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IMF Financial Activities -- Update July 9, 2015

I.    Introduction
II.   Key IMF Financial Statistics
III.  Current Financial Arrangements
IV.  Status of Commitments of HIPC Assistance
V.  Status of Multilateral Debt Relief Initiative Assistance

The following tables, which are updated weekly, provide information on the IMF's financial activities. Definitions for the terms contained in the tables are provided below each table. The data are based on the most current information available at the time and are provided for the reader's convenience. The information is not intended to replace other official IMF financial reports and statements.

Key IMF Financial Statistics (Table 1) A summary of financial assistance to members, available resources, arrears, and key IMF rates.

Current Financial Arrangements (Tables 2a and 2b) Current Stand-By, Extended and Poverty Reduction and Growth (PRG) arrangements. The tables do not include members whose financial arrangements with the IMF have expired, but may have outstanding credit to the IMF. For a list of current arrangements since May 1996 (month-end), see http://www.imf.org/external/np/tre/tad/extarr1.cfm. For a list of all members with outstanding financial obligations to the IMF, see http://www.imf.org/external/np/tre/tad/extcred1.cfm.

Status of Commitments of HIPC Assistance (Table 3) Status of the IMF's commitments to members under the Heavily Indebted Poor Countries Initiative (HIPC).

Status of Multilateral Debt Relief Initiative Assistance (Table 4) Status of the MDRI debt relief to eligible member countries that qualified for the assistance.


Table 1. Key IMF Financial Statistics    
as of July 9, 2015  
(In billions of SDRs, and end of period, unless indicated otherwise) 1/    
(For definitions, see below)
   
     
      2015
 
  2013 2014 Q1 Q2 Q3 to date

 

Available Resources

         

GRA

         

Usable resources

404.5 381.5 363.1 433.1 433.1  

Uncommitted usable resources

299.7 277.5 263.9 334.8 334.8  

Forward commitment capacity (FCC)

269.7 243.7 228.8 298.5 298.5  
           

PRG Trust

         

Total loan resources

26.2 26.2 26.2 26.2 26.2  

Cumulative commitments, net

19.5 20.0 20.3 21.1 21.1  

Of which: Cumulative disbursements

18.6 19.1 19.3 19.5 19.5  

Uncommitted loan resources

6.7 6.2 5.9 5.1 5.1  
         

Financial Assistance

       

GRA

       

Purchases (during period)

13.5 10.6 4.0 0.8 --  

Of which: financed by Fund bilateral borrowings

0.4 -- -- -- --  

Of which: financed by NAB borrowings

7.9 7.9 3.0 0.6 --  

Repurchases (during period)

19.7 25.5 17.0 3.6 0.2  

Credit outstanding

83.9 69.0 56.0 53.2 53.0  

Outstanding Fund borrowings

47.5 43.7 37.2 35.3 35.2  
         

PRG Trust

       

Disbursements (during period)

0.8 0.5 0.2 0.2 --  

Repayments (during period)

0.4 0.4 0.2 0.2 0.0  

Credit outstanding

6.2 6.3 6.3 6.3 6.3  
         

HIPC (SDR millions)

       

Number of countries

36 36 36 36 36  

Commitments (cumulative)

2,421 2,421 2,421 2,421 2,421  

Disbursements (cumulative)

2,586 2,586 2,586 2,595 2,595  

Of which: Interim assistance

746 746 746 746 746  

Completion point assistance

1,840 1,840 1,840 1,848 1,848  

Memo item: Beyond-HIPC assistance

116 116 116 116 116  
         

MDRI (SDR millions)

       

Number of countries

30 30 30 30 30  

Total Debt Relief (cumulative)

3,537 3,537 3,537 3,537 3,537  

Financed from: MDRI Trusts

2,867 2,867 2,867 2,867 2,867  

HIPC Umbrella Account

670 670 670 670 670  
           

CCR (SDR millions)

         

Number of countries

1 1 4 4 4  

Total Debt Relief (cumulative)

178 178 246 246 246

2/

           

Arrears

         

