## _031516 - EXECUTIVE SUMMARY

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---

### Overview and key results
- The HIPC Initiative and MDRI are nearly complete, with 36 countries having already reached the completion point under the HIPC Initiative.
- Chad, in April 2015, is the latest country to reach the completion point and qualified for irrevocable debt relief.
- Debt relief under the Initiative has enabled recipient countries to increase their poverty-reducing expenditure by over one and a half percentage points of GDP between 2001 and 2014.
- The total cost of debt relief to creditors under the HIPC Initiative is currently estimated to be US$74.8 billion (end-2014 PV terms).
- The costs to the four multilateral creditors providing relief under the MDRI is estimated at US$41.6 billion in end-2014 present value terms.
- Report date: March 15, 2016.

### Progress in implementation and country status
- All 36 countries that reached decision point have now reached completion point.
- Three pre-decision-point countries remain: Eritrea, Somalia, and Sudan.
  - Eritrea:
    - No updates since the previous report.
    - Has benefitted from mining (gold since 2011 and base metals since 2013).
    - Political situation remains fragile; last Article IV Consultation was in 2009; no IMF-supported program discussions.
  - Somalia:
    - External Debt Technical Working Group established on April 11, 2014 to address 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$331.7 million and US$287.4 million as of August 30, 2015, respectively.
    - Somalia’s arrears to the AfDB accounted for about UAC67.4 million, or US$94.5 million (as of August 30, 2015).
    - IMF and World Bank have been providing technical assistance and capacity development in budget preparation, fiscal policy, central banking, financial governance, macroeconomic statistics, tax policy administration, central bank operations, banking supervision, and AML/CFT.
    - On July 27, 2015 Somalia had its first Article IV Consultation since November 18, 1989; discussions on a possible SMP have commenced.
    - The World Bank established a Multi-Partner Fund (MPF) in 2014 to coordinate financing for reconstruction and development; MPF established for a 10-year period.
  - Sudan:
    - In debt distress per the 2014 debt sustainability analysis and eligible for HIPC debt relief but has not met all qualifications.
    - Arrears: SDR 974.02 million to the IMF as of July 31, 2015 (about US$1,358.5 million); US$809 million to the World Bank and UAC214.5 million (or US$300.6 million) to the AfDB as of August 30, 2015.
    - Procedural steps to reach Decision Point include: (i) receive financing assurances from creditors for HIPC debt relief; (ii) establish a track record of performance (e.g., through an SMP judged to be of Upper-Credit Tranche quality); and (iii) clear arrears to the IMF, World Bank and AfDB and have an arrears clearance plan with remaining external creditors.
    - No firm timeline is currently possible for fulfilling these steps.
- Zimbabwe:
  - Eligibility to receive HIPC assistance remains unclear.
  - Remains in debt distress and will need a comprehensive arrears clearance framework with the international community.
  - Reconciled loan-by-loan data indicate Zimbabwe met the indebtedness criterion for HIPC eligibility, but arrears to the PRGT must be cleared to be eligible.
  - Recent assessment indicates that based on end-2013 debt-to-exports ratio, Zimbabwe would not qualify for HIPC debt relief; qualification depends on updated debt-to-exports data and policy performance.
  - Authorities presented an arrears clearance strategy to creditors outside the HIPC framework during a meeting in Lima in October 2015, aiming to clear IFI arrears using own resources and external borrowing, and envisaging Paris Club rescheduling in the context of a regular IMF ECF program.
  - The third review of the recently expired SMP covering October 2014 to December 2015 expected to be completed in June 2016; first and second reviews completed in April 2015 and October 2015 respectively.
  - Arrears and payments history: payments to the PRGT in 2012, 2013 and 2014 totaled US$7.5 million, US$1.8 million, and US$1.95 million respectively; payments in 2015 through end-July totaled US$1.05 million. As of end-August 2015, Zimbabwe’s arrears to the IMF and the Bank amounted to US$120.5 million (SDR 79.51 million) and US$1,147 million, respectively.

### Debt relief effects and development outcomes
- Debt relief under HIPC and MDRI has substantially alleviated debt burdens and enabled increases in poverty-reducing expenditures (see Figure 1 and Annex III Table AIII1).
- Recent data indicate the decline in debt service has moderated and the debt service burden may increase in the near future.
- Millennium Development Goal (MDG) outcomes show significant heterogeneity across regions and countries:
  - Weakest HIPC achievements: education and health-related sectors.
  - Only a few HIPCs met MDG targets for (1) a decrease in maternal mortality rates and (2) an increase in primary school completion rates.
  - Relatively better performance: (1) gender equality in primary education and (2) access to safe drinking water.
  - Increasing incidence of humanitarian crises (pandemics, natural disasters, war, conflicts) have impaired some HIPC development gains.

### Statistical and costing update scope
- This report updates status of implementation for the HIPC Initiative and the MDRI and cost estimates in end-2014 present value (PV) terms.
- Updated items 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).

### Administrative and authorship notes
- Approved by Sean Nolan (IMF) and John Panzer (World Bank).
- Prepared by Joyce Miharu Saito under the supervision of Mark Flanagan and S. Ali Abbas (IMF), and by Signe Zeikate under the supervision of Mark Roland Thomas (WB).

### Total cost of debt relief (section 7) — headline figures and drivers
- Total HIPC Initiative cost to creditors: US$74.8 billion (end-2014 PV terms).
- Increase relative to end-2013 PV estimates explained by Chad’s completion and by a lower SDR discount rate increasing PV values.
- Total MDRI cost for the four participating multilateral creditors: US$41.6 billion (end-2014 PV terms).

