 and Annex III Table AIII.1).
- Figure 1: Poverty-Reducing Expenditure and Debt Service in 36 Post-Decision-Point HIPCs, (in % of GDP) (indexed to 100 at completion point).  
  - Sources: HIPC documents; World Bank and Fund staff estimates.
- Note: Due to data constraints ‘t’ indicates completion point rather than decision point; as a result, the effect of debt relief may be underestimated since some debt relief may have occurred prior to completion point.

### Update of the costs of the Initiatives
- HIPC Initiative total cost to creditors: US$76.9 billion in end-2015 present value (PV) terms (Table 2).
  - The increase relative to end-2014 PV terms is explained by a lower SDR discount rate (which increases the PV).
- MDRI total cost for the four participating multilateral creditors: US$42.4 billion in end-2015 PV terms (Table 3, Annex III Table AIII.4).

### Key cost breakdowns and memoranda (end-2015 PV terms)
- Table 2 (HIPC Initiative: Costs by Main Creditor and Country Group) — aggregate totals:
  - Multilateral creditors total (excerpted totals shown in source): 28.6 (Post-Completion-Point HIPCs) + 0.0 (Interim HIPCs) = 28.6 (Total Post-Decision-Point HIPCs); plus 5.5 (Pre-Decision-Point HIPCs) = 34.1 (Total).
  - Subcomponents (selected lines as presented):
    - IDA: 13.4 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 13.4 (Total Post-Decision-Point HIPCs); 1.5 (Pre-Decision-Point HIPCs); 14.9 (Total).
    - IMF: 4.6 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 4.6 (Total Post-Decision-Point HIPCs); 2.0 (Pre-Decision-Point HIPCs); 6.6 (Total).
    - AfDB Group: 5.1 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 5.1 (Total Post-Decision-Point HIPCs); 0.5 (Pre-Decision-Point HIPCs); 5.6 (Total).
    - IaDB: 1.7 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 1.7 (Total Post-Decision-Point HIPCs); 0.0 (Pre-Decision-Point HIPCs); 1.7 (Total).
    - Other multilateral: 3.8 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 3.8 (Total Post-Decision-Point HIPCs); 1.6 (Pre-Decision-Point HIPCs); 5.4 (Total).
  - Bilateral and commercial creditors total: 30.7 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 30.7 (Total Post-Decision-Point HIPCs); 12.0 (Pre-Decision-Point HIPCs); 42.7 (Total).
    - Paris Club: 22.0 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 22.0 (Total Post-Decision-Point HIPCs); 5.9 (Pre-Decision-Point HIPCs); 28.0 (Total).
    - Other Official Bilateral: 5.0 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 5.0 (Total Post-Decision-Point HIPCs); 5.0 (Pre-Decision-Point HIPCs); 10.0 (Total).
    - Commercial: 3.8 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 3.8 (Total Post-Decision-Point HIPCs); 1.0 (Pre-Decision-Point HIPCs); 4.8 (Total).
  - Total Costs (Table 2): 59.4 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 59.4 (Total Post-Decision-Point HIPCs); 17.5 (Pre-Decision-Point HIPCs); 76.9 (Total).
  - Memorandum: Total Costs from Previous Report (discounted to end-2015 terms): 58.0 (Post-Completion-Point HIPCs); 0.0 (Interim HIPCs); 58.0 (Total Post-Decision-Point HIPCs); 17.1 (Pre-Decision-Point HIPCs); 75.1 (Total).

- Table 3 (MDRI: Nominal Costs by Main Creditor and Country Group) — nominal totals:
  - Post-Completion-Point HIPCs: IDA 28.7; IMF 3.7; AfDF 5.9; IaDB 3.7; Total 42.1.
  - Interim and Pre-Decision-Point HIPCs: IDA 0.2; IMF 0.0; AfDF 0.2; IaDB 0.0; Total 0.4.
  - Pre-Decision Countries: IDA 0.2; IMF 0.0; AfDF 0.2; IaDB 0.0; Total 0.4.
  - All HIPCs: IDA 28.9; IMF 3.7; AfDF 6.1; IaDB 3.7; Total 42.4.
  - Non-HIPCs: IDA 0.0; IMF 0.2; AfDF 0.0; IaDB 0.0; Total 0.2.
  - Sources: World Bank, IMF, AfDB and IaDB staff estimates.
  - Notes: Figures for countries that have qualified for MDRI relief are based on actual commitments. Excludes IMF assistance to Cambodia and Tajikistan. Estimates for some groups are preliminary and subject to assumptions including timing of decision and completion points and arrears clearance.

