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CAR - Completion Point Document HIPC Initiative
On J une 30, 2009 , the Boards of Directors of the IMF and the World Bank agreed that Central African Republic (CAR) has made sufficient progress to reach the completion point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. Thus, CAR becomes the 21 st Regional Member Country (RMC) to reach completion point under the Enhanced HIPC Initiative and as a result qualifies for a HIPC debt relief of US$ 578.2 million, in end - 200 6 NPV terms , which includes US$ 84.7 million debt relief from the B ank Group . This document presents the justification for CAR reaching the completion point and seeks the Boards’ approval for the Bank Group’s portion of the debt relief to be provided to Central African Republic.