### HIPC Initiative costs by creditor type and country group (end-2014 PV terms)
- Total Costs by creditor type and country group (in billions of U.S. dollars, end-2014 PV terms):
  - Multilateral creditors: 27.8
    - IDA: 13.0
    - IMF: 4.5
    - AfDB Group: 5.0
    - IaDB: 1.6
    - Other: 3.7
  - Bilateral and commercial creditors: 29.9
    - Paris Club: 21.4
    - Other Official Bilateral: 4.8
    - Commercial: 3.7
  - Total Costs: 57.8 (post-decision-point HIPCs) + 17.0 (pre-decision-point HIPCs) = 74.8 (Total)
- Memorandum:
  - Total Costs from Previous Report (discounted to end-2014 terms): 56.0 (post-decision-point) + 16.6 = 72.8

### MDRI: selected nominal and PV assistance figures
- Assistance in end-2014 PV terms, Principal / Foregone Interest / Total Principal and Foregone Interest (in billions of U.S. dollars):
  - Post-Completion-Point HIPCs:
    - Assistance in end-2014 PV Terms: 45.2
    - Principal Foregone: 4.9
    - Total Principal and Foregone Interest: 50.2
    - Assistance in nominal terms (Principal and Foregone Interest): 41.3
    - IDA (post-completion): Principal 31.7, Foregone Interest 3.0, Total 34.7, Nominal Principal and Foregone Interest 28.1
    - IMF (post-completion): Principal 3.4, Foregone Interest 0.0, Total 3.4, Nominal Principal and Foregone Interest 3.7
    - AfDF (post-completion): Principal 6.9, Foregone Interest 0.9, Total 7.8, Nominal Principal and Foregone Interest 5.8
    - IaDB (post-completion): Principal 3.3, Foregone Interest 1.0, Total 4.4, Nominal Principal and Foregone Interest 3.7
  - Interim and Pre-Decision-Point HIPCs:
    - Assistance in end-2014 PV Terms: 0.4
    - Principal Foregone: 0.0
    - Total Principal and Foregone Interest: 0.5
    - Nominal Principal and Foregone Interest: 0.4
  - All HIPCs:
    - Assistance in end-2014 PV Terms: 45.6
    - Principal Foregone: 5.0
    - Total Principal and Foregone Interest: 50.6
    - Nominal Principal and Foregone Interest: 41.6
    - IDA (all HIPCs nominal): Principal 31.9, Foregone Interest 3.0, Total 34.9, Nominal Principal and Foregone Interest 28.3
    - IMF (all HIPCs nominal): Principal 3.4, Foregone Interest 0.0, Total 3.4, Nominal Principal and Foregone Interest 3.7
    - AfDF (all HIPCs nominal): Principal 7.1, Foregone Interest 0.9, Total 8.0, Nominal Principal and Foregone Interest 5.9
    - IaDB (all HIPCs nominal): Principal 3.3, Foregone Interest 1.0, Total 4.4, Nominal Principal and Foregone Interest 3.7
  - Non-HIPCs (MDRI assistance): 0.2 in nominal terms

### Creditor participation and Debt Relief Trust Fund (DRTF)
- 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.
- DRTF administered by IDA supports multilateral creditors to fulfill committed debt relief.
- As of end-August 2015:
  - Donors contributed a total of US$6.8 billion to the DRTF.
  - DRTF accumulated investment income: US$604 million.
  - DRTF disbursed about US$7.1 billion.
  - Remaining resources available in the DRTF: US$0.4 billion (estimated sufficient to help finance expected debt relief costs to eligible creditors for pre-decision point HIPCs).
- Approximately 30 percent of non-Paris Club creditors are yet to participate in the HIPC Initiative.

### Official bilateral and commercial creditors
- Paris Club creditors committed to provide debt relief estimated at US$21.4 billion in end-2014 PV terms to the 36 countries that have reached their decision points.
- Share attributable to non-Paris Club official bilateral creditors estimated at US$4.8 billion in end-2014 PV terms; less than half of this expected debt relief has been delivered to date.
- Most Paris Club members have voluntarily committed to provide additional debt relief beyond that required under the HIPC Initiative.

### Country coverage and data update
- Post-decision-point countries covered (36): Afghanistan, Benin, Bolivia, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Côte d’Ivoire, Comoros, Democratic Republic of the Congo, Republic of Congo, Ethiopia, The Gambia, Ghana, Guinea, Guinea-Bissau, Guyana, Haiti, Honduras, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Nicaragua, Niger, Rwanda, São Tomé and Príncipe, Senegal, Sierra Leone, Tanzania, Togo, Uganda, and Zambia.
- Pre-decision-point countries: Eritrea, Somalia, and Sudan.
- Data updated through end-August 2015.

### Key assumptions and discounting methodology
- Cost calculations include original and enhanced HIPC frameworks and the MDRI.
- HIPC cost estimates are based on debt data after full use of traditional debt-relief mechanisms.
- PV discounting to end-2014 uses the average interest rate applicable to the debt relief:
  - Discount rate used: 2.36 percent (implicit long-term interest rate of currencies that comprise the SDR basket over 2012–14, calculated as a 6-month average of the Commercial Interest Reference Rate (CIRR) over this period, weighted by SDR currency participation).
  - Same rate applied to MDRI calculations in end-2014 PV terms.
- Exchange rates used for MDRI calculations:
  - IDA/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 based on IDA15 and IDA16 foreign exchange reference rates of 1.52448 and 1.50233 U.S. dollars per SDR, respectively.
  - Cost estimates for FY15 onward based on IDA17 replenishment rate of 1.50718 U.S. dollars per SDR.
  - IMF: exchange rate of the date that debt relief was delivered, or, where debt was not yet delivered, the rate as of end-December 2014.
  - IaDB: currency units in U.S. dollars at end-2006.

