Washington, DC: On December 16, 2022, Austria disbursed a 14.9 million grant (about US$15.8 million) for the International Monetary Funds (IMF) Heavily Indebted Poor Countries (HIPC) Initiative. This contribution will allow the IMF to provide debt relief to Somalia and Sudan once all the conditions under HIPC have been met.
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. Since then, the international financial community, including multilateral organizations and governments, have worked together to lower to sustainable levels the external debt burdens of the most heavily indebted poor countries.
Under the HIPC Initiative, countries…
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