## _121214

## Source details

**Canonical URL:** [_121214](https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2014/_121214.pdf)

## Other formats

- [Markdown version](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2014/_121214.pdf.md)
- [Structured JSON version](/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2014/_121214.pdf.json)

---

### EXECUTIVE SUMMARY — INTRODUCTION
- Purpose: update on status of implementation of the HIPC Initiative and the MDRI and the cost estimates of these Initiatives in end-2013 present value (PV) terms.
- Updated figures and tables include:
  - Trends in poverty-reducing spending and debt service in HIPCs (Annex III Tables AIII1–3)
  - Costs of the initiatives by creditor and country (Tables 2 and 3 and Annex III Tables AIII4–14)
  - Non-Paris Club bilateral creditor participation (Annex III Table AIII15)
  - Commercial creditor litigation against HIPCs (Annex III Table AIII16)

### PROGRESS IN THE IMPLEMENTATION OF THE HIPC/MDRI INITIATIVE
- Status summary:
  - Out of the 39 countries eligible under the Initiative, 35 have reached the completion point.
  - One country, Chad, remains in the interim phase.
  - Three pre-decision-point countries—Eritrea, Somalia, and Sudan—have yet to start the process of qualifying for debt relief under the Initiative.
  - The assessment for qualification and eligibility for Myanmar and Zimbabwe is yet to be fully completed.
- Table 1 composition (as of end-September 2014): 35 Post-Completion-Point HIPCs; 1 Interim HIPC (Chad); 3 Pre-Decision-Point HIPCs (Eritrea, Somalia, Sudan). Nepal remains potentially eligible.

### COUNTRY-SPECIFIC UPDATES (selected highlights)
- Chad
  - Only country in the interim phase.
  - Three-year arrangement under the ECF for a total amount of about US$122.4 million covering July 2014–June 2017 approved on August 1, 2014.
  - SDR amount: SDR 79.92 million (Executive Board approval reference).
  - Completion point contingent on satisfactory performance under the ECF.
- Eritrea
  - No updates from previous report.
  - Benefitted from mining and gold production since 2011 and base metals since 2013.
  - Last Article IV Consultation: 2009.
- Somalia
  - External Debt Technical Working Group established with World Bank and IMF support.
  - Ineligible for IMF and World Bank financial assistance due to longstanding arrears of about US$360 million (IMF) and US$270 million (World Bank); technical assistance provided.
  - GDP estimated by staff to have expanded by 4.4 percent in 2013.
- Sudan
  - Remains in arrears: US$1,511.9 million to the IMF (as of July 18, 2014); US$806 million to IDA (as of July 21, 2014); US$314 million to the AfDB (as of June 30, 2014).
  - Implemented reform package in September 2013 (fuel subsidy removal; exchange rate unification).
  - New SMP for January–December 2014 approved on March 7, 2014; 2014 Article IV consultation concluded on September 17, 2014.
  - Under secession agreements with South Sudan, agreed to “zero-option” with extension to October 2016.
- Myanmar
  - Completed 12-month SMP ending in January 2014.
  - Completion enabled clearance of external arrears vis-à-vis Paris Club creditors, World Bank, and Asian Development Bank.
- Zimbabwe
  - Remains in debt distress; arrears clearance framework with international community required.
  - Indebtedness criterion met in recent assessment; arrears to PRGT must be cleared for PRGT assistance eligibility.
  - Based on end-2013 debt-to-exports ratio, recent assessment indicates Zimbabwe would not qualify for HIPC debt relief.
  - SMP approved in June 2013; successor SMP covering October 2014–December 2015 approved by IMF Management on October 29, 2014.
  - Payments to PRGT: US$7.5 million (2012), US$1.8 million (2013), US$1.7 million (2014 through end-October).
  - Arrears as of end-October 2014: US$119 million to the IMF and US$1,085 million to the Bank.

### DEBT SERVICE RELIEF AND POVERTY-REDUCING EXPENDITURE — KEY FINDINGS
- Impact and trends:
  - Debt relief under the Initiatives has substantially alleviated debt burdens and enabled increases in poverty-reducing expenditures.
  - HIPCs increased their poverty-reducing expenditure by two and a half percentage points between 2001 and 2013.
  - Recent data indicate the decline in debt service has moderated and the debt service burden may increase in the near future.
- MDG progress (as of 2015 target year observations):
  - No HIPC had met MDG targets in (i) reducing infant mortality rate and (ii) combating HIV/AIDS and other diseases.
  - Rwanda is the only HIPC that met the MDG on reducing maternal mortality rate.
  - More than one third of HIPCs have increased access to improved water services and have met the MDG on gender equality in primary education.
  - One fifth of HIPCs have reduced child mortality rates.
- Aggregate debt service and poverty-reducing expenditure (Table AIII1 aggregates, in millions of U.S. dollars):
  - Debt Service Paid: 2001: 3,513; 2002: 3,719; 2003: 3,988; 2004: 4,446; 2005: 4,813; 2006: 3,967; 2007: 3,176; 2008: 3,068; 2009: 3,265; 2010: 2,727; 2011: 3,375; 2012: 4,126; 2013: 5,218; 2014: 7,216; 2015: 8,555; 2016: 9,694; 2017: 11,364; 2018 Prel.: 11,409
  - Poverty-Reducing Expenditures: 2001: 6,528; 2002: 7,786; 2003: 9,045; 2004: 11,054; 2005: 14,849; 2006: 18,166; 2007: 22,348; 2008: 26,593; 2009: 29,823; 2010: 32,612; 2011: 32,674; 2012: 38,091; 2013: 40,999; 2014: 38,986; 2015: 41,230; 2016: 44,617; 2017: 48,990; 2018 Prel.: 43,616
- Average ratios from Table AIII1:
  - Debt Service/Exports: 15.7; 14.9; 12.6; 12.3; 10.3; 10.5; 5.3; 4.3; 4.1; 2.9; 3.1; 3.6; 4.6; 5.5; 5.5; 5.7; 5.5; 5.4
  - Debt Service/GDP: 3.0; 2.7; 2.5; 2.4; 2.3; 2.1; 1.2; 1.0; 1.1; 0.8; 0.9; 1.0; 1.2; 1.4; 1.5; 1.5; 1.5; 1.5
  - Poverty-Reducing Expenditure/Government Revenue: 49.7; 51.2; 49.5; 46.4; 48.7; 48.9; 47.5; 52.0; 56.2; 50.4; 47.9; 48.7; 49.3; 47.6; 49.3; 48.9; 48.4; 48.0
  - Poverty-Reducing Expenditure/GDP: 6.8; 7.3; 7.5; 7.6; 7.9; 7.9; 8.4; 8.4; 9.0; 8.7; 8.3; 9.1; 9.3; 9.0; 9.3; 9.7; 9.8; 9.7

