## ppea2019028 ## Source details **Canonical URL:** [ppea2019028](https://www.imf.org/-/media/files/publications/pp/2019/ppea2019028.pdf) ## Other formats - [Markdown version](/-/media/files/publications/pp/2019/ppea2019028.pdf.md) - [Structured JSON version](/-/media/files/publications/pp/2019/ppea2019028.pdf.json) --- ### EXECUTIVE SUMMARY — Overview - Reviews developments in the implementation of the Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI). - Provides updates on: debt service and poverty-reducing expenditure by beneficiary countries; the cost of debt relief; creditor participation rates; and litigation against HIPCs. - Cost estimates are given in end-2017 present value (PV) terms. ### EXECUTIVE SUMMARY — Cost of Debt Relief - Cost of debt relief to creditors under the HIPC Initiative is currently estimated at US$76.2 billion (end-2017 PV terms). - Cost to the four multilaterals providing debt relief under the MDRI is estimated at US$43.3 billion (end-2017 PV terms). ### EXECUTIVE SUMMARY — Impact on Debt Burdens and Expenditures - The HIPC Initiative and the MDRI have helped reduce excessive debt burdens in 36 post-completion point countries, offering them a fresh start and renewed access to development finance. - 2017 figures: - Poverty-reducing expenditures: 7.3 percent of GDP. - Debt-service payments: 1.9 percent of GDP. - Poverty-reducing expenditures (7.3 percent of GDP) were almost four times as great as debt-service payments (1.9 percent of GDP). ### EXECUTIVE SUMMARY — Creditor Participation and Delivery of Relief - Multilateral and Paris Club creditor participation has been strong. - Multilateral creditors and the Paris Club provided over ninety-nine percent of their HIPC debt relief to post-completion-point HIPCs. - Multilateral and Paris Club provision accounts for more than 85 percent of total HIPC debt relief costs to post-completion point countries, broken down as: - multilateral 48 percent - Paris Club 37 percent - Most members of the Paris Club have voluntarily committed to provide additional debt relief beyond HIPC. ### EXECUTIVE SUMMARY — Non-Paris Club Bilateral and Commercial Creditors - Delivery of debt relief by non-Paris Club official bilateral creditors to HIPCs has increased in recent years. - Around 51 percent of their expected HIPC debt relief has been delivered by non-Paris Club official bilateral creditors (an estimated 4 percentage points increase since the last reporting in 2017). - Creditors representing about 43 percent of the total expected debt relief from non-Paris Club creditors either did not provide debt relief or provided less than 40 percent of the expected amount under the HIPC Initiative. - Commercial creditor participation in the HIPC Initiative has been weak. ### Country Status and Progress Toward Decision and Completion Points - 36 HIPC-eligible countries have reached the completion point. - Three countries—Eritrea, Somalia and Sudan—remain in the pre-decision point phase. - Somalia is beginning to make meaningful progress towards the HIPC Initiative’s decision point after more than two decades of hiatus. - Key steps needed for pre-decision-point countries to reach the decision point: - Establish a satisfactory track record of strong policy performance under IMF- and World Bank-supported programs. Qualifying IMF programs include a staff-monitored program (SMP) with Upper Credit Tranche (UCT) conditionality. - Clear arrears to the IMF, the World Bank, and the African Development Bank (AfDB), and clear or prepare a plan to clear arrears to the remaining external creditors. - Prepare a satisfactory (full or interim) Poverty Reduction Strategy Paper (PRSP), or similar document, involving civil society participation. - Agree on the floating completion point triggers with IDA and the IMF. - Determine whether the country’s debt indicators after traditional debt relief are above the HIPC Initiative thresholds, using the most recent fiscal year data immediately prior to the expected decision point (with a three-month grace period). ### Country-Specific Notes on Pre-Decision-Point HIPCs - Eritrea: - An Article IV mission took place in May 2019 following a ten-year hiatus. - Authorities have resumed discussions with the IMF and the World Bank, including on debt and arrears. - Eritrea currently has no IMF program that would allow the country to establish the required policy performance track record for HIPC Initiative and MDRI relief. - Arrears to the World Bank totaled US$93.7 million as of December 31, 2018. - Somalia: - Emerging from over two decades of conflict; authorities aim to normalize relations with the IFIs. - Joint Bank-Fund debt reconciliation process is underway. - Somali authorities are establishing a track record via the successive completion of three SMPs. The third SMP expired at end-April. Discussions on a fourth SMP have been concluded and Management approval is expected in June 2019. - The Board will discuss whether SMP IV meets the standard associated with Upper Credit Tranche (UCT) conditionality in July; this would help pave the way for arrears clearance and debt reduction under the HIPC Initiative. - Discussions on securing creditor financing assurances for HIPC debt relief are at an early stage; a roundtable in Washington DC in April 2019 indicated broad creditor support subject to other HIPC requirements, but no specific commitments have been made. - Authorities are preparing the ninth National Development Plan, intended to serve as an i-PRSP, with a view to finalizing it in the Fall of 2019. - IMF support: over 100 TA and training missions since 2013 across public financial management, domestic revenue, central bank capacity, currency reform, financial reporting, financial sector development, macroeconomic statistics, and AML/CFT framework development. - World Bank support: re-engagement in 2013 established a Multi Partner Fund (MPF); FY19–22 Country Partnership Framework (CPF) endorsed in September 2018; exceptional support of up to US$140 million in IDA Pre-Arrears Clearance Grants during FY19 for four activities. - MPF active portfolio as of end-June 2019: 11 projects and 9 analytical and advisory services totaling US$267 million in signed grants, of which US$234 million has been disbursed. These activities are financed by eleven donors who have mobilized over $400 million. - Sudan: - Progress toward the HIPC decision point has been more limited. ### Publication and Future Updates - Publication of the “Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI)—Statistical Update” report in its current form