GRA

1.1

1.1

1.1 2.3 2.3  

PRG Trust

0.1

0.1

0.1 0.1 0.1  

Trust Fund and other

0.1

0.1

0.1 0.1 0.1  
           

Rates

         

US$ per SDR

1.54000 1.44881 1.37949 1.40639 1.39746

3/

SDR interest rate (percent)

0.13 0.050 0.050 0.050 0.050

3/

Rate of charge, adjusted (percent)

1.14 1.050 1.050 1.050 1.050

3/

Rate of remuneration, adjusted (percent)

0.12 0.046 0.045 0.044 0.044

3/

add webhr to this

 
           

1/ -- indicates zero value, zero indicates amounts less than SDR 0.05 billion. Totals may not add due to rounding.

     

2/ Includes debt relief provided to Haiti on July 22, 2010 under the former Post-Catastrophe Debt Relief Trust and debt relief provided under the Catastrophe Containment and Relief (CCR) Trust to Liberia on February 24, 2015, Sierra Leone on March 3, 2015, and Guinea on March 19, 2015.

3/ As of the date of this report. Effective October 24, 2014, the rule for setting the SDR interest rate was amended, including changing the rounding convention to three decimal places. See explanatory notes.

Key IMF Financial Statistics
 
Term Definition

   

Available Resources

 

GRA

 

Usable resources

Usable resources consist of: (i) the IMF’s holdings of the currencies of members considered by the Executive Board to have a sufficiently strong balance of payments and reserve position for their currencies to be used in the financing of IMF transactions (see Financial Transactions: http://www.imf.org/cgi-shl/create_x.pl?ftp), (ii) holdings of SDRs, and (iii) unused amounts, if any, under credit lines already activated, such as under the General Arrangements to Borrow and New Arrangements to Borrow (GAB/NAB) and resources available under other Fund borrowing agreements and note purchase agreements. Subsequent to the activation of the NAB on April 1, 2011, amounts available under Fund bilateral borrowing and note purchase agreements of NAB participants include only those needed to cover financing of commitments under arrangements approved by the Fund prior to April 1, 2011 based on the current 1:1 bilateral borrowed to quota resources financing ratio for such commitments; undrawn balances under bilateral agreements of other creditors not included in the NAB are available to finance all (both pre- and post-NAB) commitments. Effective April 1, 2013 the board approved termination of any further drawings under these Fund bilateral borrowing and note purchase agreements, which were concluded in 2009/2010 prior to activation of the NAB.

Uncommitted usable


resources

Usable resources less the full amount of undrawn balances under existing Fund arrangements.

Forward commitment capacity

A measure of the resources available for new financial commitments, equal to uncommitted usable resources plus repurchases one-year forward less repayments of borrowing due one-year forward and less the prudential balance. As of April 1, 2011, reflects activation of the expanded NAB for the first activation period through end-September 2011 and subsequent six-month activation periods thereafter.

   

PRG Trust

Trust administered by the IMF to conduct concessional lending operations through the Loan, Reserve and Subsidy Accounts.

Available loan resources

Loan Account resources committed by lenders to the PRG Trust.

Cumulative commitments, net

Cumulative commitments to borrowers, net of unused amounts under arrangements which have expired or have been canceled.

Of which: Cumulative disbursements

Disbursements to borrowers under PRGT arrangements.

Uncommitted loan resources

Available PRGT loan resources less commitments made to eligible member countries.

   

Financial Assistance

 

GRA

The General Resources Account (GRA) contains IMF holdings of members’ currencies, SDRs, gold, and other assets. These holdings are principally derived from quota subscription payments plus any activated borrowings.

Purchases

GRA resources disbursed to members during the period (outflows).

Repurchases

GRA resources repaid by members during the period (inflows).

Credit outstanding

Total GRA resources disbursed less repayments.

Outstanding Fund borrowings

Total GRA borrowings less repayments.

PRG Trust

The PRG Trust (PRGT) provides financial support to low-income member countries via concessional loan facilities.

Disbursements

PRG Trust resources disbursed to members during the period.

