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Madagascar - HIPC Approval Document Completion Point under the Enhanced Framework

08-Feb-2005

Madagascar reached its decision point in December 2000 and qualified for US$ 814 million worth of total debt relief assistance in end 1999 NPV terms1 . On October 20, 2004, Madagascar became the 12th regional member country (RMC) to reach the Completion Point under the enhanced HIPC Initiative. As a result, the Boards of Directors of the IMF and the World Bank approved a total debt relief equivalent to US$ 836 million in end-1999 NPV terms for the country, an increase of US$ 22 million over the initial assistance estimated at the time of the Decision Point. This document presents the justification for Madagascar’s qualification for the HIPC Completion Point assistance as well as the proposed plan to finance the Bank Group’s share of the country’s revised costs of debt relief.

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