Enhanced Initiative for Heavily Indebted Poor Countries—Preliminary Document on Haiti
http://www.caribbeanpressreleases.com/articles/492/1/Enhanced-Initiative-for-Heavily-Indebted-Poor-CountriesPreliminary-Document-on-Haiti/Page1.html
S Coward
By S Coward
Published on 25-Sep-06
Washington---25 Sept.2006--This paper presents a preliminary assessment of the eligibility of the Republic of Haiti (hereafter “Haiti”) for assistance under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative.1
Enhanced Initiative for Heavily Indebted Poor Countries—Preliminary Document on Haiti
Washington ---25 Sept. 2006---This paper presents a preliminary assessment of the eligibility of the Republic of Haiti (hereafter "Haiti") for assistance under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative.1
The assessment was based on several IDA and IMF staff missions to Port-au-Prince, most recently in June 2006. Together with the authorities,
external debt data as of end-September 2005 has been reconciled and a preliminary debt sustainability analysis (DSA) has been conducted. The results indicate that Haiti's external debt burden would remain above the HIPC Initiative threshold after the application of traditional debt relief mechanisms. In order to qualify for HIPC debt relief, Haiti needs to continue the satisfactory implementation of the Emergency Post-Conflict Assistance (EPCA)
supported macroeconomic program, agree on appropriate completion point triggers, and finalize its I-PRSP. Possible HIPC debt relief is estimated to be US$139 million in end- September 2005 NPV terms and relief associated with the Multilateral Debt Relief Initiative (MDRI), also in NPV terms, is estimated at about US$243 million. Debt relief under the HIPC Initiative and the MDRI would help Haiti accelerate progress towards the Millennium Development Goals (MDGs).
(See attached document)
The assessment was based on several IDA and IMF staff missions to Port-au-Prince, most recently in June 2006. Together with the authorities,
external debt data as of end-September 2005 has been reconciled and a preliminary debt sustainability analysis (DSA) has been conducted. The results indicate that Haiti's external debt burden would remain above the HIPC Initiative threshold after the application of traditional debt relief mechanisms. In order to qualify for HIPC debt relief, Haiti needs to continue the satisfactory implementation of the Emergency Post-Conflict Assistance (EPCA)
supported macroeconomic program, agree on appropriate completion point triggers, and finalize its I-PRSP. Possible HIPC debt relief is estimated to be US$139 million in end- September 2005 NPV terms and relief associated with the Multilateral Debt Relief Initiative (MDRI), also in NPV terms, is estimated at about US$243 million. Debt relief under the HIPC Initiative and the MDRI would help Haiti accelerate progress towards the Millennium Development Goals (MDGs).
(See attached document)