Repayments

PRG Trust resources (including outstanding Trust Fund and Structural Adjustment Facility (SAF) loans) repaid by members during the period.

Credit outstanding

Total PRG Trust resources disbursed less repayments (including outstanding Trust Fund and Structural Adjustment Facility (SAF) loans).

HIPC

Assistance provided to eligible countries under the Heavily Indebted Poor Countries (HIPC) Initiative.

Number of countries

Number of countries for which HIPC assistance has been committed.

Commitments

Cumulative commitments made to HIPC-eligible members that have reached the decision point under the HIPC Initiative; includes amounts that the IMF has indicated will be committed subject to satisfactory assurances regarding exceptional assistance to be provided by other creditors under the HIPC Initiative.

Disbursements

Cumulative grants to members eligible for financial assistance under the HIPC Initiative to be used to help meet debt service payments to the IMF.

Of which:

 

Interim assistance

Cumulative grants to members between their decision and completion points.

Completion point assistance

Final grants to members at their completion points.

MDRI

The Multilateral Debt Relief Initiative (MDRI) provides 100% debt relief to eligible member countries that are qualified for the assistance. The debt relief covers the full stock of debt owed to the Fund as of end-2004, and still outstanding at the time the country qualifies for such debt relief.

Number of countries

Number of countries which have received MDRI debt relief.

Total Debt Relief

 

Financed from

 

MDRI Trusts

MDRI resources (excluding HIPC debt relief) disbursed to members during the period.

HIPC Umbrella Account

HIPC resources used as debt relief under the MDRI during the period.

   

CCR

The Catastrophe Containment and Relief (CCR) Trust provides debt relief to eligible member countries facing exceptional balance of payments needs arising from (i) a qualifying catastrophic natural disaster under the Post-Catastrophe Relief (PCR) Window (as previously provided under the former Post-Catastrophe Debt Relief (PCDR) Trust) or (ii) a qualifying public health disaster under the Catastrophe Containment (CC) Window. The CCR Trust replaced the PCDR Trust on February 4, 2015.

Number of countries

Number of countries which have received CCR Trust debt relief.

Total Debt Relief

 

Financed from the

 

CCR Trust

CCR Trust resources (excluding HIPC debt relief) disbursed to members during the period.

   

Arrears Outstanding

 

GRA

Total overdue GRA financial obligations.

PRG Trust

Total overdue PRGT financial obligations.

Trust Fund and other

Total overdue financial obligations to the Trust Fund and Structural Adjustment Facility (SAF). Although the Trust Fund and SAF are no longer operational, arrears to the Trust Fund and SAF consist of overdue repayments, interest, or charges on loans provided under these facilities.

Rates

 

US$ per SDR

Exchange rate for the SDR in terms of U.S. dollars. The method for valuing the SDR was revised effective January 1, 2011.

 

(See: http://www.imf.org/external/np/tre/sdr/basket.htm)

SDR interest rate

Interest rate calculated as the (combined market) weighted average of the three month market interest rates on U.S. dollar, euro, Japanese yen and pound sterling assets. On October 24, 2014, the Executive Board of the IMF amended the rule for setting the SDR interest rate to be the higher of (i) the above combined market interest rate or (ii) 0.050 percent, the result of which is rounded to three (instead of two) decimal places.

 

(See: http://www.imf.org/external/np/tre/tad/sdr_ir.cfm)

Rate of Charge, adjusted

The basic rate of charge on GRA loans is equal to the SDR interest rate plus 100 basis points to cover the IMF's cost of financing, additions to reserves, and administrative expenses; and further adjusted by a small margin to compensate for income forgone because of charges in arrears.

Rate of remuneration, adjusted

Interest rate paid to members that provide resources to the IMF. Adjusted by a small margin to allow for special additions to reserves and to compensate for income forgone because of charges in arrears.

Investments

 

Amount

PRG, PRG-HIPC and MDRI Trust resources invested in short-term deposits and medium-term instruments with the Bank for International Settlements (BIS) and bond portfolios managed by the World Bank and private investment managers. Data from the first quarter of 2000 onward also include sight deposits. The SDA contains the profits (sales proceeds minus the value of the gold at the acquisition cost) from sales of the IMF's gold holdings.