### Creditor participation and the Debt Relief Trust Fund (DRTF)
- Multilateral creditors:
  - Over ninety-nine percent of multilateral creditors, estimated by their share in the total cost of HIPC debt relief to post-completion-point HIPCs, have committed to participate in the HIPC Initiative (Annex III, Table 5).
  - A number of multilateral creditors received support from the Debt Relief Trust Fund (DRTF), administered by IDA, to fulfill provision of committed debt relief.
- DRTF finances and activity (as of end-August 2016):
  - Donor contributions to the DRTF: US$6.8 billion.
  - DRTF investment income: US$603 million.
  - DRTF disbursements: about US$7.2 billion.
  - Remaining resources available in the DRTF: US$0.4 billion.
  - The remaining US$0.4 billion is estimated to be sufficient to help finance the expected debt relief costs to eligible creditors in respect to remaining pre-completion point HIPCs.
  - Note: Annex III Table 10 excludes contributions from AfDB, which are non-cash transactions.

### Official bilateral and commercial creditor participation
- Paris Club:
  - Paris Club creditors have committed to provide debt relief estimated at US$22 billion in end-2015 PV terms to the 36 countries that have reached their decision points.
  - Most members of the Paris Club have voluntarily committed to provide additional debt relief beyond that required under the HIPC Initiative.
- Non-Paris Club official bilateral creditors:
  - Share of debt relief attributable to non-Paris Club official bilateral creditors: US$4.9 billion in end-2015 PV terms.
  - Thus far, a little less than half of this expected debt relief has been delivered.
  - Non-Paris Club creditors responsible for approximately 30 percent of the cost (based on end-2015 PV terms) have yet to participate in the HIPC Initiative.
  - World Bank and IMF staffs continue to rely on moral suasion and efforts by the HIPCs themselves to increase participation of these creditors.
- Pledges included in totals:
  - Includes pledges from Germany and the United States that total about US$145 million (referenced in source).

### Country coverage, data sources, and assumptions for costing
- Country coverage:
  - The costing analysis for the 36 post-decision-point countries includes: Afghanistan, Benin, Bolivia, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Côte d’Ivoire, Comoros, Democratic Republic of the Congo, Republic of Congo, Ethiopia, The Gambia, Ghana, Guinea, Guinea-Bissau, Guyana, Haiti, Honduras, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Nicaragua, Niger, Rwanda, São Tomé and Príncipe, Senegal, Sierra Leone, Tanzania, Togo, Uganda, and Zambia.
  - The costing analysis for the pre-decision-point countries is based on 3 HIPCs: Eritrea, Somalia, and Sudan.
- Data sources:
  - Staff estimates are based on HIPC Initiative decision and completion-point documents for all 36 post-decision-point countries or estimates presented in Heavily Indebted Poor Countries (HIPC Initiative)—List of Ring-Fenced Countries that Meet the Income and Indebtedness Criteria at end-2004 for the 3 pre-decision-point HIPCs.
  - Data was updated through end-August 2016.
- Assumptions for the HIPC Initiative and MDRI costing exercise:
  - Calculations include costs under the original and enhanced HIPC Initiative frameworks and the MDRI.
  - Cost estimates for the HIPC Initiative are based on debt data after full use of traditional debt-relief mechanisms.
  - Exchange rates used for MDRI calculations:
    - IDA and AfDF: the initial MDRI Trust Fund replenishment rate of 1.477380 U.S. dollars per SDR was applied for the period FY07-FY08.
    - Cost estimates for FY09–FY11 and FY12–FY14 are based on the IDA15 and IDA16 foreign exchange reference rates of 1.52448 and of 1.50233 U.S. dollars per SDR, respectively.
    - Cost estimates for FY15 onward are based on the IDA 17 replenishment rate of 1.50718 U.S. dollars per SDR.
    - Note: IDA 17 covers the period from July 1 2014 to June 30 2017.
  - IMF: the exchange rate of the date that debt relief was delivered, and, in cases where debt was not yet delivered, the rate as of end-December 2015 was used.
  - IaDB: currency units in U.S. dollars at end-2006.
- Discounting to end-2015 PV terms:
  - The cost of HIPC Initiative assistance calculated in PV terms at the time of the decision-point is discounted to end-2015 using the average interest rate applicable to the debt relief.
  - This rate was estimated at 2.39 percent and corresponds to the implicit long-term interest rate of currencies that comprise the SDR basket over the period 2013–15, calculated as a 6-month average of the Commercial Interest Reference Rate (CIRR) over this period, weighted by the participation of the currencies in the SDR basket.
  - The same rate was used to calculate MDRI debt relief in end-2015 PV terms.

