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	Heavily Indebted Poor Countries - Wikipedia, the free encyclopedia
		Heavily Indebted Poor Countries (HIPC) are countries with the highest levels of poverty in the world (see least developed countries) which are the subject of international debt relief measures aiming to reduce their external debt to sustainable levels.
		The HIPC program identifies 38 countries, 32 of which are in Sub-Saharan Africa, as being potentially eligible to receive debt relief (2004).
		HIPC Initiative University of Iowa Center for International Finance and Development.
	en.wikipedia.org /wiki/HIPC (402 words)

	Critique of the Heavily Indebted Poor Countries (HIPC) Initiative (Site not responding. Last check: 2007-10-29)
		Thus, while the HIPC framework claims to be concerned with easing the debt burden of the world's poorest countries, it is actually designed and controlled by creditors to extract the maximum possible in debt repayments.
		HIPC permits creditors to retain leverage over indebted African countries while offering the veneer of concern for the plight of these countries.
		Not only does the HIPC Initiative fail to acknowledge the illegitimacy of much of these debts, it actually sanctions the continued exploitation of indebted countries by rich creditor nations and institutions.
	www.africaaction.org /desk/hipc0206.htm (1162 words)

	ECONDAD submission to review of HIPC Initiative (Site not responding. Last check: 2007-10-29)
		Incidentally the "costs" of HIPC are often misleading, as a lot of the money being talked about is merely a balance sheet adjustment of already defaulted debt, rather than the need to provide new money to compensate for hitherto performing loans.
		The inclusion of a fiscal indicator in the HIPC framework in 1997 was welcome, as it acknowledged the fact that the initiative's export-denominated indicator discriminated unfairly against highly indebted countries with very open economies, such as Cote d'Ivoitre.
		If the HIPC Initiative is ever to succeed, it must ensure that debt levels are reduced once and for all: if a country needs to borrow again, then this is a sure sign that there has been insufficient debt reduction.
	www.econdad.org /HIPC.htm (3561 words)

	International Information Programs, U.S. Department of State, Economic Perspectives, February 2001 -- Reforming the ...
		The Heavily Indebted Poor Countries (HIPC) debt relief initiative establishes a process that allows those of the world's poorest countries that are saddled with exceptionally high debt burdens to negotiate reductions in loans payments and in their total debt stocks.
		HIPC covers "official debt" owed by the poorest countries' governments to the donor governments or to the IFIs; loans from these sources account for most of the poorest countries' debts.
		HIPC is unique by its inclusion of IFI loans as part of a program for negotiated debt reduction.
	usinfo.state.gov /journals/ites/0201/ijee/ifis-hipc.htm (656 words)

	The IMF/World Bank HIPC Initiative: Debt Freedom or Disguised Bondage? - Alternative News Media on Democracy, Politics, ... (Site not responding. Last check: 2007-10-29)
		Furthermore, since HIPC is intrinsically tied to development, the question has to be raised as to whether HIPC is producing a viable exit point for these countries to come out from under their poverty-stricken shells.
		By examining the outcome of the Initiative on the HIPC countries, it is clear that the IMF and World Bank are failing to deliver on their laudable goals of providing authentic sustainable debt relief and a catalyst for social and economic development.
		Instead of fulfilling its altruistic mission to relieve HIPC candidate countries of their financial stress, the HIPC Initiative sadly only manages to serve as the primary disguise worn by the IMF and World Bank to appease the global financial community that such nations demonstrably are able to sustain their outstanding obligations.
	www.canadiandemocraticmovement.ca /displayarticle335.html (3420 words)

	World Development Movement \| Ghana questions HIPC (Site not responding. Last check: 2007-10-29)
		This, Osafo-Marfo said, explained HIPC's support to the new global financing initiative proposal made by Gordon Brown, UK Chancellor of the Exchequer, who had advocated a new model Marshal Plan to raise development aid from the current $50 billion dollars a year to $100 billion dollars by 2015.
		Virtually all HIPC and developing countries are heavily dependent on primary commodities for their export earnings and government revenue, and as a result would remain vulnerable to adverse exogenous developments.
		"Virtually all HIPC and developing countries are heavily dependent on primary commodities for their export earnings and government revenue, and as a result would remain vulnerable to adverse exogenous developments," he said.
	www.wdm.org.uk /campaigns/ghanahipc.htm (535 words)