Average yield (percent)

Weighted average yield on time deposits, two days' notice accounts, demand deposit accounts, and fixed income securities.

Average maturity (months)

Weighted average of remaining maturity of resources placed in time deposits and the modified duration of fixed income securities.

Table 2. Forward Commitment Capacity (FCC)            
as of July 9, 2015            
(In billions of SDRs)            
(For definitions, see below)
           
                 

I. Usable resources (a) + (b)

433.1              

(a) Fund quota resources

184.3              

(b) Fund borrowed resources

248.8              

II. Undrawn balances under GRA arrangements

98.3              

III. Uncommitted usable resources ( I - II )

334.8              

IV. Repurchases one-year forward

6.7              

V. Repayments of borrowed resources one-year forward

3.4              

VI. Prudential balance

39.7              

VII. Forward commitment capacity ( III + IV - V - VI )

298.5

1/

           

(a) Quota resources

123.4

2/

           
(b) NAB resources 175.1 2/            

               
                 
1/ The FCC does not include additional effective bilateral agreements from members to boost IMF resources. These resources will only be counted towards the FCC once the associated resources are available for use by the IMF, as determined by the IMF Executive Board.              
2/ Based on 3:1 NAB to quota resources financing ratio for post-NAB commitments.              

Forward Commitment Capacity (FCC)
 
Term Definition

   

Usable Resources

 

Fund quota resources

The IMF holdings of SDRs and IMF’s holdings of the currencies of members considered by the Executive Board to have a sufficiently strong balance of payments and reserve position for their currencies to be used in the financing of IMF transactions (see Financial Transactions: http://www.imf.org/cgi-shl/create_x.pl?ftp),

Fund borrowed resources

Unused amounts, if any, under credit lines already activated, such as under the General Arrangements to Borrow and New Arrangements to Borrow (GAB/NAB) and resources available under other Fund borrowing agreements and note purchase agreements.

Repurchases one-year forward

Repayments by member countries during the coming one-year period. These repurchases add to the supply of the IMF’s usable resources.

Repayments of borrowings


one-year forward

Repayment obligations on Fund borrowing and note placements in the coming one-year period, including drawings and notes reaching final maturity in the next 12 months plus any encashment requests for early repayment to be met over that same period.

Prudential balance

Amount set aside to safeguard the liquidity of members’ claims and take account of the potential erosion of the IMF’s resource base. The prudential balance is set at 20 percent of the quotas of members participating in the financing of IMF transactions (Financial Transactions Plan) and any amounts made available under active bilateral borrowing and note purchase agreements. The prudential balance currently does not cover the encashment needs of NAB participants’ outstanding claims under bilateral borrowing agreements that are to be folded into the NAB. Nor does it extend to the claims of participants in the expanded NAB, as such resources are to be provided by setting aside a portion of the total credit arrangements under the NAB. The prudential ratio of 20 percent as decided by the IMF’s Executive Board reflects historical experience and judgments on the indicative level of uncommitted usable resources that the IMF would normally not use to make financial commitments. The prudential balance does not represent a rigid minimum and IMF resources could, on a strictly temporary basis, fall below this level.

Table 3a. Current Financial Arrangements (GRA)
as of July 9, 2015
(In millions of SDRs, unless indicated otherwise) 1/
(For definitions, see below)
 
Member Effective Expiration Amount Undrawn GRA Credit
Date
Date
Agreed
Balance
Outstanding2/
As percent of Quota
             
Stand-by Arrangements  
           

Georgia

7/30/14 7/29/17 100 20 86 57    

Honduras 3/

12/3/14 12/2/17 78 78 -- --    

Jordan

8/3/12 8/2/15 1,364 284 1,080 633    

Kenya 3/

2/2/15 2/1/16 353 353 -- --    

Romania 3/

9/27/13 9/26/15 1,751 1,751 385 37    

Serbia 3/

2/23/15 2/22/18 935 935 41 9    

Tunisia

6/7/13 12/31/15 1,146 358 788 275    
             

7 Arrangements

    5,727 3,780 2,379  
             

Extended Arrangements

           
             