### Annex III — selected table highlights and key statistics
- Summary totals and average ratios (Table AIII1):
  - Debt Service Paid (2001–2020, in millions of U.S. dollars): 4,306; 3,691; 3,991; 4,465; 4,845; 3,981; 3,191; 3,072; 3,300; 2,856; 3,572; 4,258; 5,083; 6,952; 8,164; 9,878; 11,535; 11,839; 12,745; 13,241 (Prel.).
  - Poverty Reducing Expenditures (2001–2020, in millions of U.S. dollars): 6,612; 7,857; 9,232; 11,241; 15,161; 18,040; 22,547; 27,089; 30,399; 33,280; 33,250; 38,984; 42,116; 42,422; 38,632; 41,761; 45,207; 38,638; 39,053; 41,845 (Prel.).
  - Average Ratios (percent):
    - Debt Service/Exports: 17.5; 14.7; 12.6; 12.3; 10.3; 10.5; 5.3; 4.3; 4.1; 3.0; 3.1; 3.6; 3.9; 4.7; 5.9; 6.3; 6.3; 6.1; 6.4; 6.6.
    - Debt Service/GDP: 3.1; 2.7; 2.3; 2.3; 2.2; 2.0; 1.2; 1.0; 1.0; 0.8; 0.9; 0.9; 1.0; 1.3; 1.5; 1.7; 1.8; 1.8; 1.8; 1.9.
    - Poverty-Reducing Expenditure/Government Revenue: 48.4; 49.2; 48.6; 45.9; 47.4; 48.3; 47.3; 52.1; 56.7; 50.4; 48.6; 51.1; 47.4; 48.5; 53.9; 54.7; 52.7; 49.5; 48.7; 48.4.
    - Poverty-Reducing Expenditure/GDP: 6.5; 7.0; 7.0; 7.0; 7.4; 7.5; 8.0; 8.1; 8.7; 8.3; 7.9; 8.7; 8.6; 8.2; 9.1; 9.6; 9.4; 9.2; 9.4; 9.4.
- Debt service levels and projections for 36 post-decision-point HIPCs (Table AIII2 highlights):
  - Country-level "Due after enhanced HIPC Initiative and MDRI relief" series provided for 2001–2020 (in millions of U.S. dollars) with percent-of-exports and percent-of-GDP rows.
  - Selected country series examples (debt service due, multi-year excerpts reported):
    - Benin: 57.1; 62.7; 66.7; 58.4; 38.3; 63.0; 88.1; 29.5; 37.6; 48.3; 54.8; 70.5; 77.1; 90.0; 100.1; 91.0; 93.8; 107.2; 112.0; 116.3.
    - Côte d’Ivoire: ...1.9; 274.5; 189.5; 118.0; 72.0; 240.8; 318.8; 294.0; 288.4; 114.5; 255.2; 492.7; 655.6; 699.9; 916.8; 1,029.1; 1,103.1; 1,175.1; 1,182.6.
    - Ethiopia: 572.3; 521.1; 191.3; 160.0; 165.6; 168.2; 182.2; 79.5; 130.7; 229.7; 393.6; 502.8; 655.3; 884.2; 1,053.6; 1,221.0; 1,327.0; 1,566.5; 1,741.7; 1,817.5.
    - Rwanda: 39.8; 38.5; 38.4; 42.4; 47.2; 32.6; 12.6; 14.3; 15.3; 17.5; 20.6; 27.0; 73.1; 96.7; 100.8; 101.2; 106.5; 93.9; 73.8; 76.8 (Prel.).
- Poverty-reducing expenditures by country (Table AIII3 highlights):
  - Country-level series (2001–2020) of poverty-reducing expenditures (millions of U.S. dollars) and shares:
    - Bolivia: 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; 2,791.8; 3,096.2; 3,461.5; 3,725.3; 3,759.0; 3,948.8; 4,282.1; 4,643.5; 5,032.9; 5,450.3.
    - Ethiopia: 733.4; 884.0; 1,001.4; 1,180.4; 1,618.6; 2,106.9; 2,542.7; 3,224.4; 3,482.0; 3,678.4; 3,874.0; 5,054.3; 5,924.7; 6,634.4; 7,451.9; 8,529.2; 9,286.0; 9,895.1; 10,791.1; 11,704.1.
    - Tanzania (selected 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; ...
- Committed and delivered HIPC/MDRI assistance (Tables AIII4–AIII6A highlights):
  - Aggregate (Table AIII4): 36 Post-Completion-Point HIPCs: Assistance Committed in PV Terms as of Decision Point: 76,378; Assistance under MDRI in Nominal Terms: 50,246; Total HIPC and MDRI Assistance in Nominal Terms: 126,624.
  - HIPC Initiative cost estimates to multilateral creditors (Table AIII5, end-2014 PV terms): Delivering or Committed to Deliver Debt Relief (total): 27,680 (In millions of U.S. dollars; Percent of Total Cost: 99.4 percent).
    - World Bank Group: 12,994 (Percent of Total Cost: 46.7).
    - AfDB Group: 4,968 (Percent of Total Cost: 17.8).
    - IMF: 4,476 (Percent of Total Cost: 16.1).
    - IaDB: 1,629 (Percent of Total Cost: 5.9).
    - EU/EIB: 1,052 (Percent of Total Cost: 3.8).
    - Total (all listed): 27,844 (100.0).
  - World Bank delivery status (Table AIII6A, status as of end-August 2015):
    - Total Committed Assistance (World Bank Assistance under the HIPC Initiative in committed nominal terms): 16,583.5.
    - Total Delivered Assistance (Delivered Assistance in end-2014 PV Terms to end-2014): 12,993.5.
    - Total Committed Assistance (end-2014 PV Terms): 9,643.7.
    - Total Committed Assistance (Nominal Terms under the MDRI): 34,698.2.
    - Total Delivered under HIPC Initiative and MDRI in end-2014 PV Terms: 37,762.4 (table aggregations reported).
- World Bank Group debt service after HIPC and MDRI (Table AIII6B): detailed before/after series provided; aggregate “TOTAL” after HIPC and after HIPC and MDRI series reported (see table for full annual series).
- IMF delivery and MDRI implementation (Tables AIII7A and AIII7B):
  - IMF HIPC Initiative and MDRI assistance (Table AIII7A, in millions of SDRs; status as of end-June 2015):
    - 36 Completion Point HIPCs: HIPC Initiative Assistance (A) = 2,421 (SDRs); MDRI Trusts (B) = 2,595 (SDRs); Total HIPC and MDRI Debt Relief Delivered (A+B) = 4,903 (SDRs).
  - IMF HIPC Initiative and MDRI Debt Relief (Table AIII7B, in millions of U.S. dollars; status as of end-June 2015): aggregate MDRI subtotal reported as 3,532.9 (in table footnotes).
- AfDB Group delivery and debt-service (Tables AIII8A and AIII8B):
  - AfDB Group (Table AIII8A; status as of end-August 2015):
    - 30 Post-Completion-Point HIPCs (AfDB exposure): Total Committed Assistance in PV Terms as of Decision Point: 3,781.0; Committed Assistance in end-2014 PV Terms: 4,968.3; Delivered Assistance in end-2014 PV Terms: 3,823.0; Committed Assistance in Nominal Terms under the MDRI: 7,751.6; Delivered Assistance in Nominal Terms: 5,755.9; Total Delivered Assistance in end-2014 PV Terms under HIPC Initiative and MDRI: 9,578.9.
- IaDB assistance (Table AIII9; status as of end-August 2015):
  - 5 Post-Completion-Point HIPCs: Total Committed Assistance: 1,183.0; Total Delivered Assistance: 1,628.9; Committed Assistance in end-2014 PV Terms: 1,185.2; Delivered Assistance in end-2014 PV Terms: 4,369.0; Delivered Assistance in Nominal Terms: 3,667.3; Total Delivered under HIPC Initiative and 2007 Initiative in end-2014 PV Terms: 4,852.5.
- Donor contributions to Debt Relief Trust Fund (Table AIII10; status as of end-August 2015, in millions of U.S. dollars):
  - TOTAL: 6,769 (Resources Contributed); 604 (Accumulated Investment Income); (7,124) (Resources Allocated for Debt Relief Grants); 250 (Available Balance).
  - Sub-Total Bilateral Donors: 4,404; 397; (4,552); 250.
  - Multilateral Donors Sub-Total: 2,365; 207; (2,572); 0.
- Paris Club delivery and commitments (Tables AIII11–AIII13):
  - For the 36 Post-Completion-Point HIPCs (Table AIII12): Total HIPC Initiative Assistance Committed = 21,412; HIPC Initiative Assistance Provided = 21,412; Debt Relief Beyond HIPC Initiative Provided = 17,725; Total Debt Relief Provided = 39,138; Debt-Relief-Provided to Debt-Relief-Committed (In percent) = 182.8.
- Non-Paris Club official bilateral creditors (Tables AIII14–AIII15):
  - Table AIII15 delivery performance examples (end-2014 PV terms):
    - Algeria: Assistance Costs (PV Terms) = 265; HIPC Initiative Assistance Delivered (PV Terms) = 244; Percent of Total Assistance = 92.
    - China: Assistance Costs (PV Terms) = 433; HIPC Initiative Assistance Delivered (PV Terms) = 359; Percent of Total Assistance = 83.
    - Guatemala: Assistance Costs (PV Terms) = 497; HIPC Initiative Assistance Delivered (PV Terms) = 491; Percent of Total Assistance = 99.
- Commercial creditor lawsuits against HIPCs (Table AIII16):
  - Table lists reported commercial creditor lawsuits with creditor domicile, court location, status, original claim, amount claimed, and judgments where applicable.
  - Selected entries:
    - Democratic Republic of Congo — MIMINCO (United States): Court Location: Belgium and Ireland; Status: Judgement awarded; Original Claim 15.0; Amount Claimed by Creditor 11.7.
    - Republic of Congo — Groupe Antoine Tabet (GAT) (Lebanon): Court Location France; Status: Ongoing; Original Claim 100.0; Amount Claimed by Creditor 78.7.
    - Niger — creditor from Taiwan: Court Location United States; Status: Judgement Awarded; Original Claim 60.0; Amount Claimed by Creditor 183.0; note: agreement reached June 25, 2015 reduced total amount to US$20 millions (US$5 million paid; remaining balance to be paid in 20 years at 1.75 percent annual interest rate).
  - Table clarifies that cases are reported based on authorities' information and are not a complete summary of all proceedings; amounts may include interest, charges, and penalties.