### UPDATE OF THE COSTS OF THE INITIATIVES
- HIPC Initiative (end-2013 PV terms):
  - Total cost of debt relief to creditors under the HIPC Initiative: US$75 billion.
  - Total Costs (by creditor grouping, in billions of U.S. dollars, end-2013 PV terms):
    - Multilateral creditors: 27.8 (Post-Completion-Point HIPCs) + 0.2 (Interim HIPCs) = 28.0; Pre-Decision-Point HIPCs: 5.3; Total: 33.3
    - IDA: 13.0 + 0.1 = 13.1; Pre-Decision-Point HIPCs: 1.5; Total: 14.5
      - IDA credits: 12.6 + 0.1 = 12.7; Pre-Decision-Point HIPCs: 1.5; Total: 14.1
      - IBRD credits: 0.4 + 0.0 = 0.4; Pre-Decision-Point HIPCs: 0.0; Total: 0.4
    - IMF: 4.5 + 0.0 = 4.5; Pre-Decision-Point HIPCs: 1.9; Total: 6.4
    - AfDB Group: 4.9 + 0.1 = 5.0; Pre-Decision-Point HIPCs: 0.4; Total: 5.4
    - IaDB: 1.6 + 0.0 = 1.6; Pre-Decision-Point HIPCs: 0.0; Total: 1.6
    - AsDB: 0.1 + 0.0 = 0.1; Pre-Decision-Point HIPCs: 0.0; Total: 0.1
    - Other: 3.7 + 0.0 = 3.7; Pre-Decision-Point HIPCs: 1.5; Total: 5.3
    - Bilateral and commercial creditors: 30.0 + 0.0 = 30.0; Pre-Decision-Point HIPCs: 11.7; Total: 41.7
      - Paris Club: 21.5 + 0.0 = 21.5; Pre-Decision-Point HIPCs: 5.8; Total: 27.3
      - Other Official Bilateral: 4.9 + 0.0 = 4.9; Pre-Decision-Point HIPCs: 4.9; Total: 9.8
      - Commercial: 3.6 + 0.0 = 3.6; Pre-Decision-Point HIPCs: 1.0; Total: 4.6
    - Total Costs: 57.8 + 0.2 = 58.0 (Total Post-Decision-Point HIPCs); Pre-Decision-Point HIPCs: 17.0; Grand Total: 75.0
    - Memorandum item: Total Costs from Previous Report: 55.8 + 0.2 = 56.0; Pre-Decision-Point HIPCs: 16.4; Total: 72.5
- MDRI (end-2013 PV terms and nominal terms):
  - Total cost of the MDRI for the four participating multilateral creditors: US$41.1 billion (nominal assistance in table: 41.1).
  - All HIPCs (aggregate MDRI PV breakdown): 47.1 (Principal) / 5.1 (Foregone Interest) / 52.1 (Total Principal and Foregone Interest); Nominal: 41.1
    - IDA: 32.6 / 3.1 / 35.6 ; Nominal: 27.6
    - IMF: 3.8 / 0.0 / 3.8 ; Nominal: 4.2
    - AfDF: 7.3 / 0.9 / 8.3 ; Nominal: 5.8
    - IaDB: 3.3 / 1.0 / 4.4 ; Nominal: 3.5
  - Post-Completion-Point HIPCs 1/: 44.7 / 4.9 / 49.7 ; Nominal: 39.2
  - Pre-Decision Countries 2/: 1.5 / 0.1 / 1.6 ; Nominal: 1.3
  - Interim Countries: 0.8 / 0.1 / 0.9 ; Nominal: 0.6
  - Interim and Pre-Decision-Point HIPCs 2/: 2.3 / 0.1 / 2.5 ; Nominal: 1.9
  - Non-HIPCs 4/: Assistance in Nominal Terms: 0.2
  - Notes: 1/ Estimates preliminary and subject to assumptions. 2/ Figures for qualified countries based on actual disbursements and commitments. 3/ IMF estimates reflect stock of debt eligible as of end-2004 not repaid and not covered by HIPC assistance. 4/ IMF MDRI assistance to Cambodia and Tajikistan.

### CREDITOR PARTICIPATION AND DRTF FINANCING
- Multilateral creditor participation:
  - 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.
- Debt Relief Trust Fund (DRTF) status (as of end-August 2014):
  - Donor contributions to DRTF: US$6.7 billion.
  - Investment income accumulated: US$602 million.
  - Disbursed about US$7.0 billion.
  - Remaining resources available in DRTF (including unpaid pledges): US$0.5 billion (estimated sufficient to help finance expected debt relief costs to eligible creditors for completion point countries and pre-decision point HIPCs).
  - Unpaid pledges total US$145 million, including US$70 million from Germany and US$75 million from the United States.
- DRTF support examples and financing issues:
  - DRTF provided AfDB a debt relief grant of US$425 million to support AfDB's provision of debt relief to DRC at completion point.
  - AfDB faced a financing gap of US$114 million for DRC due to lower than estimated investment income in a low interest rate environment.
  - AfDB requested additional resources of US$0.3 million to cover shortages to support debt relief to Ethiopia and Madagascar.

### OFFICIAL BILATERAL, PARIS CLUB, AND COMMERCIAL CREDITOR COMMITMENTS
- Paris Club commitments:
  - Paris Club creditors committed to provide debt relief estimated at US$21.5 billion in end-2013 PV terms to the 36 countries that have reached their decision points.
  - Most Paris Club members have voluntarily committed to provide additional debt relief beyond HIPC requirements.
- Non-Paris Club official bilateral creditors:
  - Estimated share of debt relief: US$4.9 billion in end-2013 PV terms.
  - Delivery challenges: a little less than half of the expected US$4.9 billion has been delivered.
  - Approximately thirty percent of the non-Paris Club creditors are yet to participate.
- Commercial creditor litigation summarized (selected entries, amounts in millions of U.S. dollars):
  - Congo, Dem. Rep. of — FG Hemisphere — Judgement Awarded — Original Claim 44.0; 175.0; 44.0
  - Themis Capital — United States — Judgement Awarded — Original Claim 18.0; 79.7; 79.7
  - Sierra Leone — International Construction Company Sierra Leone — Judgement awarded — Original Claim 14.2; 14.2; 14.2
  - Sudan — Namco Anstalt — Ongoing — Original Claim 4.6; 5.0; -
  - Notes: commercial lawsuits reported without assessment of merits; figures may exclude accumulated interest, charges, penalties.

### NOTES ON FUTURE COST ESTIMATES AND SCOPE
- Future cost estimates based on current estimates of completion point dates, debt outstanding, and assumptions on applicable discount rates.
- Estimates do not consider possible future additional debt relief to currently eligible HIPCs, additional relief due to potential slippages in completion point dates, or granting of debt relief to additional countries (e.g., Zimbabwe, which currently does not meet HIPC eligibility criteria).

### ANNEX II — COUNTRY COVERAGE, DATA SOURCES, AND ASSUMPTIONS
- Country coverage:
  - 36 post-decision-point countries included in costing analysis: 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; Zambia.
  - Pre-decision-point costing analysis based on: Eritrea; Somalia; Sudan.
- Data sources and timing:
  - Based on HIPC Initiative decision and completion-point documents; Heavily Indebted Poor Countries (HIPC Initiative)—List of Ring-Fenced Countries that Meet the Income and Indebtedness Criteria at end-2004 for pre-decision HIPCs.
  - Data updated through end-August 2014.
- PV discount rate and exchange rates:
  - PV discount rate used: 2.61 percent (implicit long-term interest rate of currencies in the SDR basket over 2011–13; calculated as 6-month average of CIRR over this period, weighted by SDR currency participation).
  - IDA and AfDF exchange rates: IDA replenishment rate FY07-FY08: 1.477380 US dollars per SDR; IDA15 rate FY09-FY11: 1.524480 US dollars per SDR; IDA16 rate FY11 onward: 1.50233 U.S. dollars per SDR.
  - IMF: exchange rate of date debt relief delivered or end-December 2013 where not delivered.
  - IaDB: currency units in US dollars at end-2006.

### ANNEX III — TABLES HIGHLIGHTS
- Aggregate debt service and poverty-reducing expenditure time series and country-level sequences available in Tables AIII1–AIII3 (selected aggregate figures reported above).
- HIPC Initiative and MDRI committed amounts and delivery status (Table AIII4 and AIII5):
  - Aggregate committed amounts (status as of end-August 2014): 35 Post-Completion-Point HIPCs — Decision Point PV: 76,118; Nominal MDRI: 49,660; Total HIPC and MDRI Assistance (Nominal Terms) displayed as 125,778 in table context.
  - HIPC Initiative: Delivering or Committed to Deliver Debt Relief (end-2013 PV terms): 27,639 (99.4 percent of total listed) delivered/committed by multilaterals per Table AIII5.
  - Major multilateral creditor commitments (end-2013 PV terms): World Bank Group: 12,972 (46.7 percent of total cost); AfDB Group: 4,936 (17.8 percent); IMF: 4,468 (16.1 percent); IaDB: 1,643 (5.9 percent); EU/EIB: 1,055 (3.8 percent).
- World Bank, IMF, AfDB, IaDB tables provide creditor-specific delivery and post-relief debt service projections (status as of end-August 2014).
- Status of Donor Contributions to the DRTF (status as of end-August 2014, in millions of U.S. dollars):
  - Selected bilateral donors and entries shown in table (aggregate lines in source): Sub-Total bilateral: 4,357395(4,399)353; Sub-Total multilateral: 2,365207(2,571)1; TOTAL /46,722602(6,970)354 (table-format presentation preserved in source excerpts).
- Non-Paris Club delivery patterns (selected summary from Annex tables):
  - Creditors delivering more than 80 percent of total assistance: Algeria; China; Israel; Republic of Korea; South Africa; Trinidad and Tobago (selected aggregate rows shown in source).
  - Creditors delivering less than 40 percent or no delivery: Argentina; Cuba; Libya; United Arab Emirates; Angola; Cameroon; Cape Verde; Costa Rica; Cote d'Ivoire; Honduras; Iran; Niger; Nigeria; Taiwan, Province of China; Zambia; Zimbabwe (selected lists from source tables).