### Country-specific notes (selected pre-decision-point cases)
- Eritrea:
  - Decision Point Date: 12/1/2009.
  - Risk of Debt Distress: In debt distress.
  - PRSP Status: There is no recent PRSP and no ongoing work towards its preparation.
  - IMF Program and Macroeconomic Status: There are no ongoing discussions on a Fund-supported program. The 2009 Article IV Consultation was concluded in December 2009. IMF staff visited Asmara for a fact-finding mission in February, 2016. Status: Uncertain.
- Somalia:
  - PRSP Status: The authorities have prepared a National Development Plan which could be converted into a PRSP.
  - IMF engagement: Extensive technical assistance, including a US$9.3 million multi-donor trust fund launched in February 2015 to support technical assistance and capacity building. IMF TA missions covered macroeconomic diagnosis, possible currency reform, fiscal policy and governance, PFM support, central bank operations and supervision, statistics development, and AML/CFT framework development.
  - Program status: Somalia has not had an IMF-supported program since 1987 because IMF cannot provide financial assistance until arrears are cleared; however, two Article IV Consultations (July 2015 and January 2017) and a completed SMP in May 2017 were executed. On June 21, 2017 the Managing Director approved a follow-up, one year SMP.
  - Macroeconomic projections: Growth is expected to fall from 3.2 percent in 2016 to 2.1 percent in 2017; inflation is projected to pick up to 2.9 percent in 2017, from 2.3 percent in 2016. The trade deficit (56.6 percent of GDP on average in 2015–16) is projected to remain sizable and will be largely financed by remittances and grants.
- Sudan:
  - Decision Point Date: 7/25/2016.
  - Risk of Debt Distress: In debt distress.
  - PRSP Status: The Interim-PRSP was officially shared with the World Bank in November, 2012. The I-PRSP and the Joint Staff Advisory Note were discussed at the Fund’s and Bank's Executive Boards in September, 2013. The Government is implementing the Interim-PRSP and started the process to prepare a full PRSP.
  - IMF Program and Macroeconomic Status: The 2016 Article IV consultation was concluded on September 7, 2016. Sudan continues to face large macroeconomic imbalances stemming from the mid-2011 secession of South Sudan and significant loss of oil-related revenues and foreign exchange resources. Policy efforts to raise growth are also constrained by international sanctions, large external debt overhang and internal conflicts. The next Article IV consultation is planned for the latter part of 2017.