*Source: EXECUTIVE SUMMARY, HIPC Initiative and MDRI Statistical Update (March 15, 2016).*

### EXECUTIVE SUMMARY

### _031516 - EXECUTIVE SUMMARY

### Overview and key results
- The HIPC Initiative and MDRI are nearly complete, with 36 countries having already reached the completion point under the HIPC Initiative.
- Chad, in April 2015, is the latest country to reach the completion point and qualified for irrevocable debt relief.
- Debt relief under the Initiative has alleviated debt burdens substantially in recipient countries and has enabled them to increase their poverty-reducing expenditure by over one and a half percentage points of GDP between 2001 and 2014.
- The total cost of debt relief to creditors under the HIPC Initiative is currently estimated to be US$74.8 billion (end-2014 PV terms).
- The costs to the four multilateral creditors providing relief under the MDRI is estimated at US$41.6 billion in end-2014 present value terms.
- Report date: March 15, 2016.

### Progress in implementation and country status
- All 36 countries that reached decision point have now reached completion point.
- Three pre-decision-point countries remain: Eritrea, Somalia, and Sudan.
  - Eritrea:
    - No updates since the previous report.
    - Has benefitted from mining (gold since 2011 and base metals since 2013).
    - Political situation remains fragile; last Article IV Consultation was in 2009; no IMF-supported program discussions.
  - Somalia:
    - External Debt Technical Working Group established on April 11, 2014 to address 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$331.7 million and US$287.4 million as of August 30, 2015, respectively.
    - Somalia’s arrears to the AfDB accounted for about UAC67.4 million, or US$94.5 million (as of August 30, 2015).
    - IMF and World Bank have been providing technical assistance and capacity development in budget preparation, fiscal policy, central banking, financial governance, macroeconomic statistics, tax policy administration, central bank operations, banking supervision, and AML/CFT.
    - On July 27, 2015 Somalia had its first Article IV Consultation since November 18, 1989; discussions on a possible SMP have commenced.
    - The World Bank established a Multi-Partner Fund (MPF) in 2014 to coordinate financing for reconstruction and development; MPF established for a 10-year period.
  - Sudan:
    - In debt distress per the 2014 debt sustainability analysis and eligible for HIPC debt relief but has not met all qualifications.
    - Large external arrears hinder access to external financing and development.
    - Arrears: SDR 974.02 million to the IMF as of July 31, 2015 (about US$1,358.5 million); US$809 million to the World Bank and UAC214.5 million (or US$300.6 million) to the AfDB as of August 30, 2015.
    - Procedural steps to reach Decision Point include: (i) receive financing assurances from creditors for HIPC debt relief; (ii) establish a track record of performance (e.g., through an SMP judged to be of Upper-Credit Tranche quality); and (iii) clear arrears to the IMF, World Bank and AfDB and have an arrears clearance plan with remaining external creditors.
    - No firm timeline is currently possible for fulfilling these steps.
- Zimbabwe:
  - Eligibility to receive HIPC assistance remains unclear.
  - Remains in debt distress and will need a comprehensive arrears clearance framework with the international community.
  - Reconciled loan-by-loan data indicate Zimbabwe met the indebtedness criterion for HIPC eligibility, but arrears to the PRGT must be cleared to be eligible.
  - Recent assessment indicates that based on end-2013 debt-to-exports ratio, Zimbabwe would not qualify for HIPC debt relief; qualification depends on updated debt-to-exports data and policy performance.
  - Authorities presented an arrears clearance strategy to creditors outside the HIPC framework during a meeting in Lima in October 2015, aiming to clear IFI arrears using own resources and external borrowing, and envisaging Paris Club rescheduling in the context of a regular IMF ECF program.
  - The third review of the recently expired SMP covering October 2014 to December 2015 expected to be completed in June 2016; first and second reviews completed in April 2015 and October 2015 respectively.
  - Arrears and payments history noted: Zimbabwe made payments to the PRGT in 2012, 2013 and 2014 totaling US$7.5 million, US$1.8 million, and US$1.95 million respectively; payments in 2015 through end-July totaled US$1.05 million. As of end-August 2015, Zimbabwe’s arrears to the IMF and the Bank amounted to US$120.5 million (SDR 79.51 million) and US$1,147 million, respectively.