*Prepared by Jayendu De and Christian Gonzales under the supervision of Geneviève Verdier, and Reza Baqir (IMF), and by Signe Zeikate under the supervision of Sudarshan Gooptu (WB). Approved by John Panzer and Peter Allum. December 12, 2014.*

### EXECUTIVE SUMMARY

### EXECUTIVE SUMMARY

### INTRODUCTION
- This report provides an update on the status of implementation of the HIPC Initiative and the MDRI and the cost estimates of these Initiatives in end-2013 present value (PV) terms.
- Updated figures and tables include:
  - Trends in poverty-reducing spending and debt service in HIPCs (Annex III Tables AIII1–3)
  - Costs of the initiatives by creditor and country (Tables 2 and 3 and Annex III Tables AIII4–14)
  - Non-Paris Club bilateral creditor participation (Annex III Table AIII15)
  - Commercial creditor litigation against HIPCs (Annex III Table AIII16)

### PROGRESS IN THE IMPLEMENTATION OF THE HIPC/MDRI INITIATIVE
- Status summary:
  - Out of the 39 countries eligible under the Initiative, 35 have reached the completion point.
  - One country, Chad, remains in the interim phase.
  - Three pre-decision-point countries—Eritrea, Somalia, and Sudan—have yet to start the process of qualifying for debt relief under the Initiative.
  - The assessment for qualification and eligibility for Myanmar and Zimbabwe is yet to be fully completed.
- Table 1: List of Heavily Indebted Poor Countries (As of end-September 2014) includes 35 Post-Completion-Point HIPCs, 1 Interim HIPC (Chad), and 3 Pre-Decision-Point HIPCs (Eritrea, Somalia, Sudan). Nepal remains potentially eligible.

### COUNTRY-SPECIFIC UPDATES
- Chad
  - Chad is the only country in the interim phase.
  - A three-year arrangement under the ECF for a total amount of about US$122.4 million covering July 2014–June 2017 was approved on August 1, 2014.
  - Satisfactory performance under the ECF is a prerequisite to achieve the HIPC completion point.
  - A World Bank mission in May 2014 found good progress against other HIPC completion-point triggers.
  - The authorities finalized the annual progress report on PRSP implementation; a World Bank/IMF JSAN to be finalized by end-2014.
- Eritrea
  - No updates from the previous report.
  - Benefitted from mining and production of gold since 2011 and base metals since 2013, but political situation remains fragile.
  - Last Article IV Consultation took place in 2009; no IMF-supported program discussion since.
- Somalia
  - External Debt Technical Working Group established with World Bank and IMF support to address accumulated arrears and debt and to build track record for an SMP.
  - Somalia is ineligible for IMF and World Bank financial assistance due to longstanding arrears of about US$360 million (IMF) and US$270 million (World Bank), but both institutions provide technical assistance and capacity development.
  - IMF support directed to central banking, financial governance, and macroeconomic statistical data systems; staff will work on basic real, fiscal, monetary, and external sector data to enable Article IV consultations and prepare groundwork for an SMP.
  - AfDB supporting newly created Debt Management Unit to increase staff capacity and reconstruct debt database.
- Sudan
  - Remains in arrears to IMF, World Bank, and AfDB.
  - Arrears as of stated dates: US$1,511.9 million to the IMF (as of July 18, 2014), US$806 million to IDA (as of July 21, 2014), and US$314 million to the AfDB (as of June 30, 2014).
  - Authorities implemented a comprehensive reform package in September 2013 including lifting fuel subsidies and unifying exchange rates.
  - A new SMP for January–December 2014 was approved on March 7, 2014; performance under SMP intended to aid arrears clearance and debt relief.
- Myanmar
  - Completed a 12-month Staff Monitored Program (SMP) ending in January 2014.
  - Completion enabled Myanmar to clear external arrears vis-à-vis Paris Club creditors, World Bank, and Asian Development Bank.
- Zimbabwe
  - Remains in debt distress and requires a comprehensive arrears clearance framework with the international community.
  - Eligibility for HIPC assistance remains unclear.
  - Recent indebtedness assessments indicate Zimbabwe has met the indebtedness criterion, but arrears to the PRGT must be cleared to be eligible for PRGT assistance.
  - On the Bank side, modification or exception to IDA's HIPC income criteria would be required.
  - Based on end-2013 debt-to-exports ratio, recent assessment indicates Zimbabwe would not qualify for HIPC debt relief.
  - A Staff-Monitored Program (SMP) was approved in June 2013; on October 29, 2014 IMF Management completed the third review and approved a successor SMP covering October 2014–December 2015.
  - Main objectives of the new SMP: strengthen Zimbabwe’s external position as prerequisite to arrears clearance and resumption of debt service; demonstrate capacity to implement policy reforms to justify a financial arrangement with the Fund.
  - Footnote data: Zimbabwe made payments to PRGT in 2012 and 2013 totaling US$7.5 million and US$1.8 million, respectively; payments in 2014 through end-October totaled US$1.7 million. As of end-October 2014, Zimbabwe’s arrears to the IMF and the Bank amounted to US$119 million and US$1,085 million, respectively.

### DEBT SERVICE RELIEF AND POVERTY-REDUCING EXPENDITURE
- Key findings:
  - Debt relief under the Initiatives has substantially alleviated debt burdens in recipient countries and enabled them to increase poverty-reducing expenditures.
  - HIPCs increased their poverty-reducing expenditure by two and a half percentage points between 2001 and 2013.
  - Recent data indicate the decline in debt service has moderated and the debt service burden may increase in the near future.
  - Despite increases in poverty-reducing expenditures, HIPCs are lagging on many MDG targets as of the 2015 target year, especially in education and health sectors.
    - No HIPC had met the MDG targets in (i) reducing infant mortality rate and (ii) combating HIV/AIDS and other diseases.
    - Rwanda is the only HIPC that met the MDG on reducing maternal mortality rate.
    - More than one third of HIPCs have increased access to improved water services and have met the MDG on gender equality in primary education.
    - One fifth of HIPCs have reduced child mortality rates.
  - Figure 1: Poverty-Reducing Expenditure and Debt Service in 36 Post-Decision-Point HIPCs (in % of GDP), indexed to 100 at completion point, shows Debt Service/GDP and Poverty-Reducing Expenditure/GDP over t-4 to t+6 relative to completion point.

