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Since then, the international financial community, including multilateral organizations and governments have worked together to reduce to sustainable levels the external debt burdens of the most heavily indebted poor countries.In 1999, a comprehensive review of the Initiative allowed the Fund to provide faster, deeper, and broader debt relief and strengthened the links between debt relief, poverty reduction, and social policies.Once a country reaches its decision point, it may immediately begin receiving interim relief on its debt service falling due. In order to receive full and irrevocable reduction in debt available under the HIPC Initiative, a country must: Once a country has met these criteria, it can reach its completion point, which allows it to receive the full debt relief committed at the decision point. Of the 39 countries eligible or potentially eligible for HIPC Initiative assistance, 36 are receiving full debt relief from the IMF and other creditors after reaching their completion points.Three countries, which have been identified as potentially eligible for HIPC Initiative assistance, have not yet reached their decision points.In 2005, to help accelerate progress toward the United Nations Millennium Development Goals (MDGs), the HIPC Initiative was supplemented by the Multilateral Debt Relief Initiative (MDRI).
This first stage under the HIPC Initiative is referred to as the decision point.The joint IMF–World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage.To date, debt reduction packages under the HIPC Initiative have been approved for 36 countries, 30 of them in Africa, providing billion in debt-service relief over time.Three additional countries are eligible for HIPC Initiative assistance.The HIPC Initiative was launched in 1996 by the IMF and World Bank, with the aim of ensuring that no poor country faces a debt burden it cannot manage.
Debt relief is one part of a much larger effort, which also includes aid flows, to address the development needs of low-income countries and make sure that debt sustainability is maintained over time.