will be discontinued. - Updates of statistical tables and on the progress of the remaining HIPC countries in reaching Initiatives’ milestones will be posted on the IMF and the World Bank websites on a biennial basis. ### Box 1 — Potential Eligibility for HIPC Initiative Debt Relief - HIPC Initiative is a rules-based debt relief framework with strict criteria and a 1996 “sunset clause.” - Ring-fencing, data cutoffs, and closure to new entrants: - IDA and IMF Boards ring-fenced potential HIPC eligibility to countries meeting income and indebtedness criteria based on end-2004 data; a second cutoff (end-2010) was added in 2011. - For the IMF, only the end-2004 and end-2010 indebtedness criterion were binding. - Additions to the ring-fenced list require new data showing a country met the criteria as of end-2004 and end-2010 and endorsement by both IDA and IMF Boards. - Countries currently potentially eligible: Eritrea, Somalia and Sudan. - Countries not assessed or special cases: - Myanmar: could not be assessed because of lack of data at the time; has since cleared arrears to IFIs and benefited from a Paris Club debt restructuring; assessed to face a low risk of external debt distress. - Zimbabwe: not currently eligible for HIPC Initiative and MDRI; would require meeting the indebtedness criterion based on end-2004 and end-2010 data and reclassification to IDA-only status and a modification or exception from the World Bank to IDA’s eligibility income criterion. ### Somalia — Country Situation and Program Status (selected data and program status) - Risk of debt distress: In debt distress - PRSP status: - Authorities adopted a 2017-2019 National Development Plan (NDP). - Preparing a new NDP for 2020-2024, which could be converted into an Interim Poverty Reduction Strategy Paper (IPRSP). - Decision Point date: Uncertain. - Political context: - Two presidential elections since 2013; most recent in February 2017; elections in five regions scheduled November 2018 – September 2019. - At the Somalia Partnership Forum in Brussels in July 2018, donors reaffirmed support and eventual normalization with IFIs. - Roundtable in Washington DC in April 2019 indicated broad creditor support for debt relief subject to HIPC requirements. - EU budget-supported programs estimated at Euro 100 million. - IMF program and macroeconomic status: - IMF cannot provide financial assistance until arrears are cleared but provides technical assistance (TA). - February 2015: IMF launched a US$9.6 million multi-donor trust fund to support TA and capacity building. - Somalia has had three Article IV Consultations (July 2015, January 2017, February 2018) and completed three one-year SMPs. - Somalia’s fourth SMP approved by management and to be presented to the Board in July 2019 for endorsement as meeting the UCT-conditionality standard. - Growth and inflation for 2018 projected at 2.8 and 3.2 percent, (from 1.4 and 6.1 percent in 2017). - Trade deficit (76 percent of GDP on average in 2015–17) projected to remain sizable and financed largely by remittances and grants. - World Bank program: - Multi-Partner Fund engagement since 2012; CPF approved in September 2018 for FY19-FY22. - Exceptional support of up to US$140 million in IDA Pre-Arrears Clearance Grants during FY19. - MPF active portfolio as of end-June 2019: 11 projects and 9 analytical and advisory services totaling US$267 million in signed grants; US$234 million disbursed. ### Sudan — Country Situation and Program Status (selected data and program status) - Risk of debt distress: In debt distress (12/2017) - PRSP status: - Interim PRSP implemented during 2012-2015; joint status report in 2016. - Two committees established in December 2017 to oversee preparation and implementation of a full PRSP based on the 2014 Household Survey. - Decision Point date: Uncertain. - Political context: - April 11, 2019: government dissolved following a military coup. - As of July 11 2019, Transitional Military Council and the civilian-led Forces for Freedom and Change (FFC) reached an agreement on a transitional government arrangement. - U.S. sanctions on trade and financial flows permanently revoked in October 2017; Sudan remains on the U.S. list of State Sponsors of Terrorism (SSTL). - IMF program and macroeconomic status: - IMF mission visited in July 2018 to assess capacity and commitment for a reform program and possible new SMP. - Since 2014, Fund engagement has been surveillance and technical assistance. - Sudan’s economy struggles with large fiscal and external imbalances, loss of most oil revenues, weak governance, and political turmoil. - World Bank program: - Provides technical assistance and advisory services using Trust Funds. - Current portfolio: 8 projects of about US$113 million with a disbursement rate of about 80 percent. - Main focus: strengthening PFM, social protection, statistics and access to social services. ### Annex II — Country Coverage, Data Sources, and Assumptions (selected) - A. Country Coverage: - 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. - Costing analysis for the pre-decision-point countries is based on 3 HIPCs: Eritrea, Somalia, and Sudan. - B. Data Sources: - Staff estimates 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 updated through end-August 2018. - C. Assumptions for the HIPC Initiative and MDRI Costing Exercise: - Calculations of total costs 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: initial MDRI Trust Fund replenishment rate of 1.477380 U.S. dollars per SDR applied for FY07-FY08. - Cost estimates for FY09-FY11 and FY12-FY14 are based on IDA15 and IDA16 foreign exchange reference rates of 1.52448 and of 1.50233 U.S. dollars per SDR, respectively. - Cost estimates for FY15 – FY17 are based on the IDA17 replenishment rate of 1.50718 U.S. dollars per SDR. - From FY17 onwards -1.42413 U.S. dollars per SDR. - 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 2017 was used. - D. Update of Cost Estimates in Present Value Terms: - The cost of HIPC Initiative assistance calculated in PV terms at the time of the decision-point is discounted to end-2017 using the average interest rate applicable to the debt relief. - This rate was estimated at 1.99 percent and corresponds to the implicit long-term interest rate of currencies that comprise the SDR basket over the period 2015–17, 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-2017 PV terms. ### Annex III — Tables and Selected Figures (highlights) - Table AIII1 — Summary series (selected): - Debt Service Paid/Due after Enhanced HIPC Initiative and MDRI 2/: 4,333; 