### Debt relief effects and development outcomes
- Debt relief under HIPC and MDRI has substantially alleviated debt burdens and enabled increases in poverty-reducing expenditures (see Figure 1 and Annex III Table AIII1).
- Recent data indicate the decline in debt service has moderated and the debt service burden may increase in the near future.
- Millennium Development Goal (MDG) outcomes show significant heterogeneity across regions and countries, with uneven progress:
  - Weakest HIPC achievements: education and health-related sectors.
  - Only a few HIPCs met MDG targets for (1) a decrease in maternal mortality rates and (2) an increase in primary school completion rates.
  - Relatively better performance: (1) gender equality in primary education and (2) access to safe drinking water.
  - Increasing incidence of humanitarian crises (pandemics, natural disasters, war, conflicts) have impaired some HIPC development gains.

### Statistical and costing updates (scope of this update)
- This report provides an update on the status of implementation for the HIPC Initiative and the MDRI and the cost estimates of these Initiatives in end-2014 present value (PV) terms.
- Updated items 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).

### Administrative and authorship notes
- Approved by Sean Nolan (IMF) and John Panzer (World Bank).
- Prepared by Joyce Miharu Saito under the supervision of Mark Flanagan and S. Ali Abbas (IMF), and by Signe Zeikate under the supervision of Mark Roland Thomas (WB).

*Source: EXECUTIVE SUMMARY, HIPC Initiative and MDRI Statistical Update (March 15, 2016).*

### 7.      The total cost of debt relief to creditors under the HIPC Initiative is estimated at US$74.8

### _031516 - 7.      The total cost of debt relief to creditors under the HIPC Initiative is estimated at US$74.8

### Summary of costs
- The total cost of debt relief to creditors under the HIPC Initiative is estimated at US$74.8 billion in end-2014 present value (PV) terms.
- The increase in debt relief costs relative to previous end-2013 PV estimates is explained by Chad’s completion of the HIPC Initiative and by an increase in PV values due to a lower SDR discount rate.
- The total cost of the MDRI for the four participating multilateral creditors is estimated at US$41.6 billion in end-2014 PV terms.

### HIPC Initiative: Costs by main creditor and country group (end-2014 PV terms)
- Total Costs by creditor type and country group (in billions of U.S. dollars, end-2014 PV terms):
  - Multilateral creditors: 27.8
    - IDA: 13.0
    - IMF: 4.5
    - AfDB Group: 5.0
    - IaDB: 1.6
    - Other: 3.7
  - Bilateral and commercial creditors: 29.9
    - Paris Club: 21.4
    - Other Official Bilateral: 4.8
    - Commercial: 3.7
  - Total Costs: 57.8 (post-decision-point HIPCs) + 17.0 (pre-decision-point HIPCs) = 74.8 (Total)
- Memorandum:
  - Total Costs from Previous Report (discounted to end-2014 terms): 56.0 (post-decision-point) + 16.6 = 72.8

### MDRI: Nominal and PV assistance (selected figures)
- Assistance in end-2014 PV terms, Principal / Foregone Interest / Total Principal and Foregone Interest (in billions of U.S. dollars):
  - Post-Completion-Point HIPCs:
    - Assistance in end-2014 PV Terms: 45.2
    - Principal Foregone: 4.9
    - Total Principal and Foregone Interest: 50.2
    - Assistance in nominal terms (Principal and Foregone Interest): 41.3
    - IDA (post-completion): Principal 31.7, Foregone Interest 3.0, Total 34.7, Nominal Principal and Foregone Interest 28.1
    - IMF (post-completion): Principal 3.4, Foregone Interest 0.0, Total 3.4, Nominal Principal and Foregone Interest 3.7
    - AfDF (post-completion): Principal 6.9, Foregone Interest 0.9, Total 7.8, Nominal Principal and Foregone Interest 5.8
    - IaDB (post-completion): Principal 3.3, Foregone Interest 1.0, Total 4.4, Nominal Principal and Foregone Interest 3.7
  - Interim and Pre-Decision-Point HIPCs:
    - Assistance in end-2014 PV Terms: 0.4
    - Principal Foregone: 0.0
    - Total Principal and Foregone Interest: 0.5
    - Nominal Principal and Foregone Interest: 0.4
  - All HIPCs:
    - Assistance in end-2014 PV Terms: 45.6
    - Principal Foregone: 5.0
    - Total Principal and Foregone Interest: 50.6
    - Nominal Principal and Foregone Interest: 41.6
    - IDA (all HIPCs nominal): Principal 31.9, Foregone Interest 3.0, Total 34.9, Nominal Principal and Foregone Interest 28.3
    - IMF (all HIPCs nominal): Principal 3.4, Foregone Interest 0.0, Total 3.4, Nominal Principal and Foregone Interest 3.7
    - AfDF (all HIPCs nominal): Principal 7.1, Foregone Interest 0.9, Total 8.0, Nominal Principal and Foregone Interest 5.9
    - IaDB (all HIPCs nominal): Principal 3.3, Foregone Interest 1.0, Total 4.4, Nominal Principal and Foregone Interest 3.7
  - Non-HIPCs (MDRI assistance): 0.2 in nominal terms

### Creditor participation and Debt Relief Trust Fund (DRTF)
- 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 committed debt relief.
- As of end-August 2015, donors have contributed a total of US$6.8 billion to the DRTF.
- The DRTF has accumulated investment income amounting to US$604 million and has disbursed about US$7.1 billion.
- The remaining amount of resources available in the DRTF (US$0.4 billion) is estimated to be sufficient to help finance the expected debt relief costs to eligible creditors in respect to pre-decision point HIPCs.
- Approximately 30 percent of non-Paris Club creditors are yet to participate in the HIPC Initiative.

