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Congo - Completion Point Document HIPC Initiative
In January 2010, the Republic of Congo became the 22nd regional member country (RMC) to reach completion point under the enhanced HIPC Initiative. As a result, the Boards of Directors of the IMF and the World Bank approved HIPC assistance of US$ 1,575 million in end-2004 NPV terms, to reduce Congo’s NPV of eligible external debt to the threshold of 250 percent of fiscal revenue at end-2004. Upon reaching the completion point, Congo will also qualify for additional debt relief under the Multilateral Debt Relief Initiative (MDRI). The completion point marks the end of the HIPC process, which started in March 2006 when the country met the requirements for reaching the decision point. This document presents the justification for the Republic of Congo reaching the completion point and seeks the Boards’ approval for the Bank Group’s portion of the debt relief provided to the Republic of Congo.