*Source: HIPC Initiative and MDRI Initiative—Statistical Update (excerpted content).*

### Annex III. Tables

### Annex III. Tables

### Debt service and poverty-reducing spending (aggregate indicators)
- Debt Service Paid/Due after Enhanced HIPC Initiative and MDRI (annual series shown): 4,307 3,693 3,997 4,458 4,843 3,986 3,262 3,065 3,405 2,863 3,564 4,263 5,111 7,021 8,078 9,602 11,339 11,536 12,592 13,470 12,700
- Poverty Reducing Expenditures (annual series shown): 6,325 7,587 8,927 11,042 15,078 17,941 22,407 27,012 30,128 32,485 32,283 38,173 36,688 36,945 32,751 36,016 39,245 39,769 39,979 42,450 39,577
- Average ratios (in percent) — selected series:  
  - Debt Service/Exports: 17.6 14.8 12.6 12.0 10.1 10.5 5.4 4.3 4.1 3.0 3.2 3.5 3.8 4.8 6.2 6.8 6.7 6.5 6.8 7.1 6.8  
  - Debt Service/GDP: 3.0 2.6 2.3 2.3 2.2 2.0 1.2 1.0 1.0 0.8 0.9 0.9 1.0 1.3 1.5 1.7 1.7 1.7 1.8 1.9 1.8  
  - Poverty-Reducing Expenditure/Government Revenue: 47.2 47.6 47.3 45.7 46.3 47.2 46.5 51.5 55.6 48.6 46.5 48.9 42.2 43.4 46.0 48.4 45.6 44.2 42.0 40.9 37.1  
  - Poverty-Reducing Expenditure/GDP: 6/6.0 6.4 6.7 6.8 7.1 7.3 7.7 7.9 8.6 8.1 7.6 8.4 7.9 7.6 8.1 8.8 8.5 8.5 8.5 8.4 7.8

### Country debt-service trajectories (selected post-completion-point HIPCs)
- Afghanistan — Due after enhanced HIPC Initiative and MDRI relief (series excerpt): ...9.1 32.2 5.7 6.8 7.4 5.9 4.6 3.6 2.5 2.4 6.4 23.5 78.9 42.4 43.0 44.4 40.8 34.9 ......  
  - In percent of export (series excerpt): 2.5 5.1 0.8 0.6 0.6 0.4 0.3 0.2 0.1 0.1 0.2 0.6 2.4 1.6 1.6 1.5 1.0 0.7 ......  
  - In percent of GDP (series excerpt): 0.2 0.7 0.1 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.1 0.4 0.2 0.2 0.2 0.2 0.1 ......  
- Bolivia — Due after enhanced HIPC Initiative and MDRI relief (series excerpt): 249.3 258.3 272.8 287.0 367.6 325.3 328.3 260.7 222.8 301.9 231.8 505.7 285.7 367.2 526.3 438.0 451.9 467.7 483.7 598.2 676.8  
  - In percent of export (excerpt): 16.4 16.6 13.9 11.1 11.1 7.3 6.6 3.7 4.1 4.2 2.5 4.1 2.2 2.7 5.6 5.3 4.8 4.6 4.5 4.5 5.8  
  - In percent of GDP (excerpt): 3.1 3.3 3.4 3.3 3.8 2.8 2.5 1.6 1.3 1.5 1.0 1.9 0.9 1.1 1.6 1.3 1.2 1.1 1.1 1.2 1.3
- Ethiopia — Due after enhanced HIPC Initiative and MDRI relief (series excerpt): 572.3 521.1 191.3 160.0 165.6 168.2 182.2 79.5 130.7 229.7 393.6 502.8 655.3 884.2 1,053.6 1,352.9 1,616.9 1,811.0 2,198.1 2,402.8 2,554.9  
  - In percent of export (excerpt): 58.5 53.0 16.8 10.7 8.9 8.0 7.3 2.6 3.9 5.7 7.4 8.4 11.0 13.8 17.4 22.8 23.5 23.5 24.9 23.6 23.6  
  - In percent of GDP (excerpt): 7.0 6.6 2.2 1.6 1.3 1.1 0.9 0.3 0.4 0.8 1.2 1.2 1.4 1.6 1.7 2.0 2.1 2.2 2.4 2.4 2.4
- Mozambique — Due after enhanced HIPC Initiative and MDRI relief (selected values): 27.1 62.0 71.8 58.1 66.6 23.3 35.1 81.1 38.3 49.9 66.2 91.3 123.8 159.6 307.0 385.6 456.9 ............  
  - In percent of export (selected): 2.8 5.4 5.3 3.3 3.2 0.8 1.2 2.5 1.4 1.7 1.7 1.8 2.6 3.4 6.6 7.6 7.6 ............  
  - In percent of GDP (selected): 0.6 1.2 1.3 0.9 0.9 0.3 0.4 0.7 0.3 0.5 0.5 0.6 0.8 0.9 1.9 2.3 2.4 ............

