IMF encourages formation of Ethiopia creditor committee
July 6 (Reuters) – The International Monetary Fund said on Tuesday it “strongly encourages the swift formation” of a creditor committee for Ethiopia to enable timely debt relief.
The formation of the committee will help Ethiopia “create fiscal space for development spending and lower the risk of debt distress rating to ‘moderate’ by reprofiling debt service obligations,” IMF spokesman Gerry Rice said in a statement. (Reporting by Rodrigo Campos; Editing by Leslie Adler)
2/ When a member has overdue financial obligations outstanding for more than three months, the amount of such arrears will be shown in this section.
VII. Implementation of HIPC Initiative:
I. Commitment of HIPC assistance
Decision point date
by all creditors (US$ Million) 1/
Of which: IMF assistance (US$ million)
(SDR equivalent in millions)
Completion point date
II. Disbursement of IMF assistance (SDR Million)
Assistance disbursed to the member
Completion point balance
Additional disbursement of interest income 2/
1/ Assistance committed under the original framework is expressed in net present value (NPV) terms at the completion point, and assistance committed under the enhanced framework is expressed in NPV terms at the decision point. Hence these two amounts can not be added.
2/ Under the enhanced framework, an additional disbursement is made at the completion point corresponding to interest income earned on the amount committed at the decision point but not disbursed during the interim period.
VIII. Implementation of Multilateral Debt Relief Initiative (MDRI):
I. MDRI-eligible debt (SDR Million)1/
Financed by: MDRI Trust
Remaining HIPC resources
II. Debt Relief by Facility (SDR Million)
1/ The MDRI provides 100 percent debt relief to eligible member countries that qualified for the assistance. Grant assistance from the MDRI Trust and HIPC resources provide debt relief to cover the full stock of debt owed to the Fund as of end-2004 that remains outstanding at the time the member qualifies for such debt relief.
IX. Implementation of Catastrophe Containment and Relief (CCR):
Apr 30, 2020
Oct 02, 2020
Apr 01, 2021
As of February 4, 2015, the Post-Catastrophe Debt Relief Trust has been transformed to the Catastrophe Containment and Relief (CCR) Trust.
Decision point – point at which the IMF and the World Bank determine whether a country qualifies for assistance under the HIPC Initiative and decide on the amount of assistance to be committed.
Interim assistance – amount disbursed to a country during the period between decision and completion points, up to 20 percent annually and 60 percent in total of the assistance committed at the decision point (or 25 percent and 75 percent, respectively, in exceptional circumstances).
Completion point – point at which a country receives the remaining balance of its assistance committed at the decision point, together with an additional disbursement of interest income as defined in footnote 2 above. The timing of the completion point is linked to the implementation of pre-agreed key structural reforms (i.e., floating completion point).