### Official bilateral and commercial creditors
- Paris Club creditors have committed to provide debt relief estimated at US$21.4 billion in end-2014 PV terms to the 36 countries that have reached their decision points.
- The share of debt relief attributable to non-Paris Club official bilateral creditors is estimated at US$4.8 billion in end-2014 PV terms; less than half of this expected debt relief has been delivered to date.
- Most Paris Club members have voluntarily committed to provide additional debt relief beyond that required under the HIPC Initiative.

### Country coverage and data update
- Post-decision-point countries covered in the costing analysis (36): Afghanistan, Benin, Bolivia, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Côte d’Ivoire, Comoros, Democratic Republic of the Congo, Republic of Congo, Ethiopia, The Gambia, Ghana, Guinea, Guinea-Bissau, Guyana, Haiti, Honduras, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Nicaragua, Niger, Rwanda, São Tomé and Príncipe, Senegal, Sierra Leone, Tanzania, Togo, Uganda, and Zambia.
- Pre-decision-point countries included in the costing analysis: Eritrea, Somalia, and Sudan.
- Data was updated through end-August 2015.

### Key assumptions and discounting methodology
- 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 cost of HIPC Initiative assistance calculated in PV terms at the time of the decision-point is discounted to end-2014 using the average interest rate applicable to the debt relief.
  - The discount rate used was estimated at 2.36 percent and corresponds to the implicit long-term interest rate of currencies that comprise the SDR basket over the period 2012–14, 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-2014 PV terms.
- Exchange rates used for MDRI calculations:
  - IDA/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 the IDA15 and IDA16 foreign exchange reference rates of 1.52448 and 1.50233 U.S. dollars per SDR, respectively.
  - Cost estimates for FY15 onward are based on the IDA17 replenishment rate of 1.50718 U.S. dollars per SDR.
  - IMF: exchange rate of the date that debt relief was delivered, or, where debt was not yet delivered, the rate as of end-December 2014.
  - IaDB: currency units in U.S. dollars at end-2006.

*Source: HIPC Initiative and MDRI Statistical—Update (end-2014 PV terms; data updated through end-August 2015).*

### Annex III. Tables

### Annex III. Tables

### Summary totals and average ratios (Table AIII1)
- Debt Service Paid (2001–2020, in millions of U.S. dollars): 4,306; 3,691; 3,991; 4,465; 4,845; 3,981; 3,191; 3,072; 3,300; 2,856; 3,572; 4,258; 5,083; 6,952; 8,164; 9,878; 11,535; 11,839; 12,745; 13,241 (Prel.).
- Poverty Reducing Expenditures (2001–2020, in millions of U.S. dollars): 6,612; 7,857; 9,232; 11,241; 15,161; 18,040; 22,547; 27,089; 30,399; 33,280; 33,250; 38,984; 42,116; 42,422; 38,632; 41,761; 45,207; 38,638; 39,053; 41,845 (Prel.).
- Average Ratios (in percent):
  - Debt Service/Exports: 17.5; 14.7; 12.6; 12.3; 10.3; 10.5; 5.3; 4.3; 4.1; 3.0; 3.1; 3.6; 3.9; 4.7; 5.9; 6.3; 6.3; 6.1; 6.4; 6.6.
  - Debt Service/GDP: 3.1; 2.7; 2.3; 2.3; 2.2; 2.0; 1.2; 1.0; 1.0; 0.8; 0.9; 0.9; 1.0; 1.3; 1.5; 1.7; 1.8; 1.8; 1.8; 1.9.
  - Poverty-Reducing Expenditure/Government Revenue: 48.4; 49.2; 48.6; 45.9; 47.4; 48.3; 47.3; 52.1; 56.7; 50.4; 48.6; 51.1; 47.4; 48.5; 53.9; 54.7; 52.7; 49.5; 48.7; 48.4.
  - Poverty-Reducing Expenditure/GDP: 6.5; 7.0; 7.0; 7.0; 7.4; 7.5; 8.0; 8.1; 8.7; 8.3; 7.9; 8.7; 8.6; 8.2; 9.1; 9.6; 9.4; 9.2; 9.4; 9.4.

### Debt service levels and projections for 36 post-decision-point HIPCs (Table AIII2 highlights)
- Table presents country-level annual series of "Due after enhanced HIPC Initiative and MDRI relief" (debt service due) for 2001–2020 (in millions of U.S. dollars), with accompanying "In percent of export" and "In percent of GDP" rows for each country.
- Selected country examples (debt service due, multiple-year series as reported):
  - Afghanistan: ...9.1; 32.2; 5.7; 6.8; 7.4; 5.9; 4.6; 3.6; 2.5; 2.4; 6.4; 23.5; 78.9; 42.4; 43.0; 44.4; 40.8; 34.9; ...
  - Benin: 57.1; 62.7; 66.7; 58.4; 38.3; 63.0; 88.1; 29.5; 37.6; 48.3; 54.8; 70.5; 77.1; 90.0; 100.1; 91.0; 93.8; 107.2; 112.0; 116.3.
  - Cote d'Ivoire: ...1.9; 274.5; 189.5; 118.0; 72.0; 240.8; 318.8; 294.0; 288.4; 114.5; 255.2; 492.7; 655.6; 699.9; 916.8; 1,029.1; 1,103.1; 1,175.1; 1,182.6.
  - Ethiopia: 572.3; 521.1; 191.3; 160.0; 165.6; 168.2; 182.2; 79.5; 130.7; 229.7; 393.6; 502.8; 655.3; 884.2; 1,053.6; 1,221.0; 1,327.0; 1,566.5; 1,741.7; 1,817.5.
  - Rwanda: 39.8; 38.5; 38.4; 42.4; 47.2; 32.6; 12.6; 14.3; 15.3; 17.5; 20.6; 27.0; 73.1; 96.7; 100.8; 101.2; 106.5; 93.9; 73.8; 76.8 (Prel.).
- Country-level series include percent-of-exports and percent-of-GDP indicators for each year alongside nominal amounts.