3,710; 4,036; 4,492; 4,874; 4,006; 3,254; 3,341; 3,424; 2,889; 3,497; 4,314; 5,193; 7,205; 8,608; 11,185; 12,672; 15,684; 17,891; 17,547; 18,811; 18,964; 19,493 - Poverty Reducing Expenditures 3/: 6,163; 7,397; 8,744; 10,870; 14,850; 17,666; 22,032; 26,490; 29,481; 31,808; 31,757; 36,696; 36,037; 39,659; 32,795; 35,610; 38,226; 35,564; 35,901; 37,219; 36,537; 39,265; 41,040 - Average Ratios (in percent) from Table AIII1 (selected): - Debt Service/GDP: 2.9; 2.5; 2.2; 2.2; 2.1; 1.9; 1.1; 0.9; 1.0; 0.7; 0.8; 0.9; 1.0; 1.2; 1.5; 1.8; 1.9; 2.2; 2.2; 2.1; 2.1; 2.0; 2.1 - Poverty-Reducing Expenditure/GDP 3/: 5.9; 6.3; 6.6; 6.7; 7.0; 7.1; 7.5; 7.6; 8.3; 7.6; 7.3; 7.7; 7.0; 7.4; 7.4; 7.5; 7.4; 7.0; 7.1; 7.2; 7.1; 7.2; 8.1 - Tables provide country-level time series (2001–23) for debt service after HIPC+MDRI relief and poverty-reducing expenditures for 36 post-completion-point HIPCs; selected country series are preserved exactly in the source (examples include Afghanistan, Benin, Congo D.R., Ghana, Tanzania, Zambia, Bolivia, Ethiopia). ### HIPC Initiative and MDRI — Committed Debt Relief and Delivery (selected table totals) - Table AIII4 (status as of end-August 2018) — Selected totals: - "36 Post-Completion-Point HIPCs...76,378 48,432 124,810" (columns correspond to amounts under HIPC Initiative and under MDRI). - Total Debt Relief Committed...76,378 48,614 124,992 (Table AIII4 final line). - Table AIII5 (end-2017 PV terms) — Total (all creditors listed) = 28,279 (end-2017 PV terms). - Selected creditor amounts (end-2017 PV terms): - World Bank Group: 13,191 - African Development Bank (AfDB) Group: 5,056 - International Monetary Fund (IMF): 4,555 - Inter-American Development Bank (IaDB): 1,646 - European Union/European Investment Bank (EU/EIB): 1,068 - World Bank status of delivery (Table AIII6A) — Selected totals: - "TOTAL 3/ 16,583.5...13,190.9 11,188.7 32,945.3 29,268.5 42,459.5 40,457.2" - AfDB Group (Table AIII8A) — Selected totals: - "Total Debt Relief Committed 3,781.0 5,055.9 4,334.6 7,690.7 6,309.8 11,365.7 10,644.4" - IaDB (Table AIII9) — "TOTAL 1,183.0 1,646.2 1,343.9 4,369.0 3,987.3 5,633.5 5,331.2" ### Creditor Participation — Paris Club and Non-Paris Club (selected) - Paris Club totals (Table AIII12): - TOTAL (36 Post-Completion-Point HIPCs): 21,794.4 committed; 21,794.4 provided; 18,389.7 debt relief beyond HIPC; Total Debt Relief Provided 40,184.1; Debt Relief Provided-to-Debt Relief Committed 184.4 (percent). - Selected country example: Afghanistan: HIPC Initiative Assistance Committed 514.9; HIPC Initiative Assistance Provided 514.9; Debt Relief Beyond HIPC Initiative Provided 682.4; Total Debt Relief Provided 1,197.3; Debt Relief Provided-to-Debt Relief Committed (in percent) 232.5 - Non-Paris Club official bilateral creditors: - Delivered around 51 percent of their expected HIPC debt relief. - Creditors representing about 43 percent of the total expected debt relief from non-Paris Club creditors either did not provide debt relief or provided less than 40 percent of the expected amount. - Commercial creditor participation: weak; Table AIII16 lists commercial creditor lawsuits against HIPCs with original claim amounts and amount claimed by creditors preserved exactly in the source. ### Donor Contributions to the Debt Relief Trust Fund (Table AIII10 — selected totals) - Sub-Total bilateral donors: Resources Contributed 4,530; Accumulated Investment Income 405.3; Resources Allocated for Debt Relief Grants (4,722); Available Balance 213 - Multilateral donors Sub-Total: Resources Contributed 2,362; Accumulated Investment Income 202; Resources Allocated (2,564); Available Balance 1 - TOTAL (all donors): Resources Contributed 6,893; Accumulated Investment Income 608; Resources Allocated (7,286); Available Balance 214 ### Legal Actions by Commercial Creditors (selected entries from Table AIII16) - Congo, Dem. Rep. of — Frans Edward Prins Rootman (Israel) — South Africa — Ongoing — Original Claim 12.5 — Amount Claimed by Creditor 54.1 - Congo, Dem. Rep. of — MIMINCO (United States) — Belgium and Ireland — Judgment awarded — Original Claim 15.0 — Amount Claimed by Creditor 11.7 - Congo, Dem. Rep. of — Themis Capital (USA) — Settled — Original Claim 97.7 — Amount Claimed by Creditor 13.0 - Congo, Republic of — Groupe Antoine Tabet (GAT) (Lebanon) — France — Ongoing — Original Claim 100.0 — Amount Claimed by Creditor 78.7 - Niger — creditor domiciled in Taiwan, China — United States — Judgment Awarded — Original Claim 60.0 — Amount Claimed by Creditor 183.0 (agreement reached June 25, 2015 reduced total amount to US$20 millions; US$5 million paid; remaining balance to be paid over 20 years at 1.75 percent annual interest). *Prepared by IMF and World Bank teams; approved by Ceyla Pazarbasioglu (IDA) and Seán Nolan (IMF).* ### EXECUTIVE SUMMARY ### EXECUTIVE SUMMARY ### Overview - This report reviews developments in the implementation of the Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI). - The report provides updates on: debt service and poverty-reducing expenditure by beneficiary countries; the cost of debt relief; creditor participation rates; and litigation against HIPCs. - Cost estimates are given in end-2017 present value (PV) terms. ### Cost of Debt Relief - Cost of debt relief to creditors under the HIPC Initiative is currently estimated at US$76.2 billion (end-2017 PV terms). - Cost to the four multilaterals providing debt relief under the MDRI is estimated at US$43.3 billion (end-2017 PV terms). ### Impact on Debt Burdens and Expenditures - The HIPC Initiative and the MDRI have helped reduce excessive debt burdens in 36 post-completion point countries, offering them a fresh start and renewed access to development finance. - In 2017, poverty-reducing expenditures were 7.3 percent of GDP. - In 2017, debt-service payments were 1.9 percent of GDP. - Poverty-reducing expenditures (7.3 percent of GDP) were almost four times as great as debt-service payments (1.9 percent of GDP) in 2017. ### Creditor Participation and Delivery of Relief - Multilateral and Paris Club creditor participation has been strong. - Multilateral creditors and the Paris Club provided over ninety-nine percent of their HIPC debt relief to post-completion-point HIPCs. - Multilateral and Paris Club provision accounts for more than 85 percent of total HIPC debt relief costs to post-completion point countries, broken down as: multilateral 48 percent and Paris Club 37 percent. - Most members of the Paris Club have voluntarily committed to provide additional debt relief beyond HIPC. ### Non-Paris Club Bilateral and