Albania

2/28/14 2/27/17 295 172 127 211    

Armenia

3/7/14 5/6/17 82 59 153 166    

Cyprus

5/15/13 5/14/16 891 297 594 375    

Greece

3/15/12 3/14/16 23,785 13,561 16,863 1,530    

Jamaica

5/1/13 4/30/17 615 198 433 158    

Pakistan

9/4/13 9/3/16 4,393 1,513 2,917 282    

Seychelles

6/4/14 6/3/17 11 7 30 275    

Ukraine

3/11/15 3/10/19 12,348 8,802 6,925 505    
             

8 Arrangements

    42,422 24,609 28,041  
             

Flexible Credit Line

           
             

Colombia 3/

6/17/15 6/16/17 3,870 3,870 -- --    

Mexico 3/

11/26/14 11/25/16 47,292 47,292 -- --    

Poland 3/

1/14/15 1/13/17 15,500 15,500 -- --    
               

3 Arrangements

    66,662 66,662 --  
             

Precautionary and Liquidity Line

           
             

Morocco 3/

7/28/14 7/27/16 3,235 3,235 -- --    
             

1 Arrangement

    3,235 3,235 --  
             

Total 19 GRA Arrangements 4/

    118,046 98,285 30,420  

Of which NAB eligible commitments

    118,046 98,285    
             

Memo item: Members without current arrangements

        22,596  

Total credit outstanding

        53,016  

add webhr to this

             
1/ -- Indicates zero value, zero indicates amounts less than SDR 0.5 million. Totals may not add due to rounding.      
2/ Includes credit outstanding under the member's expired arrangements.            
3/ Treated as precautionary by the authorities upon approval of the program.            
4/ Excluding financing under the Rapid Financing Instrument.            

Table 3b. Current Financial Arrangements (PRGT)
as of July 9, 2015
(In millions of SDRs, unless indicated otherwise) 1/
(For definitions, see below)
             
Member Effective Expiration Amount Undrawn
PRGT Loans
Date
Date
Agreed
Balance
Outstanding2/
As percent of Quota
             
Extended Credit Facility            
           

Bangladesh

4/11/12 7/31/15 640 183 487 91

Burkina Faso

12/27/13 12/26/16 51 23 153 255

Burundi

1/27/12 3/31/16 40 10 89 116

Chad

8/1/14 7/31/17 107 73 25 37

Cote d'Ivoire

11/4/11 12/31/15 520 49 748 230

Ghana

4/3/15 4/2/18 664 581 482 131

Grenada

6/26/14 6/25/17 14 8 21 179

Guinea

2/24/12 12/31/15 174 37 143 133

Haiti

5/18/15 5/17/18 49 42 48 59

Kyrgyz Republic

4/8/15 4/7/18 67 57 131 148

Liberia

11/19/12 11/18/15 84 22 108 84

Malawi

7/23/12 5/22/16 104 39 126 182

Mali

12/18/13 12/17/16 30 12 94 101

Niger

3/16/12 12/31/15 79 23 72 109

Sao Tome-Principe

7/20/12 7/19/15 3 1 3 39

Sierra Leone

10/21/13 10/20/16 140 36 149 144

Solomon Islands

12/7/12 12/6/15 1 0 11 107

Yemen

9/2/14 9/1/17 365 317 144 59
             

18 Arrangements

    3,132 1,513 3,037  
             

Standby Credit Facility

           
             

Honduras 3/

12/3/14 12/2/16 52 52 2 2

Kenya 3/

2/2/15 2/1/16 136 136 631 232
             

2 Arrangements

    188 188 633  
             

Total 20 PRGT Arrangements 4/

    3,319 1,700 3,670  
             

Memo Item : Members without Current Arrangement

    2,627  

Total credit outstanding

        6,296  

add webhr to this

             
1/ -- Indicates zero value, zero indicates amounts less than SDR 0.5 million. Totals may not add due to rounding.  
2/ Includes credit outstanding under the member's expired arrangements.      
3/ Treated as precautionary by the authorities upon approval of the program.      
4/ Excluding financing under the Rapid Credit Facility.        

