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Benin - Completion Point Document HIPC Framework


In March 2003, Benin became the 7 th of the 22 RMCs eligible for the enhanced HIPC Initiative, to reach its completion point , under the enhanced HIPC fra mework 1 . As a result, the Boards of Directors of the IMF and the World Bank approved US$ 265 million worth of debt relief in end 1998 NPV terms for the country under the enhanced HIPC framework. This document presents the justifications for Benin’s qualif ication for HIPC assistance as well as the proposed plan to finance the balance of the Bank Group’s share of Benin’s costs, which amounts to US $37.57 million in end - 1998 NPV terms, equal to approximately 31.3 percent of the Bank Group’s outstanding claims in NPV terms at end - 1998 1

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