(Note: Table AIII.2 provides country-level debt-service time series for 36 post-decision-point HIPCs, 2001–21, including debt-service paid and projected due after enhanced HIPC Initiative and MDRI relief, and ratios to exports and GDP.)

### Poverty-reducing expenditure by country (selected aggregates and indicators)
- Aggregate country examples (Table AIII.3, in millions of U.S. dollars and percent indicators):  
  - Afghanistan (in millions): 292.8 388.8 351.0 446.7 631.0 531.9 ..........  
    - In percent of government revenue: 17.6 19.8 17.5 23.2 36.6 28.3 ..........  
    - In percent of GDP: 1.9 2.2 1.7 2.3 3.1 2.8 ..........  
  - Bolivia (in millions): 973.6 1,011.5 1,050.6 1,114.3 1,193.5 1,370.9 1,587.5 1,998.0 2,262.6 2,453.2 2,716.6 3,002.6 3,355.8 3,841.4 4,192.4 4,263.1 4,744.1 5,162.8 5,601.7 6,037.9 6,562.4  
    - In percent of government revenue series includes: 54.3 60.0 62.6 53.0 43.1 36.5 35.6 30.6 37.4 38.5 31.7 29.6 28.0 29.2 33.8 36.4 36.2 36.9 36.8 37.6 37.9  
    - In percent of GDP (selected): 11.9 12.8 13.0 12.7 12.5 11.9 12.0 11.9 13.0 12.4 11.3 11.0 10.9 11.6 12.6 12.6 12.6 12.6 12.6 12.6 12.6
  - Ethiopia (in millions): 733.4 884.0 1,001.4 1,180.4 1,618.6 2,106.9 2,542.7 3,224.4 3,482.0 3,678.4 3,874.0 5,054.3 5,924.7 6,634.4 7,621.9 8,695.2 9,469.7 10,005.1 10,859.5 11,700.0 12,698.9  
    - In percent of government revenue (selected): 61.0 72.9 77.2 73.3 90.0 93.8 105.3 104.0 98.1 92.5 94.8 87.2 89.0 88.9 84.0 79.1 78.9 75.9 73.2 69.6 67.6  
    - In percent of GDP (selected): 8.9 11.3 11.6 11.6 13.0 13.8 12.9 12.0 10.7 12.3 12.1 11.7 12.4 12.0 12.4 12.6 12.3 11.9 11.9 11.8 11.7

(Note: Table AIII.3 provides poverty-reducing expenditure series by country, and percent of government revenue and GDP, 2001–21.)

### Committed debt relief and total HIPC/MDRI outlook (global aggregates)
- Table AIII.4 header totals (status as of end-August 2016, in millions of U.S. dollars):  
  - 36 Post-Completion-Point HIPCs...76,378 50,246 126,624 101,463  
  - Total Debt Relief Committed...76,378 50,428 126,806
- Table AIII.5 (creditor shares; totals in end-2015 PV terms):  
  - Total creditors' HIPC Initiative cost estimates (select totals shown): Total 28,624 100.0 (table lists individual creditor PV commitments and percent of total)
- World Bank (Table AIII.6A) — summary lines:  
  - TOTAL 3/16,583.5 ...13,357.9 10,425.7 34,698.2 28,714.4 42,072.3 39,140.1
- AfDB Group (Table AIII.8A) — summary line:  
  - TOTAL 3,781.0 5,106.5 4,089.3 7,751.6 5,871.7 10,978.2 9,961.0

### Trust fund resources and donor contributions
- Table AIII.10 — Status of Donor Contributions to the Debt Relief Trust Fund (in millions of U.S. dollars, status as of end-August 2016): selected lines and totals:  
  - Sub-Total bilateral donors: 4,436 400 (4,628) 209  
  - Sub-Total multilateral donors: 2,362 202 (2,564) 0  
  - TOTAL 6,798 603 (7,192) 209

