heavily indebted poor country

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An extremely poor, less economically developed country, with huge external debts. ‘The HIPC initiative is a comprehensive approach to debt reduction for heavily indebted poor countries pursuing IMF- and World Bank-supported adjustment and reform programs’ (IMF). By 2008, debt reduction packages had been approved for 33 countries, 27 of them in Africa, including Uganda, whose economy grew by 6% a year between 1998 and 2004. However, since it started receiving debt relief from the HIPC initiative, debt and debt service indicators have not improved in net present value terms (ADF/BD/WP/2004/26).

http://www.imf.org/external/np/exr/facts/hipc.htm The IMF HIPC initiative.

Subjects: Earth Sciences and Geography.

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