### UPDATE OF THE COSTS OF THE INITIATIVES
- HIPC Initiative costs:
  - Total cost of debt relief to creditors under the HIPC Initiative is estimated at US$75 billion in end-2013 present value (PV) terms (Table 2).
  - These costs are broadly unchanged compared to previous estimates in end-2012 PV terms; changes reflect small data revisions and a lower discount rate.
- MDRI costs:
  - Total cost of the MDRI for the four participating multilateral creditors is estimated at US$41.1 billion in end-2013 PV terms (Table 3, Annex III Table AIII4).
- Table 2. HIPC Initiative: Costs by Main Creditor and Country Group (In billions of U.S. dollars, in end-2013 PV terms)
  - Multilateral creditors: 27.8 (Post-Completion-Point HIPCs) + 0.2 (Interim HIPCs) = 28.0 (Total Post-Decision-Point HIPCs); Pre-Decision-Point HIPCs: 5.3; Total: 33.3
  - IDA: 13.0 + 0.1 = 13.1 (Post-Decision-Point HIPCs); Pre-Decision-Point HIPCs: 1.5; Total: 14.5
    - Of which: IDA credits: 12.6 + 0.1 = 12.7; Pre-Decision-Point HIPCs: 1.5; Total: 14.1
    - Of which: IBRD credits: 0.4 + 0.0 = 0.4; Pre-Decision-Point HIPCs: 0.0; Total: 0.4
  - IMF: 4.5 + 0.0 = 4.5 (Post-Completion-Point HIPCs); Pre-Decision-Point HIPCs: 1.9; Total: 6.4
  - AfDB Group: 4.9 + 0.1 = 5.0; Pre-Decision-Point HIPCs: 0.4; Total: 5.4
  - IaDB: 1.6 + 0.0 = 1.6; Pre-Decision-Point HIPCs: 0.0; Total: 1.6
  - AsDB: 0.1 + 0.0 = 0.1; Pre-Decision-Point HIPCs: 0.0; Total: 0.1
  - Other: 3.7 + 0.0 = 3.7; Pre-Decision-Point HIPCs: 1.5; Total: 5.3
  - Bilateral and commercial creditors: 30.0 + 0.0 = 30.0; Pre-Decision-Point HIPCs: 11.7; Total: 41.7
    - Paris Club: 21.5 + 0.0 = 21.5; Pre-Decision-Point HIPCs: 5.8; Total: 27.3
    - Other Official Bilateral: 4.9 + 0.0 = 4.9; Pre-Decision-Point HIPCs: 4.9; Total: 9.8
    - Commercial: 3.6 + 0.0 = 3.6; Pre-Decision-Point HIPCs: 1.0; Total: 4.6
  - Total Costs: 57.8 + 0.2 = 58.0 (Total Post-Decision-Point HIPCs); Pre-Decision-Point HIPCs: 17.0; Grand Total: 75.0
  - Memorandum item: Total Costs from Previous Report: 55.8 + 0.2 = 56.0; Pre-Decision-Point HIPCs: 16.4; Total: 72.5
- Table 3. MDRI: Nominal Costs by Main Creditor and Country Group (In billions of U.S. dollars)
  - Assistance in end-2013 PV Terms — Principal / Foregone Interest / Total Principal and Foregone Interest
  - Post-Completion-Point HIPCs 1/: 44.7 / 4.9 / 49.7 (Assistance in end-2013 PV terms) ; Assistance in Nominal Terms: 39.2
    - IDA: 31.2 / 3.0 / 34.2 ; Nominal: 26.5
    - IMF 3/: 3.4 / 0.0 / 3.4 ; Nominal: 3.7
    - AfDF: 6.8 / 0.9 / 7.7 ; Nominal: 5.5
    - IaDB: 3.3 / 1.0 / 4.4 ; Nominal: 3.5
  - Pre-Decision Countries 2/: 1.5 / 0.1 / 1.6 ; Nominal: 1.3
    - IDA: 0.8 / 0.0 / 0.8 ; Nominal: 0.6
    - IMF: 0.5 / 0.0 / 0.5 ; Nominal: 0.5
    - AfDF: 0.2 / 0.0 / 0.3 ; Nominal: 0.2
    - IaDB: 0.0 / 0.0 / 0.0 ; Nominal: 0.0
  - Interim Countries: 0.8 / 0.1 / 0.9 ; Nominal: 0.6
    - IDA: 0.6 / 0.0 / 0.6 ; Nominal: 0.5
    - IMF: 0.0 / 0.0 / 0.0 ; Nominal: 0.0
    - AfDF: 0.3 / 0.0 / 0.3 ; Nominal: 0.2
    - IaDB: 0.0 / 0.0 / 0.0 ; Nominal: 0.0
  - Interim and Pre-Decision-Point HIPCs 2/: 2.3 / 0.1 / 2.5 ; Nominal: 1.9
    - IDA: 1.4 / 0.1 / 1.4 ; Nominal: 1.1
    - IMF: 0.5 / 0.0 / 0.5 ; Nominal: 0.5
    - AfDF: 0.5 / 0.0 / 0.5 ; Nominal: 0.4
    - IaDB: 0.0 / 0.0 / 0.0 ; Nominal: 0.0
  - All HIPCs: 47.1 / 5.1 / 52.1 ; Nominal: 41.1
    - IDA: 32.6 / 3.1 / 35.6 ; Nominal: 27.6
    - IMF: 3.8 / 0.0 / 3.8 ; Nominal: 4.2
    - AfDF: 7.3 / 0.9 / 8.3 ; Nominal: 5.8
    - IaDB: 3.3 / 1.0 / 4.4 ; Nominal: 3.5
  - Non-HIPCs 4/: Assistance in Nominal Terms: 0.2
  - Notes:
    - 1/ Estimates are preliminary and subject to assumptions including timing of decision/completion points and arrears clearance.
    - 2/ Figures for qualified countries are based on actual disbursements and commitments.
    - 3/ IMF estimated costs reflect stock of debt eligible for MDRI relief outstanding as of end-2004 (principal only) not repaid and not covered by HIPC assistance, including MDRI-type beyond-HIPC relief.
    - 4/ IMF MDRI assistance to Cambodia and Tajikistan.

### CREDITOR PARTICIPATION: MULTILATERAL CREDITORS
- Creditor participation:
  - Participation in the Initiative has been strong among multilateral and Paris Club creditors.
  - Participation from other creditor groups still needs to be strengthened.
- References: See Annex III Tables 5, 6A, 6B, 7A, 7B, 8A, 8B, 9 and 10 for detailed creditor participation data.

*Prepared by Jayendu De and Christian Gonzales under the supervision of Geneviève Verdier, and Reza Baqir (IMF), and by Signe Zeikate under the supervision of Sudarshan Gooptu (WB). Approved by John Panzer and Peter Allum. December 12, 2014.*

### 13.      Over ninety-nine percent of multilateral creditors, estimated by their share in the total cost

### _121214 - 13.      Over ninety-nine percent of multilateral creditors, estimated by their share in the total cost

### Multilateral creditor participation and DRTF financing
- 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.
- A number of multilateral creditors receive support from the Debt Relief Trust Fund (DRTF), administered by IDA, to fulfill the provision of committed debt relief.
- As of end-August 2014, donors have contributed a total of US$6.7 billion to the DRTF.
- The DRTF has accumulated investment income amounting to US$602 million and has disbursed about US$7.0 billion.
- The remaining amount of resources available in the DRTF (US$0.5 billion), including the amount of unpaid pledges, is estimated to be sufficient to help finance the expected debt relief costs to eligible creditors in respect to completion point countries and the pre-decision point HIPCs.
- An amount of unpaid pledges totals US$145 million and includes US$70 million from Germany and US$75 million from the United States.
- DRTF support examples and financing issues:
  - DRTF provided AfDB a debt relief grant of US$425 million to support AfDB's provision of debt relief to DRC at completion point (DRC reached the completion point in June 2010).
  - The current low interest rate environment and AfDB’s subsequent lower than estimated income from the investment of the completion point grant proceeds are expected to lead to a financing gap of US$114 million that would not allow AfDB to reach its full share of the debt relief to DRC.
  - AfDB requested additional resources of US$0.3 million to cover the shortage of funds to support the debt relief to Ethiopia and Madagascar (completion points in April 2004 and October 2004, respectively).

### Official bilateral, Paris Club, and commercial creditor commitments
- Paris Club creditors have committed to provide debt relief estimated at US$21.5 billion in end-2013 PV terms to the 36 countries that have reached their decision points.
- Most members of the Paris Club have also voluntarily committed to provide additional debt relief beyond that required under the HIPC Initiative.
- The share of debt relief attributable to the non-Paris Club official bilateral creditors is estimated at US$4.9 billion in end-2013 PV terms.
- Delivery and participation challenges:
  - So far, a little less than half of the expected US$4.9 billion of non-Paris Club official bilateral creditor relief has been delivered.
  - Approximately thirty percent of the non-Paris Club creditors are yet to participate in the HIPC Initiative.
  - Staff of the World Bank and the IMF have continued to rely on moral suasion and on efforts by the HIPCs themselves to increase participation of these creditors.

### Notes on future cost estimates and scope
- Future debt relief costs are based on current estimates of completion point dates, debt outstanding, as well as assumptions regarding the applicable discount rates.
- These estimates do not take into consideration possible future additional debt relief to currently eligible HIPCs, additional relief due to potential slippages in completion point dates or other factors, including granting of debt relief to additional countries such as Zimbabwe, which currently does not meet the HIPC Initiative eligibility criteria.

