2006年-IMF国际货币组织全球_Heavily_Indebted_Poor_Countries_Initiative_23页_764kb

Summary of the HIPC Initiative and Country Eligibility as of End-2004

Core Content

The document outlines the status of countries that meet the income and indebtedness criteria of the Heavily Indebted Poor Countries (HIPC) Initiative as of end-2004, and presents the implications of closing the list of eligible countries. It also provides an overview of the implementation status of IMF- and IDA-supported programs and poverty reduction strategies (PRSPs), along with the estimated costs of debt relief under the Initiative.

Main Points

1. Eligible Countries for HIPC Debt Relief

• A total of 11 countries met the income and indebtedness criteria of the HIPC Initiative at end-2004 and may wish to be considered for debt relief.
• These countries include:
  • 7 previously identified HIPCs: Central African Republic, Comoros, Côte d'Ivoire, Liberia, Somalia, Sudan, and Togo.
  • 4 new countries: Eritrea, Haiti, Kyrgyz Republic, and Nepal.
• 3 countries (Liberia, Somalia, and Sudan) are referred to as protracted arrears cases, which are expected to account for the majority of the debt relief cost.

2. Countries Not Eligible or Interested

• 3 countries (Bhutan, Lao PDR, and Sri Lanka) met the income and indebtedness criteria but have indicated that they do not wish to participate in the HIPC Initiative.
• Afghanistan was not included in the list due to unresolved disputes and unverified debt data, but staffs proposed to reassess its status once these issues are resolved.
• Tonga and Bangladesh were found to have debt ratios below the HIPC thresholds and were not included in the list.

3. Implementation of IMF- and IDA-Supported Programs

• 6 countries (Central African Republic, Côte d'Ivoire, Haiti, Kyrgyz Republic, Nepal, and Togo) have met the policy performance criteria and could qualify for debt relief if they meet the conditions at the decision point.
• 3 countries (Liberia, Somalia, and Sudan) are experiencing difficulties in implementing their programs and have not met the policy performance criteria.
• 5 countries (Comoros, Eritrea, Liberia, Somalia, and Sudan) have not had an IMF- or IDA-supported program since 1996 and have until the end of 2006 to qualify for debt relief.

4. Estimated Costs of HIPC Debt Relief

• The total estimated cost of HIPC Initiative debt relief for the 11 countries is US$21 billion in 2004 NPV terms.
• The cost breakdown:
  • US$5.3 billion for the 6 countries that meet all eligibility criteria.
  • US$15.7 billion for the remaining 5 countries, with Liberia, Somalia, and Sudan accounting for US$15.3 billion (72.9% of the total cost).
• Official bilateral and multilateral creditors share the costs almost equally.
• World Bank accounts for the largest share of the cost among multilateral creditors, at US$2.9 billion.
• IMF share is US$2.1 billion, with 91% of this amount related to the protracted arrears cases.
• AfDB Group would bear a cost of about US$1.0 billion.
• Commercial creditors account for US$2.5 billion, a higher share than in previously qualified HIPCs.

5. Implications of Closing the List and Sunset Clause

• The sunset clause of the HIPC Initiative expires on December 31, 2006, meaning that countries not meeting the policy performance criteria by then will not be eligible for debt relief.
• The IMF and IDA staffs recommend closing the list of countries meeting the income and indebtedness criteria at this time, but the Boards could amend it on a case-by-case basis if additional data confirm eligibility.
• Countries that have not met the policy performance criteria by the end of 2006 may not benefit from the Initiative, even if they meet the income and indebtedness criteria.
• The staffs will continue to monitor the progress of countries not yet assessed and report to the Boards on their status.

Key Information

• The HIPC Initiative is a debt relief program aimed at reducing the debt burden of the poorest and most indebted countries.
• The income and indebtedness criteria are based on the net present value (NPV) of debt relative to exports and fiscal revenue.
• The policy performance criterion requires countries to have implemented IMF- and IDA-supported programs and to have a poverty reduction strategy.
• The sunset clause was extended to end-2006, giving countries more time to meet the policy performance requirements.
• The decision point is when the Executive Boards of IMF and IDA determine if a country qualifies for debt relief.
• The completion point is when the IMF and IDA confirm a country's eligibility for debt relief, after which all creditors must provide irrevocable debt relief.

Conclusion

The document emphasizes that while the list of eligible countries has been finalized, the actual eligibility for debt relief depends on meeting the policy performance criteria. The cost of debt relief is significant, with the majority allocated to the protracted arrears cases. The staffs recommend closing the list and preparing for the sunset clause's expiration, with ongoing monitoring and potential amendments based on future data and country responses.