Commercial Creditors - Delivery of debt relief by non-Paris Club official bilateral creditors to HIPCs has increased in recent years. - Around 51 percent of their expected HIPC debt relief has been delivered by non-Paris Club official bilateral creditors (an estimated 4 percentage points increase since the last reporting in 2017). - Creditors representing about 43 percent of the total expected debt relief from non-Paris Club creditors either did not provide debt relief or provided less than 40 percent of the expected amount under the HIPC Initiative. - Commercial creditor participation in the HIPC Initiative has been weak. ### Country Status and Progress Toward Decision and Completion Points - Currently, 36 HIPC-eligible countries have reached the completion point. - Three countries—Eritrea, Somalia and Sudan—remain in the pre-decision point phase. - After more than two decades of hiatus, Somalia is beginning to make meaningful progress towards reaching the HIPC Initiative’s decision point. - The key steps needed for pre-decision-point countries to reach the decision point are: - Establishing a satisfactory track record of strong policy performance under IMF- and World Bank-supported programs. Qualifying IMF programs include a staff-monitored program (SMP) with Upper Credit Tranche (UCT) conditionality. - Clearing arrears to the IMF, the World Bank, and the African Development Bank (AfDB), and clearing or preparing a plan to clear arrears to the remaining external creditors. - Preparing a satisfactory (full or interim) Poverty Reduction Strategy Paper (PRSP), or similar document, involving civil society participation. - Agreeing on the floating completion point triggers with IDA and the IMF. - Determining whether the country’s debt indicators after traditional debt relief are above the HIPC Initiative thresholds, using the most recent fiscal year data immediately prior to the expected decision point (with a three-month grace period). ### Country-Specific Notes on Pre-Decision-Point HIPCs - Eritrea: - Following a ten-year hiatus, an Article IV mission took place in May 2019. - Authorities have resumed discussions with the IMF and the World Bank, including on debt and arrears. - Eritrea currently has no IMF program that would allow the country to establish the required policy performance track record for HIPC Initiative and MDRI relief. - Arrears to the World Bank totaled US$93.7 million as of December 31, 2018. - Somalia: - Emerging from over two decades of conflict, Somalia is laying the foundations for long-term stability and prosperity and has stated a goal of normalizing relations with the IFIs. - The joint Bank-Fund debt reconciliation process is underway. - The Somali authorities are establishing a track record via the successive completion of three SMPs. The third SMP expired at end-April. Discussions on a fourth SMP have been concluded and Management approval is expected in June 2019. - The Board will discuss whether SMP IV meets the standard associated with Upper Credit Tranche (UCT) conditionality in July. This would help pave the way for arrears clearance and debt reduction under the HIPC Initiative. - Discussions on securing creditor financing assurances for HIPC debt relief are at an early stage; a roundtable in Washington DC in April 2019 indicated broad creditor support subject to other HIPC requirements, but no specific commitments have been made. - The authorities are preparing the ninth National Development Plan, intended to serve as an i-PRSP, with a view to finalizing it in the Fall of 2019. - IMF support: over 100 TA and training missions since 2013 across public financial management, domestic revenue, central bank capacity, currency reform, financial reporting, financial sector development, macroeconomic statistics, and AML/CFT framework development. - World Bank support: re-engagement in 2013 established a Multi Partner Fund (MPF); FY19–22 Country Partnership Framework (CPF) endorsed in September 2018; exceptional support of up to $140 million in IDA Pre-Arrears Clearance Grants during FY19 for four activities (core PFM TA; scale-up of recurrent cost financing; financial sector strengthening and jobs; water for resilience and productivity). - MPF active portfolio as of end-June 2019: 11 projects and 9 analytical and advisory services totaling US$267 million in signed grants, of which US$234 million has been disbursed. These activities are financed by eleven donors who have mobilized over $400 million. - Sudan: - Progress toward the HIPC decision point has been more limited. ### Publication and Future Updates - Publication of the “Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI)—Statistical Update” report in its current form will be discontinued. - Updates of statistical tables and on the progress of the remaining HIPC countries in reaching Initiatives’ milestones will be posted on the IMF and the World Bank websites on a biennial basis. *Prepared by IMF and World Bank teams; approved by Ceyla Pazarbasioglu (IDA) and Seán Nolan (IMF).* ### Box 1. Potential Eligibility for HIPC Initiative Debt Relief ### Box 1. Potential Eligibility for HIPC Initiative Debt Relief ### Overview of the HIPC Initiative framework - The HIPC Initiative is a rules-based debt relief framework. - From inception, access to debt relief under the Initiative has been bound by strict criteria. - The 1996 HIPC Initiative Program of Action included a “sunset clause” aiming at preventing it from becoming a permanent facility, minimizing moral hazard and encouraging the early adoption of reform programs. - Slower-than-expected pace of implementation led to successive extensions of the “sunset clause.” ### Ring-fencing, data cutoffs, and closure to new entrants - When agreeing to the 2004 extension, the IDA and IMF Boards decided to ring-fence potential HIPC eligibility to countries meeting the Initiative’s income and indebtedness criteria based on end-2004 data. - Following the 2004 discussions, the IDA and IMF Boards decided to allow the “sunset clause” to take effect at end-2006 and endorsed the list of countries ring-fenced for potential HIPC eligibility based on end-2004 data. - The number of ring-fenced countries was further reduced in 2011 when the Boards decided to add a second data cutoff for the income and indebtedness criteria (end-2010). - For the IMF, only the end-2004 and end-2010 indebtedness criterion were binding. - To avoid creating undue pressure on ring-fenced countries, the Boards decided these countries would be allowed to go through the HIPC Initiative process with no