### Country status and program highlights (selected entries from Annex I and Tables)
- Eritrea
  - Risk of Debt Distress: In debt distress
  - PRSP Status: There is no recent PRSP and no ongoing work towards its preparation.
  - IMF Program: There are no ongoing discussions on a Fund-supported program. The 2009 Article IV Consultation was concluded in December 2009.
  - Decision Point Date: 12/1/2009
- Somalia
  - PRSP Status: N/A; There is no PRSP and it is not expected to be prepared in the near term.
  - IMF Program: Somalia has not had a Fund-supported program since 1987. The Fund cannot provide financial assistance until arrears are cleared; over the past 12 months the Fund has provided ten TA missions.
  - Recent GDP note: GDP is estimated by staff to have expanded by 4.4 percent in 2013.
  - Decision Point Date: N/A
- Sudan
  - Risk of Debt Distress: In debt distress
  - PRSP Status: The Interim-PRSP was officially shared with the World Bank in November 2012. Government is currently implementing the Interim-PRSP and started a process to prepare a full PRSP.
  - IMF Program: A new staff-monitored program (SMP) for January-December 2014 was approved on March 7, 2014. The 2014 Article IV consultation was concluded on September 17, 2014.
  - Decision Point Date: 9/17/2014
  - Additional context: Under secession agreements with South Sudan, Sudan agreed in September 2012 to temporarily retain all the external debt of the former Sudan under the “zero-option” with a deadline of September 2014; Sudan and South Sudan agreed to extend the zero-option for two years, till October 2016.
- Chad
  - PRSP Status: A new PRSP (National Development Plan) covering 2013–2015 was approved in February 2013; a JSAN on implementation of the PRSP was submitted in July 2013 and an APR for 2013 was finalized in 2014 with a JSAN to be prepared by December 2014.
  - Risk of Debt Distress: High
  - IMF Program: On August 1, 2014, the Executive Board of the IMF approved a three-year arrangement under the Extended Credit Facility (ECF) for a total amount equivalent to SDR 79.92 million.
  - Completion Point Date (Planned): First half of 2015

### Progress towards MDGs in HIPC completion-point countries (Table AI3 highlights)
- Table AI3 rates countries on MDG progress across multiple goals (examples of ratings in the table include):
  - “SERIOUSLY OFF TARGET”
  - “MODERATELY OFF TARGET”
  - “INSUFFICIENT PROGRESS”
  - “SUFFICIENT PROGRESS”
  - “MET”
  - “INSUFFICIENT DATA”
- The annex notes that due to a change in methodology, the ratings in 2012 and in 2013 are not comparable to those for 2011. Ratings classify countries as “ON TARGET” if expected to achieve targets between 2016 and 2020; countries not expected to achieve targets by 2020 are rated “SERIOUSLY OFF TARGET.” A rating is assigned only if there are at least two observations (first observation after 2002 and most recent observation within the last 5 year period).

*Source: HIPC Initiative and MDRI statistical update (selected excerpts).*

### Annex II. Country Coverage, Data Sources, and Assumptions

### 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 2014.

### 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.
- The following exchange rates have been used for the MDRI calculations:
  - IDA and AfDF:
    - The initial MDRI Trust Fund replenishment rate of 1.477380 US dollars per SDR was applied for the period FY07- FY08.
    - Cost estimates for FY09-FY11 (corresponding to the period covered by the IDA 15 replenishment round) are based on the IDA15 foreign exchange reference rate of 1.524480 US dollars per SDR.
    - Cost estimates for FY11 onward are based on the IDA16 foreign exchange reference rate of 1.50233 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 2013 was used.
  - IaDB:
    - Currency units in US dollars at end-2006.

### 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-2013 using the average interest rate applicable to the debt relief.
- That rate was estimated at 2.61 percent and corresponds to the implicit long-term interest rate of currencies that comprise the SDR basket over the period 2011–13, 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-2013 PV terms.

*Annex II. Country Coverage, Data Sources, and Assumptions*

### Annex III. Tables

### Annex III. Tables

### Summary of Debt Service and Poverty-Reducing Expenditures, 2001–18 (Table AIII1)
- Debt Service Paid (In millions of U.S. dollars):  
  2001: 3,513; 2002: 3,719; 2003: 3,988; 2004: 4,446; 2005: 4,813; 2006: 3,967; 2007: 3,176; 2008: 3,068; 2009: 3,265; 2010: 2,727; 2011: 3,375; 2012: 4,126; 2013: 5,218; 2014: 7,216; 2015: 8,555; 2016: 9,694; 2017: 11,364; 2018 Prel.: 11,409
- Poverty-Reducing Expenditures (In millions of U.S. dollars):  
  2001: 6,528; 2002: 7,786; 2003: 9,045; 2004: 11,054; 2005: 14,849; 2006: 18,166; 2007: 22,348; 2008: 26,593; 2009: 29,823; 2010: 32,612; 2011: 32,674; 2012: 38,091; 2013: 40,999; 2014: 38,986; 2015: 41,230; 2016: 44,617; 2017: 48,990; 2018 Prel.: 43,616
- Average Ratios (in percent):  
  - Debt Service/Exports: 15.7; 14.9; 12.6; 12.3; 10.3; 10.5; 5.3; 4.3; 4.1; 2.9; 3.1; 3.6; 4.6; 5.5; 5.5; 5.7; 5.5; 5.4  
  - Debt Service/GDP: 3.0; 2.7; 2.5; 2.4; 2.3; 2.1; 1.2; 1.0; 1.1; 0.8; 0.9; 1.0; 1.2; 1.4; 1.5; 1.5; 1.5; 1.5  
  - Poverty-Reducing Expenditure/Government Revenue: 49.7; 51.2; 49.5; 46.4; 48.7; 48.9; 47.5; 52.0; 56.2; 50.4; 47.9; 48.7; 49.3; 47.6; 49.3; 48.9; 48.4; 48.0  
  - Poverty-Reducing Expenditure/GDP: 6.8; 7.3; 7.5; 7.6; 7.9; 7.9; 8.4; 8.4; 9.0; 8.7; 8.3; 9.1; 9.3; 9.0; 9.3; 9.7; 9.8; 9.7
- Notes from table:  
  - Data refer to 36 post-decision-point HIPCs, unless specified otherwise.  
  - Debt service paid covers 2001-2013, and debt service due covers 2014-2018. For post-completion-point HIPCs, debt service due reflects negotiated relief, additional voluntary Paris Club relief, and MDRI. For pre-completion-point countries, debt service due includes interim debt relief and expected HIPC Initiative and MDRI assistance at projected completion point.  
  - Poverty-reducing expenditures are as defined in PRSPs; excludes data for years/countries with unavailable data.

### Debt Service of 36 Post-Decision-Point HIPCs, 2001–18 (Table AIII2) — Select country-level highlights (Debt service paid, in millions of U.S. dollars; In percent of export; In percent of GDP)
- Afghanistan (selected years): Debt service paid: 9.1; 32.2; 5.7; 6.8; 7.4; 5.9; 4.6; 3.6; 2.5; 2.4; 6.4; 23.5; 34.6; 39.8; 41.3; 42.9; 43.9; ...  
  - In percent of export: 2.5; 5.1; 0.8; 0.6; 0.6; 0.4; 0.3; 0.2; 0.1; 0.1; 0.2; 0.6; 0.9; 1.3; 1.3; 1.3; 1.2  
  - In percent of GDP: 0.2; 0.7; 0.1; 0.1; 0.1; 0.1; 0.0; 0.0; 0.0; 0.0; 0.0; 0.1; 0.2; 0.2; 0.2; 0.2; 0.2
- Benin: Debt service paid: 56.7; 62.3; 66.3; 58.1; 38.0; 63.0; 88.1; 29.4; 37.4; 48.3; 54.8; 70.5; 79.5; 103.6; 113.0; 120.9; 131.9; 143.4  
  - In percent of export: 15.1; 16.0; 13.6; 10.1; 7.0; 10.1; 9.4; 2.5; 3.4; 3.9; 6.0; 6.3; 5.5; 6.8; 6.8; 6.8; 6.9; 6.9  
  - In percent of GDP: 2.3; 2.2; 1.9; 1.4; 0.9; 1.3; 1.6; 0.4; 0.6; 0.7; 0.8; 0.9; 1.0; 1.1; 1.1; 1.1; 1.1; 1.1
- Bolivia (debt service paid sequence as in table): 249.2; 258.3; 272.8; 287.0; 367.6; 325.3; 328.3; 260.7; 222.8; 301.9; 231.8; 505.7; 295.0; 355.4; 423.0; 516.9; 662.0; 816.8
- Ethiopia (selected sequence with projections included): Debt service paid: 572.3; 521.1; 191.3; 160.0; 165.6; 168.2; 182.2; 89.2; 79.5; 130.7; 229.7; 393.6; 502.8; 755.6; 1,001.9; 1,164.5; 1,333.6; 1,471.7  
  - In percent of export (selected): 58.5; 53.0; 16.8; 10.7; 8.9; 8.0; 7.3; 2.9; 2.4; 3.2; 4.3; 6.6; 8.5; 11.3; 13.1; 12.9; 12.8; 12.2  
  - In percent of GDP (selected): 7.1; 6.8; 2.3; 1.6; 1.4; 1.1; 0.9; 0.3; 0.2; 0.4; 0.7; 0.9; 1.1; 1.5; 1.8; 1.9; 2.0; 2.0
- Ghana (debt service paid sequence including projections): 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; 962.0; 1,360.3; 1,554.2; 2,052.6; 1,677.9
- Mozambique (debt service paid, partial sequence and projections shown in table): 27.1; 62.0; 71.8; 58.1; 66.6; 23.3; 35.1; 81.1; 46.2; 56.6; 75.0; 129.9; 196.2; 244.8; 290.7; 373.0; 493.4; ...
- Note: Table AIII2 provides debt service paid, percent of exports, and percent of GDP for 36 post-decision-point HIPCs, with projections for 2014–18 (debt service due) and notes on fiscal-year reporting and decision/completion point timing.

