Debt Write-off for Heavily Indebted Poor Countries (HIPCs)

• Total HIPC debt written off by ECGD to date (£m): 1430.02
  
  

The UK government is currently committed to write-off a further (£m): 926.57

(Figures as at 31 May 2009)


Countries that have not yet reached HIPC Decision Point (1)

Country Residual Balance (£m) Write Off to date (£m) Somalia 46.75 0.00 Sudan 613.18 0.00 Total 659.93 0.00

(1) HIPC Decision Point is reached once a country has established a track record of reform and sound policies through IMF and World Bank supported programmes; usually a Poverty Reduction and Growth Facility programme.

Countries that are between HIPC Decision Point and HIPC Completion Point (2)

Country Residual Balance to be treated at Completion Point (£m) Write Off to date (£m) Central African Republic 0.43 0.27 Cote D'Ivoire 23.14 17.91 Democratic Republic of Congo 88.16 120.20 Liberia 25.40 0.00 Republic of Congo 118.35 74.00 Guinea Republic   4.24 1.48 Togo 26.65 3.38 Total 286.38 217.24

(2) Once Decision Point is reached and as long as the country stays on track with its IMF programme between Decision Point and Completion Point no more payments need be made to ECGD.



Countries that have reached HIPC Completion Point (3)

Country Amount Written Off (£m) Benin 6.22 Bolivia 49.47 Burkina Faso 1.96 Cameroon 90.78 Ethiopia 15.58 Ghana 162.15 Guyana 147.96 Madagascar 26.96 Malawi 0.59 Mali 11.98 Mauritania 7.75 Mozambique 90.77 Nicaragua 2.32 Niger 11.00 Senegal 3.00 Sierra Leone 3.95 Tanzania 204.60 Uganda 27.07 Zambia 332.23 Total 1,196.34

(3) Once a country reaches HIPC Completion Point the Paris Club forgives the level of debt necessary to deliver longer term debt sustainability for the country in question. If that is less than 100% of Paris Club debt the UK increases the level of forgiveness to 100% in any event.

Sustainable HIPCs

Country Residual Balance* (£m) Write Off to date (£m) Angola 14.55 0.00 Kenya 18.76 0.00 Viet Nam 8.23 10.39 Yemen 0.00 6.05 Total 41.54 16.44

* 'Residual Balance' is the original debt, plus interest, less payments received.
# 'Amount Written Off' includes the write-off of interest as well as original debt.

Please note, values may alter slightly due to (for example) interest accruing and exchange rate fluctuations