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Since then, the international financial community, including multilateral organizations and governments, have worked together to reduce to sustainable levels the external debt burdens of the most heavily indebted poor countries.
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In , a comprehensive review of the Initiative allowed the Fund to provide faster, deeper, and broader debt relief and strengthened the links between debt relief, poverty reduction, and social policies. Countries must meet certain criteria, commit to poverty reduction through policy changes, and demonstrate a good track record over time.
The Fund and Bank provide interim debt relief in the initial stage and, when a country meets its commitments, full debt relief is provided. To be considered for HIPC Initiative assistance, a country must fulfill the following four conditions:.
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Once a country has met or made sufficient progress in meeting these four criteria, the Executive Boards of the IMF and World Bank formally decide on its eligibility for debt relief, and the international community commits to reducing debt to a level that is considered sustainable. Once a country reaches its decision point, it may immediately begin receiving interim relief on its debt service falling due.
In order to receive full and irrevocable reduction in debt available under the HIPC Initiative, a country must.
Once a country has met these criteria, it can reach its completion point, which allows it to receive the full debt relief committed at the decision point. Countries receiving debt relief. Of the 39 countries eligible or potentially eligible for HIPC Initiative assistance, 36 are receiving full debt relief from the IMF and other creditors after reaching their completion points. Three countries, which have been identified as potentially eligible for HIPC Initiative assistance, have not yet reached their decision points.
Debt relief is one part of a much larger effort, which also includes aid flows, to address the development needs of low-income countries and make sure that debt sustainability is maintained over time. For debt reduction to have a tangible impact on poverty, the additional money needs to be spent on programs that benefit the poor.
Before the HIPC Initiative, eligible countries were, on average, spending slightly more on debt service than on health and education combined.
- Ghana - Enhanced Heavily Indebted Poor Countries (HIPC) Debt Initiative (English) | The World Bank!
- Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative.
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Now, they have increased markedly their expenditures on health, education, and other social services. On average, such spending is about five times the amount of debt-service payments.
For the 36 countries receiving debt relief, debt service paid has declined by about 1. However, the sensitivity analysis also suggests that if Ghana were affected by permanent adverse shocks, or a combination of shocks, debt sustainability could once again be compromised.
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Overall policy implementation has generally been satisfactory, although the nonobservance of the trigger on the automatic adjustment of petroleum prices signals a weakness in structural policies. However, the staffs believe that the fundamental reform of petroleum pricing, to which the authorities have committed, will address the problems in this area, most importantly, by eliminating the government's involvement in the price-setting process.
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