### Poverty-Reducing Expenditure of 36 Post-Decision-Point HIPCs, 2001–18 (Table AIII3) — Select country-level highlights (In millions of U.S. dollars; In percent of government revenue; In percent of GDP)
- Aggregate examples and country sequences (selected):  
  - Bolivia (In millions): 1,005.2; 1,056.8; 1,074.0; 1,130.3; 1,186.7; 1,365.0; 1,541.8; 1,937.5; 2,262.5; 2,443.3; 2,810.3; 3,122.4; 3,530.0; 3,911.0; 4,297.7; 4,697.1; 5,145.8; 5,673.9  
    - In percent of government revenue: 56.0; 62.7; 64.0; 53.7; 42.8; 36.3; 34.6; 29.7; 37.4; 38.4; 32.8; 30.8; 29.5; 29.7; 30.5; 31.5; 32.2; 33.2  
    - In percent of GDP: 12.3; 13.3; 13.3; 12.9; 12.4; 11.8; 11.7; 11.5; 13.0; 12.3; 11.7; 11.5; 11.5; 11.5; 11.5; 11.5; 11.5; 11.5
  - 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; 3,870.3; 5,054.3; 5,815.8; 6,316.3; 6,991.1; 7,728.4; 8,529.4; 9,422.9  
    - In percent of government revenue: 61.0; 72.9; 77.2; 73.3; 90.0; 93.8; 105.3; 104.0; 98.1; 92.5; 94.7; 87.2; 90.6; 90.5; 90.2; 90.5; 90.6; 89.6  
    - In percent of GDP: 9.1; 11.5; 11.8; 11.9; 13.3; 14.0; 13.1; 12.2; 10.9; 12.5; 12.3; 11.9; 12.6; 12.7; 12.7; 12.7; 12.7; 12.7
  - Tanzania (In millions; includes projected years): 595.1; 799.3; 860.7; 1,023.6; 1,095.4; 1,544.1; 2,071.3; 2,876.9; 3,685.7; 4,026.3; 4,366.3; 5,070.9; 5,777.1; 6,159.2; 6,494.4; 6,838.3; 7,117.9; -  
    - In percent of government revenue: 56.8; 72.6; 74.0; 77.7; 69.6; 91.1; 95.8; 93.5; 112.8; 115.7; 119.6; 110.2; 109.7; 96.9; 87.7; 82.3; 78.3; -  
    - In percent of GDP: 5.8; 7.6; 7.6; 8.5; 8.0; 10.8; 13.6; 15.2; 17.6; 17.6; 18.4; 19.7; 18.7; 17.6; 16.9; 16.2; 15.3; -
- Notes from table:  
  - Coverage of poverty-reducing expenditures varies across countries, generally consistent with PRSP and national budget definitions; some increases over 2001–2003 reflect definitional expansion.  
  - Central government revenue excluding grants is used in percent calculations where indicated.

### HIPC Initiative and MDRI: Committed Debt Relief and Outlook (Table AIII4)
- Aggregate committed amounts (status as of end-August 2014):  
  - 35 Post-Completion-Point HIPCs: In PV Terms as of Decision Point: 76,118; In Nominal Terms under MDRI: 49,660; Total HIPC and MDRI Assistance (In Nominal Terms) shown: 125,778 (table columns also display other nominal sums by country).  
  - Interim HIPCs: 260 (nominal in table).  
  - Non-HIPCs (IMF MDRI debt relief to Cambodia and Tajikistan): 182 (nominal).  
  - Total Debt Relief Committed: 76,378; 49,843; 126,220 (aggregated as shown in table columns).
- Selected country entries (Decision point / Completion point / Assistance under HIPC Initiative and MDRI in PV and nominal terms are listed by country in table).
- Notes: Committed debt relief assumes full participation of creditors. Nominal MDRI costs include principal and interest foregone for multilaterals (IMF only principal). Topping-up and original HIPC expressed in PV terms as of decision point.

### HIPC Initiative: Cost Estimates to Multilateral Creditors and Status of Commitments (Table AIII5)
- Delivering or Committed to Deliver Debt Relief (In millions of U.S. dollars, in end-2013 PV terms): 27,639 (99.4 percent of total listed).  
- Major creditor commitments (selected, end-2013 PV terms):  
  - World Bank Group: 12,972 (46.7 percent of total cost)  
  - African Development Bank (AfDB) Group: 4,936 (17.8 percent)  
  - International Monetary Fund (IMF): 4,468 (16.1 percent)  
  - Inter-American Development Bank (IaDB): 1,643 (5.9 percent)  
  - European Union/European Investment Bank (EU/EIB): 1,055 (3.8 percent)  
- Have not indicated intention to provide relief under the HIPC Initiative (selected): Total 164.2 (0.6 percent of total), with listed institutions and small amounts.
- Total shown in table (sum of rows in end-2013 PV terms): 27,804 (100.0 percent).

### World Bank: Status of Delivery of HIPC Initiative and MDRI Assistance (Table AIII6A) — Aggregates
- 35 Post-Completion-Point HIPCs:  
  - Total Committed Assistance (column I): 16,476.8 (nominal terms in table)  
  - Committed Assistance in PV Terms as of Decision Point (column III): 12,971.5  
  - Total Delivered Assistance in end-2013 PV Terms (column IV + delivered MDRI column VI combined in table): 9,122.1 (HIPC Initiative delivered) and combined HIPC Initiative and MDRI in end-2013 PV Terms reported as 34,201.0 (table totals across columns), with other delivered/committed breakdowns by country.  
- Interim HIPCs total Committed Assistance shown: 106.7 (column I) and related delivered amounts in PV terms.

### World Bank Group Debt Service after HIPC and MDRI Debt Relief, 2000–18 (Table AIII6B) — Aggregates and patterns
- The table provides debt service before HIPC Initiative debt relief, debt service after HIPC Initiative debt relief, and debt service after HIPC Initiative debt relief and MDRI, by country and year (2000–2018).  
- Aggregate totals (selected years as shown across rows): The TOTAL row in the debt-service sequences includes multi-year summed values as presented in the table (table lists annual totals across years; users should consult the table for year-by-year exact figures).

