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Senegal - Completion Point Document HIPC Framework

19-Oct-2012

In April 2004, Senegal became the 9th 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 US$ 488 million worth of debt relief in end 1998 NPV terms for the country as agreed at the decision point in June 2000 under the enhanced HIPC framework.1 Senegal qualified under the fiscal criterion by attaining debt sustainability at the NPV of debt to fiscal revenue ratio of 250 percent. After HIPC assistance, and additional debt relief, Senegal’s NPV of debt to revenue at the end of 2002 was 156 percent, far below the HIPC threshold, and the ratio is projected to decline gradually thereafter.

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