Current Financial Arrangements (GRA, PRG)
 
Term Definition

Arrangements

IMF credit is made available under a variety of borrowing arrangements with different disbursement schedules and maturities depending on the balance of payment needs of the member.

GRA

 

Stand-By Arrangements

The most common type of credit arrangement designed to provide short-term financial assistance. Purchases under Stand-By Arrangements are repayable in 8 quarterly installments 3¼ - 5 years after disbursement.

Extended Arrangements

Extended Arrangements provide credit for a longer period since these arrangements usually require fundamental reforms which may need more time to put in place and take effect. Drawings under extended arrangements are repayable in 12 semiannual installments 4½ - 10 years after disbursement.

Flexible Credit Line

The Flexible Credit Line (FCL) has been established to allow members with very strong track records to access IMF resources based on pre-set qualification criteria to deal with all types of balance of payments problems. The FCL could be used both on a precautionary (crisis prevention) and nonprecautionary (crisis resolution) basis. Members may request either a one-year arrangement with no interim reviews, or a two-year arrangement with an interim review of qualification required after twelve months. Upon expiration, the Fund may approve additional FCL arrangements for the member. Access is determined based on individual country financing needs and is not subject to a pre-set cap. Purchases under FCL arrangements are repayable in 8 quarterly installments 3¼ - 5 years after disbursement.

Precautionary and Liquidity Line

The Precautionary and Liquidity Line (PLL), which replaces the Precautionary Credit Line (PCL), has been established to meet actual or potential balance of payments needs of members with sound economic fundamentals and institutional policy frameworks but with some remaining vulnerabilities that preclude them from using the FCL. Access under a PLL arrangement varies depending on the duration of the arrangement and member-specific needs. PLL arrangements can have a duration of either six months or one to two years. Under a six-month arrangement, access would not exceed 250 percent of a member’s quota, which could be augmented to a maximum of 500 percent in exceptional circumstances where the member faces a balance of payments need that is of a short-term nature and results from exogenous shocks, including from heightened regional or global economic stress conditions. For one to two year arrangements, the maximum access upon approval is equal to 500 percent of a member’s quota for the first year and up to 1000 percent of quota for the second year (the latter of which could also be brought forward to the first year where needed, following a Board review). One to two year arrangements are subject to Executive Board reviews every six months.

PRG Trust

 

ECF Arrangements

Concessional arrangements providing credit in support of a three-year macroeconomic and structural adjustment program to eligible low-income members facing protracted balance of payment issues (formerly known as PRGF). The loans are repayable in 10 equal semiannual installments 5½ - 10 years after disbursement.

SCF Arrangements

Concessional arrangements ranging from one to two years to provide financial assistance to low-income countries that are experiencing short-term but not protracted balance of payments needs. The loans are repayable in 9 equal semiannual installments 4 - 8 years after disbursement.

 

Interest on all PRGT loans (including outright drawings under the RCF) has been waived through end-December 2012.

Arrangement Details

IMF financial arrangements are reviewed regularly to assess progress in policy reforms. The disbursement of funds under an arrangement is linked to the achievement of certain financial targets.

Next Scheduled Review

Expected date the arrangement will be reviewed by the Executive Board.

Date of Approval

Date the arrangement was approved by the Executive Board.

Date of Expiration

Arrangements have a specified duration. Commitments are no longer available after the expiration of the arrangement.

Amount Agreed

Amount of credit available under an arrangement.

Undrawn Balance

Amount of credit available under an arrangement but not yet drawn.

Total Credit Outstanding

Total unpaid and outstanding principal due to the IMF under existing and expired arrangements.

Total Credit Outstanding as

 

percent of quota

Total credit outstanding in terms of member's quota.