### IMF Implementation of HIPC Initiative and MDRI (Tables AIII7A and AIII7B) — Aggregates
- Table AIII7A (In millions of SDRs; status as of end-August 2014):  
  - 35 Completion Point HIPCs: columns show totals 2,406; 2,578; 2,308; 4,886 (A), (A+B) and subcomponents by country and delivery date.  
  - Decision point HIPCs, Non-HIPCs, and MDRI Trust disbursements (country-level SDR commitments and disbursements are listed in table).  
- Table AIII7B (IMF HIPC Initiative and MDRI Debt Relief, 1998–2013; In millions of U.S. dollars; status as of end-August 2014):  
  - HIPC Initiative debt relief annual/projected rows and MDRI debt relief rows are provided by country and year.  
  - TOTAL (HIPC Initiative rows across years) as presented in table: 13.7; 47.9; 105.0; 313.1; 330.3; 364.9; 236.8; 451.7; 600.2; 6.2; 30.0; 99.7; 1,141.3; 7.9; 60.5; -; 3,809.2 (table sequence as shown).  
  - TOTAL (MDRI rows and To non-HIPCs rows) aggregated in table yields additional totals culminating in 3,532.9 and 3,324.0 in related columns as presented.
- Notes: Figures converted from SDR using appropriate exchange rates for HIPC disbursements; MDRI totals include interest earned and other trust-account items per table footnotes. Some countries had no MDRI-eligible credit (Afghanistan, Comoros, Haiti, Togo).

*Source: HIPC country documents, and World Bank and IMF staff estimates.*

### 116.2 million  at en d -Ju ne 2

### 116.2 million  at en d -Ju ne 2

### AfDB Group: Status of Delivery of HIPC Initiative and MDRI Assistance (status as of end-August 2014)
- Table header: (In millions of U.S. dollars; status as of end-August 2014)
- Aggregate totals (selected):
  - TOTAL 3,744.04,936.53,654.37,741.35,472.110,408.69,126.4
  - Total Debt Relief Committed 3,781.04,986.93,673.67,741.35,472.110,459.09,145.7
- Selected country entries (columns reflect commitments, delivered assistance, PV terms as presented):
  - Ben in37.652.651.0374.0278.9331.4329.8
  - Bu rkin a Fas o  81.9114.583.5355.5246.5361.0330.0
  - Bu ru n d i150.2184.659.223.713.7198.472.9
  - Co n g o , Dem. Rep . o f1,009.71,307.31,129.5150.599.91,407.31,229.5
  - Eth io p ia 331.2451.6305.5769.2523.5975.1829.0
  - Gh an a131.2178.8165.6497.4359.3538.1524.9
  - Lib eria 4/237.2269.9269.918.615.2285.1285.1
  - Tan zan ia124.9174.7135.2625.6438.3613.0573.5
  - Zamb ia146.1204.4152.7247.6172.5376.9325.3
- Notes shown in source:
  - 1/ To tal d eliv ered  en h an ced  HIPC as s is tan ce to  en d  2013.
  - 2/ Nominal MDRI costs include principal and interest foregone.
  - 3/ Includes only HIPCs that owe debt to AfDB Group.
  - 4/ The total amount of HIPC Initiative debt relief has been provided through an arrears clearance operation in Congo, Rep. of in 2004; Cô te d ’Iv o ire in 2009; Lib eria in 2007; To g o in 2008.

### AfDB Group: Debt Service after HIPC Initiative and MDRI Debt Relief, 2000–18 (In millions of U.S. dollars)
- Table header: (In millions of U.S. dollars)
- Debt service before HIPC Initiative Debt Relief (selected annual entries by country):
  - TOTAL302   251   616   418   578   521   541   684    648   1,047   463   563   507   478   475   470   483   476      502
  - Ben in5 4 8 7 9 9 12 6 6 10 14 15 16 16 17 17 17 17 17
  - Co ngo, Democratic Republic of- - 65 73 42 118 121 128 142 156 153 184 174 162 161 162 161 139 133
  - Lib e ria- - - - - 0 0 149 98 12 3 3 3 3 3 2 1 1 1
  - Tanzania11 8 12 15 16 16 21 11 13 15 16 18 20 22 20 22 22 27 40
  - Zambia31 24 24 26 27 26 28 17 12 11 10 10 9 9 8 8 8 9 9
- Debt service after HIPC Initiative debt relief and MDRI (selected annual totals and projections):
  - TOTAL271   130   437   243   356   274   269   265    346   582      221   344   295   272   277   273   288   295      336
- Selected country post-relief (actuals and projections as listed):
  - Ben in3 - 3 2 3 4 6 0 1 7 14 15 16 17 17 17 17 17
  - Co ngo, Democratic Republic of- - 65 72 - 19 10 13 24 36 31 61 50 38 38 41 41 29 32
  - Libya entry not present for post-relief in these tables.
- Source: African Development Bank Group.

### IaDB Assistance under the HIPC Initiative and IaDB 2007 Debt Initiative (MDRI equivalent) (status as of end-August 2014)
- Table header: (In millions of U.S. dollars; status as of end-August 2014)
- Aggregate totals:
  - 5 Post-Completion-Point HIPCs TOTAL 1,183.0 1,642.9 1,138.7 4,369.0 3,514.9 5,157.8 4,653.6
  - Total Debt Relief Committed 1,183.0 1,642.9 1,138.7 4,369.0 3,514.9 5,157.8 4,653.6
- Country entries:
  - Boliv ia477.1 667.5 343.5 1,050.2 823.7 1,491.2 1,167.2
  - Haiti60.4 72.3 61.1 492.3 419.0 491.3 480.0
  - Ho nd uras133.8 187.2 194.4 1,367.1 1,143.8 1,331.0 1,338.2
  - Guy ana120.5 168.6 93.5 469.9 383.9 552.5 477.4
  - Nicaragu a391.2 547.4 446.2 989.5 744.5 1,291.8 1,190.7
- Notes:
  - 1/ To tal deliv ered  en han ced HIPC as s is tan ce to  end  2013.
  - 2/ Nominal IaDB-07 Initiative cos ts  include principal and interes t foregone.
  - 3/ Includes only HIPCs that owe debt to IaDB.

### Status of Donor Contributions to the Debt Relief Trust Fund (status as of end-August 2014)
- Table header: (In millions of U.S. dollars, status as of end-August 2014)
- Bilateral donors (selected entries):
  - Australia132(15)0
  - Canada /2/419549(203)41
  - EU95370(1,022)0
  - Japan /2/325851(228)81
  - United Kingdom /3/54235(428)0
  - United States /667515(687)2
- Sub-Total bilateral: 4,357395(4,399)353
- Multilateral donors (selected):
  - IBRD2,330202(2,532)0
  - NDF335(38)1
  - BOA D10(2)0
- Sub-Total multilateral: 2,365207(2,571)1
- TOTAL /46,722602(6,970)354
- Notes:
  - 1/ Includes contributions earmarked for IDA under IDA 14th, 15th and 16th Replenishments.
  - 2/ Includes investment income allocations made towards IDA for debt relief to Haiti.
  - 3/ Includes investment income allocations made towards IDA for debt relief to the Palestinian Authority.
  - 4/ Includes investment income allocations made towards IFAD for debt relief to Haiti.
  - 5/ Includes the allocation in the amount of US$ 43 million towards IMF for debt relief to Uganda.
  - 6/ Does not include pledges that have not been paid-in.
  - 7/ The total available balance does not include an amount of approximately US$ 2 million of investment income.

### HIPC Initiative: Cost Estimates to Paris Club Official Bilateral Creditors (end-2013 PV terms)
- Table header: (In millions of U.S. dollars, in end-2013 PV terms)
- Total for 36 Post-Decision-Point HIPCs presented across creditor columns; selected debtor totals:
  - Total (Table aggregate) 21,490 (as presented in table footer)
- Selected debtor-country totals (end-2013 PV terms):
  - Afghanistan443 42 493 (presented across creditor columns then total 493)
  - Ben in89 (country row shows distributive creditor breakdown summing to 89)
  - Co ngo, Dem. Rep. of5,274.15,274.11,411... (row shows large aggregated creditor totals summing to 5,274.1 and final total 5,274.1)
  - Cô te d'Ivoire1,524.91,524.94,925.06,449.9
  - Ghana1,128.21,128.2684.01,812.2160.6
  - Liberia977...1,094.0 (row lists 977 and totals to 1,094.0)
  - Mozambique1,479.01,479.00.01,479.0100.0
  - Tanzania1,114.11,114.10.01,114.1100.0
  - Zambia1,525.21,525.2492.42,017.6132.3
- Notes:
  - 1/ Creditor invited on a case-by-case basis to participate in some Paris Club agreements.
  - 2/ Not a Paris Club member. In some cases, IDA-administered European Economic Commission (EEC) loans are apportioned among EEC members.