pre-established deadlines provided they meet the qualification criteria for HIPC debt relief. - Additions to the ring-fenced list can be considered only if and when new data become available showing a country met the criteria as of the end-2004 and end-2010 cutoffs; such addition would require endorsement by both the IDA and IMF Boards. ### Countries currently potentially eligible - Three countries remain potentially eligible under the HIPC Initiative: Eritrea, Somalia and Sudan. - The steps needed for them to qualify for HIPC debt relief are detailed in paragraph 3. ### Countries not assessed or special cases - Two countries were not assessed as part of the 2006 and 2011 ring-fencing exercises: - Myanmar: - Could not be assessed because of lack of data at the time. - Has since cleared its arrears to IFIs and benefited from a Paris Club debt restructuring. - As a result, it is now assessed to face a low risk of external debt distress, with debt indicators significantly below the LIC DSF indicative thresholds. - Zimbabwe: - Was not included in the exercises because at the time it was not an IDA-only or PRGT-eligible country. - Detailed specifics for Zimbabwe are discussed in paragraph 6. ### Zimbabwe: eligibility constraints and requirements - Zimbabwe is not currently eligible for debt relief under the HIPC Initiative and MDRI. - It is the only country with large protracted arrears to multilateral creditors for which eligibility under the HIPC Initiative and MDRI has not been established. - Granting Zimbabwe potential HIPC eligibility status will require that: - The country meet the HIPC Initiative indebtedness criterion based on end-2004 and end-2010 data (reconciled loan-by-loan data as of end-2004 and end-2010 were assessed in 2014 and indicate Zimbabwe met the indebtedness criterion); and - Reclassification of Zimbabwe to IDA-only status and a modification or exception from the World Bank to IDA’s eligibility income criterion. - If deemed HIPC-eligible, Zimbabwe would qualify for debt relief upon reaching the HIPC Initiative decision point and must follow the same steps as other pre-decision point HIPCs. ### Boards’ authority and potential future actions - The IDA and IMF Boards can take decisions on the HIPC Initiative framework at any point in time. - As in 2006 and 2011, such decisions could address country-eligibility issues. - Any discussion would be based on options put forward by staff in response to a request by the Boards. *Source: HIPC Initiative and MDRI — Statistical Update (Box 1: Potential Eligibility for HIPC Initiative Debt Relief).* ### 2019. Several high- ### HIPC INITIATIVE AND MDRI—STATISTICAL UPDATE ### Somalia — Country Situation and Program Status - Risk of debt distress: In debt distress - PRSP status: - The authorities have prepared and adopted a 2017-2019 National Development Plan (NDP). - They are currently preparing a new NDP for 2020-2024, which could be converted into an Interim Poverty Reduction Strategy Paper (IPRSP). - Decision Point date: Uncertain. - Political context: - Despite challenging political and security conditions, authorities have made consistent progress on economic policy and political reforms. - Since 2013, two presidential elections have been held, the most recent in February 2017; elections in five regions will be held in November 2018 – September 2019. - International community support remains strong. At the Somalia Partnership Forum in Brussels in July 2018, donors reaffirmed support for Somalia and eventual normalization with IFIs, and continued efforts to implement reforms, fight corruption, and increase transparency. - Discussion on securing financing assurances for HIPC debt relief initiated with a roundtable in Washington DC in April 2019; key bilateral creditors, including members of the Paris Club, indicated broad support for debt relief subject to other HIPC requirements being met. - The EU is stepping up support with new budget-supported programs estimated at Euro 100 million. - IMF program and macroeconomic status: - The IMF cannot provide financial assistance until arrears are cleared but provides technical assistance (TA). - In February 2015, the IMF launched a US$9.6 million multi-donor trust fund to support TA and capacity building. - IMF TA areas: (i) diagnosis of macroeconomic and institutional conditions; (ii) development of a possible currency reform program; (iii) fiscal policy, governance, generating revenue; (iv) central bank organization and governance, accounting and internal audit, capacity to supervise the banking system, and financial sector development; (v) development of statistical systems. - Extensive PFM support; budget and payment systems support; tax policy and administration; central bank operations and organization; banking and licensing supervision; development of an AML/CFT framework. - Somalia has had three successful Article IV Consultations (July 2015, January 2017, February 2018) and successfully completed three one-year Staff‑Monitored Programs (SMPs). - Somalia’s fourth SMP has been approved by management and will be presented to the Board in July 2019 for endorsement as meeting the UCT-conditionality standard. - Growth and inflation for 2018 are projected at 2.8 and 3.2 percent, (from 1.4 and 6.1 percent in 2017) respectively as the 2016–17 drought has passed and the agricultural sector is recovering. - The trade deficit (76 percent of GDP on average in 2015–17) is projected to remain sizable and will be largely financed by remittances and grants. - World Bank program: - Extensive engagement since 2012 under the Multi-Partner Fund focusing on strengthening core state functions, socioeconomic recovery and sustainable development. - Projects include improvements in PFM, civil service reform, ICT, core economic institutions, power sector development, and analytical and advisory activities (e.g., education, oil sector). - Country Partnership Framework (CPF) approved in September 2018 for FY19-FY22 focusing on: - Governance: (i) strengthen PFM; (ii) mobilize domestic resources; (iii) strengthen intergovernmental fiscal arrangements. - Providing opportunities: (i) improved health and education; (ii) municipal services; (iii) financial inclusion. - Strengthening resilience: (i) strengthen natural resource management. - The Bank is providing exceptional support of up to US$140 million in IDA Pre-Arrears Clearance Grants during FY19. ### Sudan — Country Situation and Program Status - Risk of debt distress: In debt distress (12/2017) - PRSP status: - Interim PRSP (IPRSP) implemented during 2012-2015. - A