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HIPC Initiative and MDRI Statistical Update (December 2014)

Core Content

The Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) have made significant progress, with 35 countries having reached the completion point under the HIPC Initiative. Only Chad remains in the interim phase, and three countries—Eritrea, Somalia, and Sudan—are still in the pre-decision-point phase. The initiatives have substantially reduced debt burdens in recipient countries, allowing for increased poverty-reducing expenditures by 2.5 percentage points between 2001 and 2013. However, recent data show a moderation in the decline of debt service, which could lead to an increase in the debt service burden in the near future.

Main Viewpoints

• Completion Status:

  • 35 countries have completed the HIPC Initiative.
  • 1 country (Chad) is in the interim phase.
  • 3 countries (Eritrea, Somalia, Sudan) are in the pre-decision-point phase.
  • Myanmar and Zimbabwe are still under assessment for eligibility.

• Debt Relief Impact:

  • Debt relief has enabled recipient countries to increase poverty-reducing spending.
  • Despite this, many HIPCs are lagging in achieving the Millennium Development Goals (MDGs), especially in education and health sectors.
  • Rwanda is the only HIPC country that met the MDG target for reducing maternal mortality.

• Costs of Debt Relief:

  • Total cost of HIPC debt relief to creditors is estimated at US$75.0 billion in end-2013 present value (PV) terms.
  • The MDRI cost for the four multilateral creditors is estimated at US$41.1 billion in end-2013 PV terms.

• Creditor Participation:

  • Multilateral and Paris Club creditors have shown strong participation.
  • Non-Paris Club bilateral and commercial creditors still need to increase their involvement.
  • The Debt Relief Trust Fund (DRTF) has received US$6.7 billion in contributions, with US$602 million in investment income and US$7.0 billion disbursed.

Key Information

Country Coverage

• Post-Completion-Point HIPCs: 35 countries
• Interim HIPCs: 1 country (Chad)
• Pre-Decision-Point HIPCs: 3 countries (Eritrea, Somalia, Sudan)
• Myanmar: Completed a 12-month Staff Monitored Program (SMP) in January 2014.
• Zimbabwe: Remains in debt distress and needs a comprehensive arrears clearance framework. Its eligibility for HIPC assistance is unclear due to not meeting the debt-to-exports ratio criterion.

Debt Relief and Poverty Reduction

• Figure 1 and Annex III Table AIII1 show that poverty-reducing expenditures have increased, but the decline in debt service has slowed.
• The MDG target year of 2015 is approaching, but many HIPCs, especially in Sub-Saharan Africa, are not on track to meet the goals.
• Progress has been noted in gender equality in primary education and access to safe drinking water.

Creditor Participation Details

• Multilateral Creditors:

  • 99% of multilateral creditors have committed to HIPC debt relief.
  • IDA, IMF, AfDB, IaDB, and AsDB are the main multilateral creditors.
  • The DRTF has accumulated US$602 million in investment income and disbursed US$7.0 billion.

• Paris Club Creditors:

  • Committed to provide US$21.5 billion in debt relief to 36 post-decision-point countries.
  • Additional debt relief beyond HIPC requirements has been voluntarily committed.

• Non-Paris Club Creditors:

  • Estimated to provide US$4.9 billion in debt relief.
  • Only about half of the expected debt relief has been delivered.
  • Approximately 30% of non-Paris Club creditors have not yet participated.

Debt Relief Challenges

• Chad: Has a three-year ECF arrangement of US$122.4 million (July 2014–June 2017). Satisfactory performance under the ECF is a prerequisite for achieving the HIPC completion point.
• Sudan: Remains in arrears to the IMF, World Bank, and AfDB. A new SMP was approved in March 2014 to help clear arrears and prepare for debt relief.
• Somalia: Has received technical assistance from the IMF and World Bank, but remains ineligible for financial assistance due to arrears. The country is working on an economic recovery plan and has received ten technical assistance missions.
• Zimbabwe: Needs to clear arrears to the PRGT and meet the debt-to-exports ratio to qualify for HIPC debt relief. A new SMP was approved in October 2014.

Summary of Costs

• HIPC Initiative Total Costs: US$75.0 billion in end-2013 PV terms.
• MDRI Total Costs: US$41.1 billion in end-2013 PV terms.
• Multilateral Creditors:
  • Total: US$33.3 billion
  • IDA: US$14.5 billion
  • IMF: US$6.4 billion
  • AfDB Group: US$5.4 billion
• Bilateral and Commercial Creditors:
  • Total: US$41.7 billion
  • Paris Club: US$27.3 billion
  • Other Official Bilateral: US$9.8 billion
  • Commercial: US$4.6 billion

Conclusion

The HIPC Initiative and MDRI have achieved substantial progress in reducing debt burdens and enabling poverty-reducing expenditures. However, challenges remain in ensuring full creditor participation, particularly from non-Paris Club creditors, and in meeting the MDGs. Continued efforts are needed to support countries in the interim and pre-decision-point phases, especially in terms of policy implementation and data collection.