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Investment Management Guidelines for Heavily Indebted Poor Countries (HIPC) Initiative Resources
The HIPC initiative was established in 1996 to address the problems of external debt in low-income countries and provides a comprehensive debt relief framework for these countries. The main objective of the initiative is to reduce to a sustainable level, the debt of eligible countries with a proven track record of satisfactory implementation of policy reforms. In the HIPC framework, eligibility for debt relief is based on debt stock indicators such as the ratio of net present value (NPV) of debt to exports, or NPV of debt to government revenues. Currently 32 Regional Member Countries (RMCs) are eligible to benefit from the initiative. The NPV of debt relief for each country is determined in collaboration with the IMF and the World Bank and is derived by discounting the stream of future debt-service payments using the OECD’s currency– specific six-month Commercial Interest Reference Rate (CIRR).