### Debt Relief Committed and Delivered by Paris Club Official Bilateral Creditors (end-2013 PV terms)
- Table header: (In millions of U.S. dollars, in end-2013 PV terms)
- Aggregate:
  - TOTAL 21,470.221,470.217,511.938,982.1181.6
- Selected debtor-country rows:
  - Afghanistan493.3493.3645.21,138.5230.8
  - Ben in89.189.10.089.1100.0
  - Bo liv ia563.8563.80.0563.8100.0
  - Camero on1,211.11,211.13,769.54,980.6411.2
  - Co n go , Demo cratic Repu b lic of5,274.15,274.11,418.86,693.0126.9
  - Cô te d’Ivo ire1,524.91,524.94,925.06,449.9423.0
  - Eth io pia689.5689.5230.8920.3133.5
  - Gh an a1,128.21,128.2684.01,812.2160.6
  - Lib eria976.9976.9117.11,094.0112.0
  - Mo zamb iqu e1,479.01,479.00.01,479.0100.0
  - Nicaragu a1,216.91,216.9182.91,399.8115.0
  - Tan zan ia1,114.11,114.10.01,114.1100.0
  - Zamb ia1,525.21,525.2492.42,017.6132.3
- Notes:
  - 1/ A g reemen ts  wit h  Po rtu g al an d  Jap an  are s till p en d in g .
  - 2/ No information is available regarding the provision of interim debt relief to these countries by the Paris Club creditors.

### Paris Club Official Bilateral Creditors' Delivery of Debt Relief under Bilateral Initiatives beyond the HIPC Initiative (summary)
- Table header: Columns indicate coverage and whether relief provided for ODA/non-ODA, pre/post-cutoff, Decision Point/Completion Point; entries show creditor practices.
- Selected creditor practices (as listed):
  - Australia: HIPCs100100100100 (note: footnote 2/ Australia cancelled all HIPC claims).
  - Belgium: HIPCs100100 ... cancellation at completion point 100 percent of ODA loans contracted before December 31, 2000 (footnote 3).
  - Denmark: HIP Cs100100 ... provides 100 percent cancellation of ODA loans and non-ODA credits contracted and disbursed before September 27, 1999 (footnote 4).
  - France: HIP Cs100100100-100 flow (footnote 5: cancellation of 100 percent of debt service on pre-cutoff date commercial claims starting at decision point).
  - Japan: HIP Cs100100100--Stock
  - Netherlands: HIPCs100 100100-90-100 flowStock (footnote 9 describes varied treatment).
  - Norway: HIP Cs10/10/11/11/-- (footnotes 10/11 regarding cancellation and postponement).
  - United Kingdom: HIP Cs100100100100 100 flowStock (footnote 17: "beyond 100 percent" full write-off at decision point).
  - United States: HIP Cs100100100100100 flowStock (footnote 18: cancellation of 100 percent of all debts incurred before June 20, 1999).

### HIPC Initiative: Cost Estimates to Non-Paris Club Official Bilateral Creditors (end-2013 PV terms)
- Table header: (In millions of U.S. dollars, in end-2013 PV terms)
- Selected creditor-country cost rows (aggregated across many debtor rows; selected totals shown):
  - Total (36 Post-Decision-Point HIPCs) — aggregated numbers presented across creditor columns; final total in table footer: 4,888 (presented in table).
- Selected debtor-specific entries showing non-Paris creditor exposures (examples as listed in table):
  - Co ngo, Dem. Rep. of: entries include 35, 9, 34, 19, 45, 107, 1,411, 3, 5,274 (spread across creditor columns and summed)
  - Mozamb ique entries include 134 16 ... culminating in row-level totals shown.
  - Nicaragua row includes 25 ... 522 ... 1,217 ... 495 ... 136 (multiple creditor columns and totals).
- Notes:
  - 1/ Non-Paris Club creditors include those creditors that did not indicate their intention to participate in the Paris Club meeting at the time the completion point document for a particular country was being prepared.
  - 2/ Listed as Yugoslavia in decision point documents for some entries.
  - 3/ Excludes claims held by the Ceskoslovenska Obchodni Banka on Mozambique at the time of decision point.
  - 4/ Guatemala's claims on Nicaragua were taken over by Spain in a debt swap. Spain has agreed to provide HIPC Initiative debt relief to Nicaragua on those claims.

### Delivery of HIPC Initiative Debt Relief by Non-Paris Club Official Bilateral Creditors (end-2013 PV terms unless otherwise indicated)
- Table header: (in millions of U.S. dollars, end-2013 PV terms unless otherwise indicated)
- Creditors delivering more than 80 percent of total assistance (selected list with totals shown):
  - Algeria268624692
  - China430936184
  - Israel19019100
  - Republic of Korea80799
  - South Africa707100
  - Trinidad and Tobago101100
  - Aggregate row: 1,5291,386
- Creditors delivering more than 40 percent of total assistance (selected totals):
  - Brazil90776
  - Colombia50369
  - India 6/4512044
  - Iraq 7/12236654
  - Aggregate row: 1,128789
- Creditors delivering less than 40 percent of total assistance (selected totals):
  - Argentina321310
  - Cuba30122
  - Libya32279429
  - United Arab Emirates12931411
  - Aggregate row: 795130
- No delivery of HIPC relief (selected list):
  - Angola49100
  - Cameroon1000
  - Cape Verde0000
  - Costa Rica5281100
  - Cote d'Ivoire14000
  - Honduras136300
  - Iran78200
  - Niger0000
  - Nigeria2000
  - Taiwan, Province of China5831200
  - Zambia0000
  - Zimbabwe0000
  - Other5000
- Aggregate totals at bottom of table:
  - 4,860100.02, 306 (presented as table aggregate)
- Notes:
  - 1/ Based on information received as of August 2013. The information covers only creditors that have claims on post-completion-point countries.
  - 2/ Argentina, Brazil, the Republic of Korea, Kuwait, Mexico, Morocco, Portugal, South Africa, and Trinidad and Tobago are associated members of the Paris Club.
  - 3/ In some cases, debtors have indicated some relief has been provided but information is insufficient to quantify.

### Commercial Creditor Lawsuits against HIPCs (summary; amounts in millions of U.S. dollars)
- Table header: (in millions of U.S. dollars)
- Selected litigation entries:
  - Congo, Dem. Rep. of — FG Hemisphere — United States/France — Judgement Awarded — Original Claim 44.0 175.0 44.0
  - Frans Edward Prins Rootman — Israel — South Africa — Ongoing — Original Claim 12.5 54.1 -
  - Themis Capital — United States — Judgement Awarded — Original Claim 18.0 79.7 79.7
  - Triple A International — United States — Judgement Awarded — Original Claim 14.0 - -
  - Incofi (Jean Pierre Coutard) — France — Congo, Rep. of — Ongoing — Original Claim 178.6 229.4 -
  - Niger — Taiwan — United States — Judgement awarded — Original Claim 60.0 78.4 -
  - Sierra Leone — International Construction Company Sierra Leone — Sierra Leone — Judgement awarded — Original Claim 14.2 14.2 14.2
  - Tanzania — Celtic Capital — United States/United Kingdom — Judgement awarded — Original Claim 0.7 0.7 0.7
  - Sudan — Namco Anstalt — Switzerland — Sudan — Ongoing — Original Claim 4.6 5.0 -
- Notes:
  - 1/ Commercial creditors lawsuits against HIPCs are reported without assessing the merits of these disputes.
  - 2/ Either original creditor or holder of current claim.
  - 3/ "Judgment awarded" refers to cases in which the creditor has obtained a judgement against the HIPC but has not yet recovered full payment.
  - 4/ Excludes accumulated interest, charges, and penalties.
  - 5/ Amount could include interest, charges, and penalties.
  - 6/ Judgement has been appealed. Approximate amount in USD, amount reported EUR 167 million.
  - 7/ Approximate amount in USD, amount reported EUR 5 million.
  - 8/ Approximate amount in US$ representing CFA equivalents as noted in source.

*Source: Excerpts from HIPC INITIATIVE AND MDRI STATISTICAL—UPDATE (International Monetary Fund), tables and notes as provided in the source content.*

---


_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/np/pp/eng/2014/_121214.pdf_