### Poverty-reducing expenditures by country (Table AIII3 highlights)
- Table provides country-level annual series (2001–2020) of poverty-reducing expenditures (in millions of U.S. dollars), and the corresponding shares:
  - "In percent of government revenue" (central government revenue excluding grants).
  - "In percent of GDP".
- Selected country series (poverty-reducing expenditure, millions of U.S. dollars, selected entries):
  - Bolivia: 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; 2,791.8; 3,096.2; 3,461.5; 3,725.3; 3,759.0; 3,948.8; 4,282.1; 4,643.5; 5,032.9; 5,450.3.
  - Ethiopia: 733.4; 884.0; 1,001.4; 1,180.4; 1,618.6; 2,106.9; 2,542.7; 3,224.4; 3,482.0; 3,678.4; 3,874.0; 5,054.3; 5,924.7; 6,634.4; 7,451.9; 8,529.2; 9,286.0; 9,895.1; 10,791.1; 11,704.1.
  - Mozambique: 590.6; ...; 647.5; 699.3; 875.3; 943.4; 1,183.8; 1,331.7; 1,958.8; 2,097.6; 2,119.5; 2,132.6; 2,439.1; 2,991.2; ... (series continues in table).
  - Tanzania (selected 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; ...
- For many countries, poverty-reducing expenditure shares of government revenue and of GDP are reported year-by-year (see table for full series).

### Committed and delivered HIPC/MDRI assistance (Tables AIII4, AIII5, AIII6A)
- Aggregate (Table AIII4):
  - 36 Post-Completion-Point HIPCs: Assistance Committed in PV Terms as of Decision Point (sum reported in table title): 76,378; Assistance under MDRI in Nominal Terms: 50,246; Total HIPC and MDRI Assistance in Nominal Terms: 126,624.
  - Total Debt Relief Committed (all HIPCs and non-HIPCs): 76,378; 50,428; 126,806 (columns summarized in table).
- HIPC Initiative cost estimates to multilateral creditors (Table AIII5, end-2014 PV terms):
  - Delivering or Committed to Deliver Debt Relief (total): 27,680 (In millions of U.S. dollars; Percent of Total Cost: 99.4 percent reported under that header).
  - World Bank Group: 12,994 (Percent of Total Cost: 46.7).
  - African Development Bank (AfDB) Group: 4,968 (Percent of Total Cost: 17.8).
  - International Monetary Fund (IMF): 4,476 (Percent of Total Cost: 16.1).
  - Inter-American Development Bank (IaDB): 1,629 (Percent of Total Cost: 5.9).
  - European Union/European Investment Bank (EU/EIB): 1,052 (Percent of Total Cost: 3.8).
  - Total (all creditors listed): 27,844 (100.0).
- World Bank delivery status (Table AIII6A, in millions of U.S. dollars; status as of end-August 2015):
  - Total Committed Assistance (World Bank Assistance under the HIPC Initiative in committed nominal terms listed): 16,583.5 (column I header).
  - Total Delivered Assistance (Delivered Assistance in end-2014 PV Terms to end-2014): 12,993.5 (column VI header shows total delivered in end-2014 PV Terms).
  - Total Committed Assistance (end-2014 PV Terms): 9,643.7 (column IV header).
  - Total Committed Assistance (Nominal Terms under the MDRI): 34,698.2 (column V header).
  - Total Delivered under HIPC Initiative and MDRI in end-2014 PV Terms: 37,762.4 (table bottom total: (III) + (VI) and (IV) + (VI) aggregation shown).
  - Country-level committed/delivered figures by World Bank are provided for each of the 36 post-completion-point HIPCs in the table.

### World Bank Group debt service after HIPC and MDRI (Table AIII6B)
- Debt Service before HIPC Initiative Debt Relief and projections (selected totals and country examples; in millions of U.S. dollars):
  - Total (aggregate row “TOTAL” before relief): 719; 809; 1,052; 870; 964; 1,167; 1,182; 1,700; 1,677; 1,824; 1,588; 1,711; 1,835; 1,941; 2,042; 2,154; 2,382; 3,202; 4,238; 2, and further series in table (see table for full annual series).
- Debt Service after HIPC Initiative Debt Relief (selected aggregate “TOTAL” row): 651; 560; 399; 502; 562; 626; 556; 617; 777; 847; 912; 1,030; 1,071; 1,150; 1,257; 1,392; 1,486; 1,576; 1,639; ... (full annual series provided in table).
- Debt Service after HIPC Initiative Debt Relief and MDRI (final adjustment row, aggregate “TOTAL”): 651; 560; 399; 502; 562; 626; 375; 243; 355; 359; 342; 371; 382; 364; 418; 474; 508; 571; 640; (series continues—see table for full series and country breakdowns).

### IMF delivery and MDRI implementation (Tables AIII7A and AIII7B)
- IMF HIPC Initiative and MDRI assistance (Table AIII7A, in millions of SDRs; status as of end-June 2015):
  - 36 Completion Point HIPCs: HIPC Initiative Assistance (A) = 2,421 (SDRs); MDRI Trusts (B) = 2,595 (SDRs); Total HIPC and MDRI Debt Relief Delivered (A+B) = 4,903 (SDRs).
  - Country-level IMF HIPC and MDRI entries (Decision Point / Completion Point dates and IMF assistance amounts) are reported for each completion-point country (see table for country-specific SDR amounts and delivery dates).
- IMF HIPC Initiative and MDRI Debt Relief (Table AIII7B, in millions of U.S. dollars; status as of end-June 2015):
  - Aggregate reported IMF HIPC Initiative debt relief totals across years and MDRI debt relief totals across years are provided in year-by-year series, with a TOTAL row summing HIPC Initiative and MDRI amounts: TOTAL HIPC Initiative and MDRI (MDRI section final line): 3,532.9 (in the MDRI subtotal column as reported in table footnotes).
  - The table contains year-by-year actuals for HIPC Initiative debt relief and for MDRI debt relief for individual beneficiary countries (see table for full country-year detail).