Table 4. Status of Commitments of IMF HIPC Assistance
as of July 9, 2015
(In millions of SDRs) 1/
(For definitions, see below)
             
Member
Decision Point
Completion Point
Amount Committed
Amount Disbursed2/
             

Under the Original HIPC Initiative

           

Bolivia

Sep. 1997 Sep. 1998 21.2   21.2  

Burkina Faso

Sep. 1997 Jul. 2000 16.3   16.3  

Côte d'Ivoire

Mar. 1998 -- 16.7

3/

--  

Guyana

Dec. 1997 May. 1999 25.6   25.6  

Mali

Sep. 1998 Sep. 2000 10.8   10.8  

Mozambique

Apr. 1998 Jun. 1999 93.2   93.2  

Uganda

Apr. 1997 Apr. 1998 51.5   51.5  

Total Original HIPC

    235.3   218.6  
             

Under the Enhanced HIPC Initiative

   

     

Afghanistan

Jul. 2007 Jan. 2010 --

4/

--  

Benin

Jul. 2000 Mar. 2003 18.4   20.1  

Bolivia

Feb. 2000 Jun. 2001 41.1   44.2  

Burkina Faso

Jul. 2000 Apr. 2002 27.7   29.7  

Burundi

Aug. 2005 Jan. 2009 19.3   22.4  

Cameroon

Oct. 2000 Apr. 2006 28.6   33.7  

Central African Republic

Sep. 2007 Jun. 2009 17.2   18.1  

Chad

May. 2001 Apr. 2015 14.3   17.0  

Comoros

Jul. 2010

Dec. 2012

2.9   3.0  

Congo, Dem. Rep. of

Jul. 2003

Jul. 2010

280.3   330.7  

Congo, Rep. of

Mar. 2006 Jan. 2010 5.4   6.3  

Côte d'Ivoire

Apr. 2009 Jun. 2012 25.9   26.4  

Ethiopia

Nov. 2001 Apr. 2004 45.1   46.7  

Gambia, The

Dec. 2000 Dec. 2007 1.8   2.3  

Ghana

Feb. 2002 Jul. 2004 90.1   94.3  

Guinea

Dec. 2000

Sep. 2012

27.8   35.3  

Guinea-Bissau

Dec. 2000 Dec. 2010 9.2   9.4  

Guyana

Nov. 2000 Dec. 2003 31.1   34.0  

Haiti

Nov. 2006 Jun. 2009 2.1   2.3  

Honduras

Jun. 2000 Apr. 2005 22.7   26.4  

Liberia

Mar. 2008 Jun. 2010 440.9   451.9

5/

Madagascar

Dec. 2000 Oct. 2004 14.7   16.4  

Malawi

Dec. 2000 Aug. 2006 33.4   37.2  

Mali

Sep. 2000 Mar. 2003 34.7   38.5  

Mauritania

Feb. 2000 Jun. 2002 34.8   38.4  

Mozambique

Apr. 2000 Sep. 2001 13.7   14.8  

Nicaragua

Dec. 2000 Jan. 2004 63.5   71.2  

Niger

Dec. 2000 Apr. 2004 31.2   34.0  

Rwanda

Dec. 2000 Apr. 2005 46.8   50.6  

Sao Tome and Principe

Dec. 2000 Mar. 2007 0.8   0.9  

Senegal

Jun. 2000 Apr. 2004 33.8   38.4  

Sierra Leone

Mar. 2002 Dec. 2006 100.0   106.6  

Tanzania

Apr. 2000 Nov. 2001 89.0   96.4  

Togo

Nov. 2008 Dec. 2010 0.2   0.2  

Uganda

Feb. 2000 May. 2000 68.1   70.2  

Zambia

Dec. 2000 Apr. 2005 468.8   508.3  

Total Enhanced HIPC

    2,185.3   2,376.0  
             

Grand Total

    2,420.6   2,594.6  

add webhr to this

             
1/ -- indicates zero value. Totals may not add due to rounding.          
2/ Includes interest on amounts committed under the Enhanced HIPC Initiative.  
3/ Equivalent to the committed amount of US $22.5 million at decision point exchange rates (3/17/98).  
4/ At the time of its decision point, Afghanistan did not have any outstanding eligible debt.  
5/ Does not include beyond-HIPC assistance of SDR 116.2 million.  