joint status report conducted in 2016 to assess progress. - Two committees established in December 2017 to oversee preparation and implementation of a full-fledged PRSP based on the 2014 Household Survey. - Decision Point date: Uncertain. - Political context: - On April 11, 2019 as a result of a military coup, the government was dissolved. - As of July 11 2019, the Transitional Military Council and the civilian-led Forces for Freedom and Change (FFC) had reached an agreement on a transitional government arrangement following mediation by African Union and Ethiopia. - U.S. sanctions on trade and financial flows permanently revoked in October 2017; Sudan remains on the U.S. list of State Sponsors of Terrorism (SSTL), limiting access to external resources. - IMF program and macroeconomic status: - An IMF mission last visited Sudan during July 2018 to review developments and assess capacity and commitment to carry out a reform program that could be supported by a new SMP. - Prior to 2014, Fund engagement involved a number of SMPs; since 2014, engagement has involved only surveillance and technical assistance. - Despite end to U.S. economic and trade sanctions in 2017, most investors have been reluctant to re-engage. - The Sudanese economy continues to struggle reflecting large fiscal and external imbalances, exacerbated by weak governance and political turmoil. - A set of far-reaching comprehensive reforms are needed to correct major macroeconomic imbalances; loss of most oil revenues and build-up of large imbalances have hindered progress toward broad-based growth and poverty reduction. - In the longer run, Sudan needs to adopt and implement a critical mass of structural reforms to develop new comparative advantages and access sophisticated foreign technology and inputs. - World Bank program: - World Bank provides technical assistance and advisory services using Trust Funds. - Current portfolio consists of 8 projects of about US$113 million with a disbursement rate of about 80 percent. - Main focus: strengthening PFM, social protection, statistics and access to social services. ### Annex II — Country Coverage, Data Sources, and Assumptions - A. 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. - B. 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 2018. - C. Assumptions for the HIPC Initiative and MDRI Costing Exercise: - Calculations of total costs 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: initial MDRI Trust Fund replenishment rate of 1.477380 U.S. dollars per SDR applied for FY07-FY08. - Cost estimates for FY09-FY11 and FY12-FY14 are based on IDA15 and IDA16 foreign exchange reference rates of 1.52448 and of 1.50233 U.S. dollars per SDR, respectively. - Cost estimates for FY15 – FY17 are based on the IDA17 replenishment rate of 1.50718 U.S. dollars per SDR. - From FY17 onwards -1.42413 U.S. dollars per SDR. - 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 2017 was used. - D. Update of Cost Estimates in Present Value Terms: - The cost of HIPC Initiative assistance calculated in PV terms at the time of the decision-point is discounted to end-2017 using the average interest rate applicable to the debt relief. - This rate was estimated at 1.99 percent and corresponds to the implicit long-term interest rate of currencies that comprise the SDR basket over the period 2015–17, 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-2017 PV terms. ### Table AIII1 — Summary of Debt Service and Poverty Reducing Expenditures 2001–23 (selected series and averages) - Series (In millions of U.S. dollars, unless otherwise indicated): - Debt Service Paid/Due after Enhanced HIPC Initiative and MDRI 2/: 4,333; 3,710; 4,036; 4,492; 4,874; 4,006; 3,254; 3,341; 3,424; 2,889; 3,497; 4,314; 5,193; 7,205; 8,608; 11,185; 12,672; 15,684; 17,891; 17,547; 18,811; 18,964; 19,493 - Poverty Reducing Expenditures 3/: 6,163; 7,397; 8,744; 10,870; 14,850; 17,666; 22,032; 26,490; 29,481; 31,808; 31,757; 36,696; 36,037; 39,659; 32,795; 35,610; 38,226; 35,564; 35,901; 37,219; 36,537; 39,265; 41,040 - Average Ratios (in percent): - Debt Service/Exports: 17.8; 15.3; 12.8; 12.2; 10.2; 10.6; 5.5; 4.3; 4.1; 3.1; 3.3; 3.6; 3.8; 4.8; 6.1; 7.1; 7.4; 8.1; 8.3; 7.9; 7.9; 7.5; 7.6 - Debt Service/GDP: 2.9; 2.5; 2.2; 2.2; 2.1; 1.9; 1.1; 0.9; 1.0; 0.7; 0.8; 0.9; 1.0; 1.2; 1.5; 1.8; 1.9; 2.2; 2.2; 2.1; 2.1; 2.0; 2.1 - Poverty-Reducing Expenditure/Government Revenue: 346.3; 46.5; 46.4; 44.7; 44.8; 46.5; 45.8; 50.6; 55.4; 48.3; 46.0; 45.8; 39.8; 43.9; 46.1; 46.3; 45.6; 43.4; 43.5; 42.9; 38.7; 38.6; 42.1 - Poverty-Reducing Expenditure/GDP 3/: 5.9; 6.3; 6.6; 6.7; 7.0; 7.1; 7.5; 7.6; 8.3; 7.6; 7.3; 7.7; 7.0; 7.4; 7.4; 7.5; 7.4; 7.0; 7.1; 7.2; 7.1; 7.2; 8.1 *International Monetary Fund — HIPC Initiative and MDRI—Statistical Update (excerpts).* ### Annex III. Tables ### Annex III. Tables ### Debt service of 36 post-decision-point HIPCs (Tables AIII2, AIII6B, AIII8B) - Table AIII2 covers "Debt Service of 36 Post-Decision-Point HIPCs, 2001–23" (In millions of U.S. dollars). - Selected country-level debt service due after enhanced HIPC Initiative and MDRI relief (examples extracted from Table AIII2, values preserved exactly as in source): - Afghanistan (due after relief): - - 31.7 5.2 18.7 6.9 5.4 9.8 3.1 10.2 5.7 10.6 29.1 77.6 44.1 44.5 51.1 46.8 41.2 39.6 39.8 48.3 50.5 - Benin (due after relief): 57.1 62.6 66.7 58.4 38.3 63.0 88.1 29.5 37.6 48.3 54.8 70.5 77.1 79.0 79.3 64.1 87.1 84.9 121.4 137.1 139.8 158.1 159.6 - Congo, Democratic Republic of (due after relief): 805.6 26.2 363.8 175.4 373.0 213.1 170.7 254.4 187.9 177.0 160.0 181.7 194.6 189.0 223.7 245.4 212.3 224.0 421.5 452.2 449.9 405.1 403.5 - Ghana (due after relief): 463.9 446.1 442.0 532.4 573.6 601.6 225.9 358.5 316.1 370.5 462.7 632.7 732.9 1,025.2 1,492.8 2,227.7 2,388.7 3,294.5 3,715.9 2,713.3 2,946.6 2,782.6 2,983.8 - Tanzania (due after relief): 120.9 165.9 125.4 146.7 141.5 95.2 110.9 43.8 45.5 49.8 74.8 84.9 158.7 194.2 420.4 948.6 887.3 1,197.3 1,319.9 1,891.9 1,809.8 1,550.7 1,735.9 - Zambia (due after relief): 146.9 172.3 135.7 131.2 130.0 56.9 13.3 54.1 131.2 39.8 44.8 109.9 201.5 202.0 257.8 466.7 557.3 683.9 816.8 905.6 905.6 1,645.0 1,452.3 - Table AIII6B (World Bank Group debt service after HIPC and MDRI debt relief, 2000–23) provides: - "Total" debt service before HIPC Initiative debt relief and after HIPC Initiative debt relief and after HIPC+MDRI, presented year-by-year (2000–23). The table totals are given year-by-year in the source; individual yearly totals are preserved in the source tables. - Table AIII8B (AfDB Group debt service after