	WB FAQs HIPC
		Precisely because public interest in the HIPC Initiative is growing and continues to be varied, it is useful to periodically address some of the questions which are raised in connection with its design and its implementation.
		A) When the HIPC Initiative was launched in 1996, it introduced a new approach to debt relief for the poorest countries by focusing on overall debt sustainability.
		As part of an enhanced framework for poverty reduction, debt relief under HIPC would be linked to the establishment of national poverty reduction strategies developed by governments to ensure that debt relief—and external development assistance more broadly—makes a real difference in the lives of the poor.
	www.jdc-web.org.uk /debt-files/wb_faqs_hipc.htm (1972 words)

	What is the HIPC Initiative?
		The Heavily Indebted Poor Country (HIPC) Initiative is an agreement among official creditors designed to help the poorest, most heavily indebted countries escape from unsustainable debt.
		HIPC represents the first effort to coordinate all creditors.
		The first stage is a three-year period during which a HIPC country works in coordination with, and the support of, the World Bank and IMF to establish a record of implementing economic reforms and poverty reducing policies.
	www.uiowa.edu /ifdebook/faq/faq_docs/HIPC.shtml (1431 words)

	The Real Progress Report on HIPC - Social and Economic Policy - Global Policy Forum
		In particular, we recommend that the HIPC initiative be replaced with a fair and transparent international insolvency/debt-reduction framework, overseen by an independent arbitration panel nominated by both debtor and creditors.
		In particular, HIPC Status of Implementation Reports should provide more information as to when and why countries have gone off-track with their IMF programmes, including whether or not interim relief has been suspended and the reasons why.
		HIPC Decision Point Countries are Cameroon, Chad, D R of Congo, Ethiopia, The Gambia, Ghana, Guinea, Guinea-Bissau, Guyana, Honduras, Madagascar, Malawi, Nicaragua, Niger, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, and Zambia.
	www.globalpolicy.org /socecon/develop/debt/2003/09realprogresshipc.htm (2786 words)

	Department of State Washington File: Fact Sheet: The HIPC Debt Relief Initiative
		The HIPC initiative, the largest debt relief program for the poorest countries, was launched in September 1996 as the first comprehensive effort to help those countries free themselves from unsustainable debt and debt payment burdens that consumed significant portions of their national governments' funds.
		HIPC countries must develop a poverty reduction strategy in consultation with civil society and institutions in the country, donors and the international financial institutions.
		HIPC debt relief is only one of the ways in which the U.S. is working to assist the world's poorest countries improve the lives of their citizens.
	usembassy-australia.state.gov /hyper/2000/0714/epf510.htm (1523 words)

	EUROPA - Development - HIPC - Dept Relief (Site not responding. Last check: 2007-10-29)
		The Highly Indebted Poor Country (HIPC) initiative was proposed by the World Bank and the IMF in September 1996 with the aim to help relieve the debt burden of the poorest and most indebted countries that make adjustment efforts.
		There are currently 42 countries that are potentially eligible for the HIPC initiative, the majority of which are located in sub-Saharan Africa.
		Even if we assume a full success of the HIPC initiative, it is widely recognised that the problem of unsustainable debt burdens will continue to hamper development in countries that are not eligible for the current initiative.
	ec.europa.eu /comm/development/body/theme/hipc/index_en.htm (550 words)

	Factsheet - Debt Relief under the Heavily Indebted Poor Countries (HIPC) Initiative
		The HIPC Initiative entails coordinated action by the international financial community, including multilateral institutions, to reduce to sustainable levels the external debt burden of these countries.
		The HIPC Initiative is a comprehensive approach to debt reduction for poor countries that requires the participation of all creditors.
		Following a comprehensive review of the HIPC Initiative, a number of modifications were approved in September 1999 to provide faster, deeper and broader debt relief and strengthen the links between debt relief, poverty reduction and social policies.
	www.mafhoum.com /press2/59E15.htm (1571 words)