Status of Commitments of HIPC Assistance
 
Term Definition

Decision Point

Point at which the IMF decides whether a member qualifies for assistance under the HIPC Initiative (normally at the end of the initial three-year performance period) and decides on the amount of assistance to be committed.

Completion Point

Point at which the country receives the bulk of its assistance under the HIPC Initiative, without any further policy conditions. Under the enhanced HIPC Initiative, the timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).

Amount Committed

Amount of HIPC assistance determined, in consultation with the World Bank, at the decision point to be made available by the IMF.

Amount Disbursed

Resources disbursed to the member to help meet debt service payments to the IMF. Disbursements are normally dependent on receipt of sufficient financing assurances from other creditors.

Table 5. Status of Multilateral Debt Relief Initiative Assistance      
as of July 9, 2015    
(In millions of SDRs) 1/      
(For definitions, see below)
     
               
Member Delivery Eligible Debt
     
Date
GRA 2/ PRGT Total      
               

Benin

01/06/06 -- 36.1 36.1

Bolivia

01/06/06 89.8 71.2 160.9

Burkina Faso

01/06/06 -- 62.1 62.1

Burundi

02/02/09   26.4 26.4

Cambodia

01/06/06 -- 56.8 56.8

Cameroon

04/28/06 -- 173.3 173.3

Central African Republic

07/02/09 -- 4.0 4.0

Congo, Dem. Rep. of

07/06/10 -- 248.1 248.1

Congo, Rep. of

01/28/10 -- 7.9 7.9

Ethiopia

01/06/06 -- 112.1 112.1

Gambia, The

12/20/07 -- 9.4 9.4

Ghana

01/06/06 -- 265.4 265.4

Guinea-Bissau

12/17/10 -- 0.5 0.5

Guyana

01/06/06 -- 45.1 45.1

Honduras

01/06/06 -- 107.5 107.5

Madagascar

01/06/06 -- 137.3 137.3

Malawi

09/01/06 - 12/19/06 3/ 10.8 27.0 37.9

Mali

01/06/06 -- 75.1 75.1

Mauritania

06/22/06 -- 32.9 32.9

Mozambique

01/06/06 -- 106.6 106.6

Nicaragua

01/06/06 -- 140.5 140.5

Niger

01/06/06 -- 77.6 77.6

Rwanda

01/06/06 -- 52.7 52.7

Sao Tome and Principe

03/19/07 - 12/28/07 4/ -- 1.4 1.4

Senegal

01/06/06 -- 100.3 100.3

Sierra Leone

12/18/06 -- 117.3 117.3

Tajikistan

01/06/06 -- 69.3 69.3

Tanzania

01/06/06 -- 234.0 234.0

Uganda

01/06/06 -- 87.7 87.7

Zambia

01/06/06 -- 402.6 402.6
         

Total

  100.6 2,888.1 2,988.7

add webhr to this

1/ Excluding HIPC and Beyond-HIPC assistance of SDR 548.5 million provided to Liberia in June 2010.

 

2/ -- indicates zero value. Totals may not add due to rounding.

     

3/ MDRI assistance to Malawi was delivered in September 2006. Following the receipt of satisfactory financing assurances from other creditors, Malawi received additional MDRI assistance financed from HIPC topping-up assistance in December 2006.

4/ MDRI assistance to São Tomé and Príncipe was delivered in March 2007. Following the receipt of satisfactory financing assurances from other creditors, São Tomé and Príncipe received additional MDRI assistance financed from HIPC topping-up assistance in December 2007.

Status of Multilateral Debt Relief Initiative Assistance
   
Term Definition

Debt Relief Delivery Date

The effective date of delivery of MDRI assistance to qualified members.

Eligible Debt

 

GRA

Assistance that covers credit outstanding under the GRA

PRGT

Assistance that covers credit outstanding under the PRG Trust