HIPC Initiative and MDRI debt relief, 2000–22) provides debt-service time series before and after HIPC relief for AfDB creditors, with country-level annual series preserved in the source. ### Poverty-reducing expenditure of 36 post-decision-point HIPCs (Table AIII3) - Table AIII3: "Poverty-Reducing Expenditure of 36 Post-Decision-Point HIPCs 2001–23" (In millions of U.S. dollars, and percent of government revenue and percent of GDP where reported). - Selected country-level series and ratios (values preserved exactly as in source): - Afghanistan (in millions of U.S. dollars): - - - - - - - - 292.8 388.8 359.8 453.4 638.5 538.1 569.4 570.3 561.8 555.8 537.6 537.0 530.3 - - In percent of government revenue: - - - - - - - - - 17.6 19.8 17.5 23.0 36.6 26.9 27.4 23.1 23.6 24.1 22.1 19.2 16.1 - - In percent of GDP: - - - - - - - - 1.9 2.2 1.8 2.2 3.1 2.7 2.9 2.8 2.8 2.8 2.6 2.5 2.3 - - Bolivia (in millions of U.S. dollars): 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 4,168.1 4,312.1 4,798.1 5,246.3 5,517.0 5,937.5 6,410.6 6,943.7 7,533.4 - In percent of government revenue: 52.6 57.6 48.6 40.4 32.1 32.2 26.4 33.0 35.7 28.9 26.8 25.1 25.5 31.0 37.5 37.2 37.0 38.1 37.9 37.9 38.1 38.5 - - In percent of GDP: 11.9 12.8 13.0 12.7 12.5 12.3 12.5 12.3 13.5 13.0 12.0 11.3 11.2 11.7 12.7 12.6 12.7 12.7 12.7 12.7 12.7 12.7 12.7 - Ethiopia (in millions of U.S. dollars): 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 3,696.3 3,873.8 5,076.1 5,924.1 6,647.0 7,389.5 8,740.9 9,116.2 8,080.6 9,143.6 10,048.4 10,988.3 11,978.9 13,146.1 - In percent of government revenue: 61.0 72.9 77.2 73.3 90.0 93.8 105.3 104.0 97.9 92.9 94.8 87.5 89.0 89.0 81.5 82.2 81.7 80.4 79.7 79.5 78.9 78.3 77.0 - In percent of GDP: 8.9 11.3 11.6 11.6 13.0 13.8 12.9 11.9 10.7 12.3 12.1 11.7 12.4 12.0 11.4 12.0 11.3 9.9 9.9 10.0 10.0 10.1 10.2 - Table AIII3 provides full annual series (2001–23) for 36 countries, and percent-of-government-revenue and percent-of-GDP ratios where available; country-level detail is preserved in the source. ### HIPC Initiative and MDRI: committed debt relief and delivery (Tables AIII4–AIII7B, AIII6A, AIII8A, AIII9) - Table AIII4 (In millions of U.S. dollars; status as of end-August 2018) — Selected totals: - "36 Post-Completion-Point HIPCs...76,378 48,432 124,810" (columns correspond to amounts under HIPC Initiative and under MDRI; the table lists Decision Point and Completion Point dates and assistance delivered/committed in nominal and PV terms). - Examples: Afghanistan (Jul-07 Jan-10): 5 821 1,280 371 317 (entries are presented in the source; totals in the top row are authoritative). - Total Debt Relief Committed...76,378 48,614 124,992 (Table AIII4 final line). - Table AIII5 (HIPC Initiative and MDRI: Committed Debt Relief and Status of Commitments to Post-Completion-Point HIPCs, in end-2017 PV terms): - Total (all creditors listed) = 28,279 (in end-2017 PV terms) with breakdown by creditor group in the table (World Bank Group, AfDB Group, IMF, IaDB, EU/EIB, etc.). The source lists each creditor and its amount (e.g., World Bank Group 13,191; AfDB Group 5,056; IMF 4,555; IaDB 1,646; EU/EIB 1,068; etc.), and the total 28,279 is preserved exactly. - Table AIII6A (Status of Delivery by the World Bank) — Selected totals: - "TOTAL 3/ 16,583.5...13,190.9 11,188.7 32,945.3 29,268.5 42,459.5 40,457.2" (columns present committed assistance, delivered assistance in various PV and nominal terms; the table in the source preserves country-level commitments and delivery). - Table AIII6B (World Bank Group Debt Service after HIPC Initiative Debt Relief, 2000–23) — detailed time series for each country before and after HIPC (actuals 2001–2017 and projections 2018–23) are provided in the source. - Table AIII7A and AIII7B (Implementation by the IMF; IMF HIPC Initiative and MDRI debt relief, in SDRs and USD): - Table AIII7A: IMF assistance reporting in SDRs — "36 Completion Point HIPCs 2,421 2,595 2,308 4,903" (and country-level SDR commitments and deliveries detailed in table). - Table AIII7B: IMF HIPC Initiative and MDRI Debt Relief, 1998–2018 (In millions of U.S. dollars; status as of end-August 2018). The table provides annual HIPC Initiative debt relief flows and MDRI debt relief flows and the total MDRI amount of "3,821.1" (sum indicated in the MDRI section for IMF) and totals for HIPC Initiative and MDRI as given per year and country in the source. - Table AIII8A (AfDB Group status of delivery; end-August 2018): - "Total Debt Relief Committed 3,781.0 5,055.9 4,334.6 7,690.7 6,309.8 11,365.7 10,644.4" — table columns correspond to AfDB commitments in PV terms at decision point, committed assistance in end-2017 PV terms, delivered assistance in end-2017 PV terms, delivered assistance in nominal terms, and totals under HIPC Initiative and MDRI. - Table AIII8B provides AfDB Group debt-service series before and after HIPC and MDRI debt relief (2000–22). - Table AIII9 (IaDB status of delivery): - For 5 Post-Completion-Point HIPCs, totals: "TOTAL 1,183.0 1,646.2 1,343.9 4,369.0 3,987.3 5,633.5 5,331.2" — table columns correspond to IaDB committed assistance in PV terms as of decision point, committed assistance in end-2017 PV terms, delivered assistance in end-2017 PV terms, delivered assistance in nominal terms, and totals under HIPC and the 2007 IaDB Initiative (MDRI-equivalent). - Notes across these tables: - Table notes clarify that committed debt relief assumes full participation of creditors; nominal MDRI costs include principal and interest foregone for multilaterals (IMF includes principal only); topping-up and original HIPC assistance are expressed in PV terms as of the decision point; data reporting on fiscal-year basis for specified countries; some countries reached decision point in 2000 or completion point in 2000 as noted in the source. ### Creditor participation, commitments, and delivery by creditor group (Tables AIII5, AIII11–AIII15) - Table AIII5 (Cost estimates to multilateral creditors and status of commitments; end-2017 PV terms): - Total (all creditors listed) = 28,279 (end-2017 PV terms). - Selected creditor amounts (end-2017 PV terms, values as reported in the table): - World Bank Group: 13,191 - African Development Bank (AfDB) Group: 5,056 - International Monetary Fund (IMF): 4,555 - Inter-American Development Bank (IaDB): 1,646 - European Union/European Investment Bank (EU/EIB): 1,068 - Others listed with exact amounts in the source table. - Table AIII11 (HIPC Initiative: Cost Estimates to Paris Club Official Bilateral Creditors, in end-2017 PV terms): - The table lists Paris Club