### AfDB Group delivery and debt-service (Tables AIII8A and AIII8B)
- AfDB Group (Table AIII8A, status as of end-August 2015; in millions of U.S. dollars):
  - 30 Post-Completion-Point HIPCs (AfDB exposure): Total Committed Assistance in PV Terms as of Decision Point: 3,781.0; Committed Assistance in end-2014 PV Terms: 4,968.3; Delivered Assistance in end-2014 PV Terms: 3,823.0; Committed Assistance in Nominal Terms under the MDRI: 7,751.6; Delivered Assistance in Nominal Terms: 5,755.9; Total Delivered Assistance in end-2014 PV Terms under HIPC Initiative and MDRI: 9,578.9.
  - Country-level AfDB committed/delivered breakdowns reported (see table for country detail).
- AfDB Group debt service after HIPC Initiative and MDRI (Table AIII8B):
  - Country-level series of debt service "before HIPC", "after HIPC", and "after HIPC and MDRI" are reported for 2000–2018 in millions of U.S. dollars. Aggregate totals for AfDB coverage are provided in the table (see table for full series and country breakdowns).

### Inter-American Development Bank (IaDB) assistance (Table AIII9)
- IaDB (Table AIII9; status as of end-August 2015; in millions of U.S. dollars):
  - 5 Post-Completion-Point HIPCs: Total Committed Assistance: 1,183.0; Total Delivered Assistance: 1,628.9; Committed Assistance in end-2014 PV Terms: 1,185.2; Delivered Assistance in end-2014 PV Terms: 4,369.0; Delivered Assistance in Nominal Terms: 3,667.3; Total Delivered under HIPC Initiative and 2007 Initiative in end-2014 PV Terms: 4,852.5.
  - Country-level IaDB committed/delivered figures (Bolivia; Haiti; Honduras; Guyana; Nicaragua) are reported in table.

### Donor contributions to Debt Relief Trust Fund (Table AIII10)
- Resources Contributed and Available Balance (status as of end-August 2015; in millions of U.S. dollars) — selected entries:
  - United States: 667; 515; (687) ; 2 (format in table shows Resources Contributed / Accumulated Investment Income / Resources Allocated for Debt Relief Grants / Available Balance; see table for full breakdown).
  - Japan: 325; 851; (228) ; 81.
  - European Union: 953; 370; (1,022) ; 0.
  - Sub-Total Bilateral Donors: 4,404; 397; (4,552) ; 250.
  - Multilateral Donors Sub-Total: 2,365; 207; (2,572) ; 0.
  - TOTAL: 6,769; 604; (7,124) ; 250.
- Footnotes clarify inclusion of IDA replenishment contributions, investment income allocations to IDA and IFAD, and allocations to IMF (see table).

### Paris Club delivery and commitments (Tables AIII11, AIII12, AIII13)
- Paris Club creditor cost estimates (Table AIII11, in end-2014 PV terms): creditor-level contributions and percent shares reported (examples):
  - World Bank Group, AfDB Group, IMF, IaDB noted in multilateral creditor table AIII5 (see that table).
  - Table AIII11 provides creditors-by-creditor Paris Club bilateral creditor shares across the 36 post-decision-point HIPCs (very detailed creditor-by-country matrix; see table for full numeric detail).
- Debt Relief Committed and Provided by Paris Club (Table AIII12, in end-2014 PV terms):
  - For the 36 Post-Completion-Point HIPCs: Total HIPC Initiative Assistance Committed = 21,412; HIPC Initiative Assistance Provided = 21,412; Debt Relief Beyond HIPC Initiative Provided = 17,725; Total Debt Relief Provided = 39,138; Debt-Relief-Provided to Debt-Relief-Committed (In percent) = 182.8.
  - Country-level commitments and delivery percentages are reported (see table for full list).
- Paris Club bilateral initiatives beyond HIPC (Table AIII13):
  - Table documents creditor-specific modalities (flow vs stock treatment), and percentages (100 percent in many cases) for ODA and non-ODA pre-cutoff and post-cutoff debt categories by creditor. See table for detailed creditor-by-creditor rules and notes.

### Non-Paris Club official bilateral creditors (Tables AIII14–AIII15)
- AIII14 provides cost estimates to Non-Paris Club Official Bilateral Creditors (end-2014 PV terms) with detailed creditor-by-debtor matrices and totals (aggregate total reported in table bottom: 4,842 in one block and 310 etc.; see table for full matrix and totals).
- Table AIII15 summarizes delivery performance by non-Paris creditors (in end-2014 PV terms):
  - Delivered more than 80 percent of total assistance (selected creditors and reported figures):
    - Algeria: Assistance Costs (PV Terms) = 265; HIPC Initiative Assistance Delivered (PV Terms) = 244; Percent of Total Assistance = 92.
    - China: Assistance Costs (PV Terms) = 433; HIPC Initiative Assistance Delivered (PV Terms) = 359; Percent of Total Assistance = 83.
    - Guatemala: Assistance Costs (PV Terms) = 497; HIPC Initiative Assistance Delivered (PV Terms) = 491; Percent of Total Assistance = 99.
    - Total for this group: Assistance Costs (PV Terms) = 1,522; Delivered = 1,375.
  - Delivered more than 40 percent of total assistance (examples): Brazil; Colombia; India; Iraq; Kuwait; Poland; Saudi Arabia; Slovak Republic; Venezuela. Group totals: Assistance Costs = 1,131; Delivered = 784.
  - Delivered less than 40 percent and No delivery sections list other creditors with reported assistance costs and delivered amounts; aggregate totals and further details in table.

### Commercial creditor lawsuits against HIPCs (Table AIII16)
- Table lists reported commercial creditor lawsuits against HIPCs, with creditor domicile, court location, status, original claim, amount claimed by creditor, and judgment for creditor where applicable. Selected entries:
  - Congo, Dem. Rep. of — MIMINCO (United States): Court Location: Belgium and Ireland; Status: Judgement awarded; Original Claim 15.0; Amount Claimed by Creditor 11.7.
  - Congo, Rep. of — Groupe Antoine Tabet (GAT) (Lebanon): Court Location France; Status: Ongoing; Original Claim 100.0; Amount Claimed by Creditor 78.7.
  - Niger — creditor from Taiwan: Court Location United States; Status: Judgement Awarded; Original Claim 60.0; Amount Claimed by Creditor 183.0; note: agreement reached June 25, 2015 reduced total amount to US$20 millions (US$5 million paid; remaining balance to be paid in 20 years at 1.75 percent annual interest rate) (see table note).
- Table clarifies that cases are reported based on authorities' information and are not a complete summary of all proceedings; amounts may include interest, charges, and penalties.

*Source: Annex III. Tables (HIPC Initiative and MDRI Statistical—Update) — Tables AIII1–AIII16 as provided in the source PDF.*

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