### Paris Club, IaDB, and bilateral delivery statistics
- Paris Club Official Bilateral Creditors — aggregated delivery (Table AIII.12): selected totals and examples:  
  - TOTAL (36 Post-Completion-Point HIPCs): 22,007.7 22,007.7 18,186.4 40,194.0 182.6  
  - Country examples (end-2015 PV terms): Afghanistan 510.5; Cameroon 1,234.3; Congo, Democratic Republic of 5,410.1; Côte d’Ivoire 1,581.3; Ghana 1,152.3; Mozambique 1,507.2; Tanzania 1,135.3; Zambia 1,554.3
- Inter-American Development Bank (IaDB) — Table AIII.9 totals (in millions):  
  - TOTAL 1,183.0 1,675.3 1,273.4 4,369.0 3,746.9 5,422.1 5,020.3  
  - IaDB country examples: Bolivia; Haiti; Honduras; Guyana; Nicaragua (individual committed/delivered amounts shown in table)

### Delivery status by creditor type (non-Paris creditors)
- Table AIII.14 / AIII.15 provide non-Paris-Club creditor cost estimates and delivery performance (end-2015 PV terms): selected summary points:  
  - A set of non-Paris creditors delivered more than 80 percent of total assistance (examples and totals): Algeria 267 (delivered 245, 92 percent), China 419 (delivered 350, 83 percent), Guatemala 501 (delivered 494, 99 percent). Aggregated total for this group shown as 1,511 1,369.  
  - A set delivered more than 40 percent (examples): Brazil, Colombia, India, Iraq, Kuwait, Poland, Saudi Arabia, Slovak Republic, Venezuela — aggregated total 1,107 769.  
  - Many creditors delivered less than 40 percent or no delivery; Table AIII.15 lists details by creditor country and percent delivered.

### Legal actions by commercial creditors (selected cases; Table AIII.16)
- Reported commercial creditor lawsuits against HIPCs (selected entries, amounts correspond to "Original Claim" and "Amount Claimed by the Creditor"):  
  - Congo, Dem. Rep. of — Frans Edward Prins Rootman (Israel/South Africa) — Ongoing — Original Claim 12.5 — Amount Claimed 54.1  
  - Congo, Dem. Rep. of — MIMINCO (United States/Belgium and Ireland) — Judgment awarded — Original Claim 15.0 — Amount Claimed 11.7  
  - Congo, Rep. of — Groupe Antoine Tabet (GAT) (Lebanon) — Ongoing (court: France) — Original Claim 100.0 — Amount Claimed 78.7  
  - Niger — creditor from Taiwan, China (court: United States) — Judgment awarded — Original Claim 60.0 — Amount Claimed 183.0  
  - Mali — Randgold (United Kingdom/France) — Ongoing — Original Claim 50.0 — Amount Claimed 50.0

### Notes and data coverage (from tables and notes)
- Debt service paid covers 2001–2015; debt service due covers 2016–2020. For post-completion point HIPCs, debt service due reflects negotiated relief, additional voluntary Paris Club relief, and MDRI (note from Table AIII.2).  
- Poverty-reducing expenditures coverage varies across countries and is generally consistent with PRSP and budget definitions; sectoral coverage has evolved in some countries (note from Table AIII.3).  
- MDRI nominal costs include principal and interest foregone for multilaterals (except IMF, which includes principal only); IMF estimated costs reflect the stock of debt eligible for MDRI relief as of end-2004 (note from Table AIII.4).  
- Tables include many country-level time series (2000–21) for debt service, poverty-reducing expenditure, creditor commitments, deliveries, and projections; see respective tables for full series and country breakdowns.

*Source: Annex III tables (Tables AIII.2–AIII.16) as provided in the HIPC Initiative and MDRI Initiative — Statistical Update.*

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_Source: https://www.imf.org/-/media/files/publications/pp/2017/pp090117hipc-mdri.pdf_