creditor-by-creditor cost estimates for the 36 Post-Decision-Point HIPCs. The table preserves creditor-country-specific estimates (e.g., totals by creditor and by debtor country) as provided in the source; the grand total in Table AIII12 is "TOTAL 21,794.4" in end-2017 PV terms and related delivery statistics are summarized in Table AIII12. - Table AIII12 (Debt Relief Committed and Delivered by Paris Club Official Bilateral Creditors): - Selected entries (values preserved exactly): - Afghanistan: HIPC Initiative Assistance Committed 514.9; HIPC Initiative Assistance Provided 514.9; Debt Relief Beyond HIPC Initiative Provided 682.4; Total Debt Relief Provided 1,197.3; Debt Relief Provided-to- Debt Relief Committed (in percent) 232.5 - Benin: 89.2 committed, 89.2 provided, total provided 89.2, 100.0 percent delivered. - Bolivia: 561.5 committed, 561.5 provided, total provided 561.5, 100.0 percent delivered. - TOTAL (36 Post-Completion-Point HIPCs): 21,794.4 committed; 21,794.4 provided; 18,389.7 debt relief beyond HIPC; Total Debt Relief Provided 40,184.1; Debt Relief Provided-to-Debt Relief Committed 184.4 (percent). - Table AIII13 summarizes Paris Club bilateral initiatives beyond the HIPC Initiative with country-by-country procedural notes and percent treatments (e.g., creditor policies on ODA and non-ODA pre-/post-cutoff date debt, and whether relief is provided at Decision Point (flow) and at Completion Point (stock)). The table includes creditor-specific policies (Australia, Belgium, Denmark, France, Netherlands, Norway, Russia, Spain, Switzerland, United Kingdom, United States, etc.) with the exact phrasing preserved in the source. - Table AIII14 (HIPC Initiative: Cost Estimates to Non-Paris Club Official Bilateral Creditors) and Table AIII15 (Delivery of HIPC Initiative Debt Relief by Non-Paris Club Official Bilateral Creditors): - Table AIII14 lists non-Paris Club creditor exposures and cost estimates by creditor and debtor country in end-2017 PV terms (large matrix of values preserved in the source). - Table AIII15 aggregates delivery by non-Paris Club creditors: - Delivered more than 80 percent of total assistance — listed creditors and NPV terms (examples preserved exactly): Algeria 268 / 524 / 69? (the source rows show "Algeria 268 524 692" — NPV terms and percent of total cost columns are in the table). - Delivered more than 40 percent and less than 40 percent categories are provided, and a "No delivery of HIPC relief" list is included (creditors with zero delivery reported in the source). - The source provides explanatory notes and clarifications on data coverage, methodology, and special cases (e.g., Guatemala's claims on Nicaragua taken over by Spain in a debt swap). ### Donor contributions to the Debt Relief Trust Fund (Table AIII10) - Table AIII10: "Status of Donor Contributions to the Debt Relief Trust Fund (In millions of U.S. dollars, status as of end-August 2018)" — entries include bilateral donors and multilateral donors, resources contributed, accumulated investment income, resources allocated for debt relief grants, and available balances. - Selected totals and examples (values preserved exactly as in the source): - Sub-Total bilateral donors: Resources Contributed 4,530; Accumulated Investment Income 405.3; Resources Allocated for Debt Relief Grants (4,722) ; Available Balance 213 - Multilateral donors Sub-Total: IBRD 2,330 contributed; NDF 31; BOAD 1; Sub-Total resources contributed 2,362; accumulated investment income 202; resources allocated (2,564); available balance 1 - TOTAL (all donors): Resources Contributed 6,893; Accumulated Investment Income 608; Resources Allocated (7,286); Available Balance 214 - Notes in the table specify treatment of IDA replenishment contributions, investment income allocations for Haiti and Palestinian Authority, IMF allocation to Uganda, and that pledges are not included. ### Delivery status by major multilateral creditors (Tables AIII6A, AIII8A, AIII9) - Table AIII6A (World Bank status of delivery — committed and delivered assistance, various PV and nominal terms) — totals and country-level delivered amounts are presented; "Total Debt Relief Committed 16,583.5" and "Total Delivered Assistance to end-2017: 13,190.9" (columns and totals preserved exactly in the table). - Table AIII8A (AfDB Group) — Total Debt Relief Committed 3,781.0; Total Delivered Assistance (end-2017 PV terms) 4,334.6; total committed assistance in end-2017 PV terms 5,055.9; total delivered assistance in nominal terms and combined HIPC+MDRI totals provided in the source. - Table AIII9 (IaDB) — totals reported: Committed assistance in PV terms and delivered assistance in end-2017 PV terms and nominal terms; "TOTAL 1,183.0 1,646.2 1,343.9 4,369.0 3,987.3 5,633.5 5,331.2" (columns correspond to the breakdown as in the source). ### Legal actions by commercial creditors (Table AIII16) - Table AIII16: "Commercial Creditor Lawsuits against HIPCs" — lists debtor, creditor, domicile of creditor, court location, status of legal action, original claim amount and amount claimed by creditor, and whether judgment awarded or settled. - Selected entries (values preserved exactly): - Congo, Dem. Rep. of — Frans Edward Prins Rootman (Israel) — South Africa — Ongoing — Original Claim 12.5 — Amount Claimed by Creditor 54.1 — Judgment for Creditor: - - Congo, Dem. Rep. of — MIMINCO (United States) — Belgium and Ireland — Judgment awarded — Original Claim 15.0 — Amount Claimed by Creditor 11.7 — Judgment for Creditor: - - Congo, Dem. Rep. of — Themis Capital (USA) — Settled — Original Claim 97.7 — Amount Claimed by Creditor 13.0 — Judgment for Creditor: - - Congo, Republic of — Groupe Antoine Tabet (GAT) (Lebanon) — France — Ongoing — Original Claim 100.0 — Amount Claimed by Creditor 78.7 — Judgment for Creditor: - - Niger — creditor domiciled in Taiwan, China — United States — Judgment Awarded — Original Claim 60.0 — Amount Claimed by Creditor 183.0 — Judgment for Creditor: - (the table includes an explanatory note: an agreement reached June 25, 2015 reduced the total amount to US$20 millions, US$5 million paid, remaining balance to be paid over 20 years at 1.75 percent annual interest). - Table notes emphasize that commercial creditor lawsuits are reported without assessing merits and reflect authorities' responses; cases reported may be ongoing or recently settled. *Sources: HIPC country documents, HIPC documents, World Bank and IMF staff estimates, and the tables as provided in the source PDF.* --- _Source: https://www.imf.org/-/media/files/publications/pp/2019/ppea2019028.pdf_