	Halifax Initiative > HIPC review submission (June 1999)
		The invitation to comment on the HIPC Initiative that has been extended to civil society representatives is a positive indicator of the willingness of the World Bank and IMF to incorporate our opinions in the policy process.
		The HIPC Initiative is less a program of effective debt relief than it is a means of ensuring compliance with IMF-directed economic restructuring.
		The HIPC Initiative should not be regarded as a tool for social development, but can best be used, as it was supposedly originally envisioned, as an addition to development assistance and other efforts to assure social well-being, particularly for those living in poverty, and environmental protection.
	www.halifaxinitiative.org /index.php/Pub_Debt_SAP_SpSub/261 (2881 words)

	Jubilee Research : Tracking HIPC : What is HIPC
		The most important aspect of HIPC is that for the first time in their 50-year history, the debts of the World Bank and the IMF (“preferred creditors” to whom debts have always to be repaid first) were included for write-off under the scheme.
		HIPC was also the first attempt by creditors to deal with the debts of the poorest countries in a comprehensive way.
		While the criteria for HIPC eligibility are supposed to be clear and transparent, the World Bank and IMF have in the past seen fit to adjust the list of countries based on political pressure from creditor countries.
	www.jubileeresearch.org /hipc/what_is_hipc.htm (2584 words)

	HIPC Update\| Independent Evaluation Group
		The Enhanced HIPC initiative cut debt ratios in half for 18 countries, but in eight of these countries, the ratios have come to once again exceed HIPC thresholds.
		Net transfers to HIPC countries have doubled from $8.8 billion in 1999 to $17.5 billion in 2004, while transfers to other developing countries have grown by only one-third.
		HIPC countries that are not yet at completion point have on average the lowest ratings of all low-income countries.
	www.worldbank.org /ieg/hipc/?intcmp=5249801 (373 words)

	HIPC Update\| Independent Evaluation Group
		The HIPC initiative was innovative in its attempt to seek a comprehensive approach to debt reduction involving all creditors
		HIPC has channeled additional development resources to qualifying countries both in the aggregate, and for 21 of 28 countries.
		HIPC has reduced debt ratios to half their levels before debt relief.
	www.worldbank.org /ieg/hipc/report.html (782 words)

	AFROL Background - HIPC debt relief (Site not responding. Last check: 2007-10-29)
		The HIPC Initiative was launched by the IMF and World Bank in 1996 as the first comprehensive effort to eliminate unsustainable debt in the world's poorest, most heavily indebted countries.
		Rapid progress has been made by the international financial community in implementing the HIPC Initiative since it was endorsed by the Interim and Development Committees of the IMF and World Bank in September 1996.
		The majority of the contribution, EUR 734 million, is directed to the HIPC Trust Fund, which is used to help finance the debt relief costs of participating multilateral creditors.
	www.afrol.com /Categories/Economy_Develop/backgr_hipc_debtrelief.htm (1569 words)

	U.S. Catholic Bishops - Social Development & World Peace (Site not responding. Last check: 2007-10-29)
		We realize that an expanded HIPC program will require an increase in funding, and we are supporting efforts to have the United States exercise leadership in providing the necessary financing.
		This report indicates that countries with debt-to-export ratios near the bottom of the 200-250 percent HIPC target range may still have debt burdens that are not likely to provide a cushion against adverse economic events.
		Probably the bulk of the new resources for HIPC will have to come from donor governments and may be needed primarily to make up for shortfalls in available resources from regional development institutions.
	www.usccb.org /sdwp/international/hipcrev2.htm (2221 words)

	General News of Monday, 10 July 2006
		- The expenditure of HIPC funds was not done with the approval of Parliament, contrary to the relevant provisions of the Constitution.
		The report - 'Where Did Ghana HIPC funds Go?' states emphatically that 'clearly the criterion for allocating HIPC funds was not the degree of poverty or need.
		If the criterion of who gets a portion of HIPC funds, and why, was the degree of poverty, the three poorest regions of Northern Ghana might have received a much larger share of the funds than the data presented reveals".
	www.ghanaweb.com /GhanaHomePage/NewsArchive/artikel.php?ID=107097 (1107 words)

	Jubilee Debt Campaign : In more depth : Heavily Indebted Poor Countries initiative
		HIPC is monitored and implemented by the World Bank and IMF.
		HIPC does not include all debts: debts are only partially cancelled, and some countries, banks and companies refuse or fail to take part in the HIPC process at all.
		HIPC is entirely controlled by creditors: they do not accept responsibility for their part in creating and maintaining the debt crisis, or allow poor countries to have a say.
	www.jubileedebtcampaign.org.uk /?lid=97 (777 words)

	HIPC MINISTERIAL NETWORK
		In 1999, HIPC Finance Ministers created a network, to provide them with a forum to express their views to the international community, on the progress and effectiveness of initiatives on debt relief, new financing and poverty reduction.
		At the conclusion of each semi-annual meeting, HIPC Ministers release a declaration or press release highlighting their key concerns and requesting measures by the international community to match their own efforts at debt management and poverty reduction.
		The Washington meeting is followed by a press conference and by meetings with senior BWI officials to transmit HIPC views.
	www.dri.org.uk /pages/hipcen.html (292 words)

	Halifax Initiative > Going beyond HIPC (June 2003)
		The HIPC Initiative was difficult enough to set up in its own right, and enjoys considerable support as it is. On the other hand, improvements to the HIPC Initiative are indeed desirable, and work to this end should not be slowed.
		In other words, relief from the symptoms of a debt problem would be achieved over the short term, but addressing the problems of the debt itself, in the context of a comprehensive development strategy, would come over the medium and long terms.
		The implementation of this program would not preclude any improvements to the HIPC Initiative, which should still be part of the debate in the time ahead.
	www.halifaxinitiative.org /index.php/Pub_Debt_SAP_Reports/260 (1554 words)

	The Heavily In-debt Poor Countries Initiative is Not Working - Global Issues
		It was set up for the poorest of nations, for whom, according to the World Bank, the debt of the HIPC countries was, on average, more than four times their annual export earnings, and 120 percent of GNP.
		The HIPC policy has long been criticized by many organizations for not actually amounting to much relief in real terms due to it being tied to certain conditionalities that are recommended by the IMF and World Bank, which prescribed the problems of the poorer countries in the first place.
		Jubilee Research (formerly the prominent debt campaign organization) has criticized the HIPC initiative, playing on the acronym, describing it as “Half-hearted, Inadequate, Piecemeal Cancellation” in a report that looks at the issue of corruption, debt, lending and borrowing.
	www.globalissues.org /TradeRelated/Debt/HIPC.asp (1837 words)

	Africa Recovery/UN/14#1.HIPC
		This is a key condition of the enhanced HIPC terms.
		With only five other countries signed on for HIPC treatment as the new millennium approached, the Group of Eight major creditor countries agreed in June 1999 to enable faster qualification by more countries for more substantial debt relief.
		Finance ministers of the major creditors agreed on an enhanced HIPC package (HIPC-2) in September 1999 which relaxed the strict criteria for eligibility and made a clearer link between debt relief and poverty reduction.
	www.un.org /ecosocdev/geninfo/afrec/vol14no1/hipc2.htm (1409 words)

	USCCB - Note on Enhanced HIPC Debt Reduction (Site not responding. Last check: 2007-10-29)
		H.R.1095 provided that the debt of HIPC countries should be reduced to a maximum of 10 percent of government revenues.
		We urge, therefore, that the debt reduction formula be adjusted so that the debt service obligation of every HIPC eligible country is reduced to a maximum of 10 percent of government revenues.
		Making essential adjustments in the enhanced HIPC initiative is a matter of life, dignity and hope for a better future for millions of people.
	www.usccb.org /sdwp/international/hipcnote.htm (826 words)

	Fondad publication - Debt Relief: Myths and Reality
		This book presents a thorough analysis of the successes and failures of the HIPC Initiative and provides a wide range of suggestions of what needs to be done.
		Issues addressed include the bailing-out of IMF loans by donor countries, the (mis)use of aid funds for debt relief and repayment of export credits, the need for including domestic debt in assessments of debt sustainability, and the question of whether debt relief should be de-linked from IMF conditionality.
		With a view to the future of low-income countries, the book relates the HIPC Initiative to the Millennium Development Goals and warns that debt relief can only provide a fraction of the funds required for reducing poverty and avoiding a new build-up of unsustainable debt.
	www.fondad.org /publications/hipc/contents.htm (461 words)

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