Debt relief committed under HIPC initiative as a component of official development assistance has been recorded in different ways over time. Up through 1992, forgiveness of non-official development assistance debt that met the tests of official development assistance (ODA) was reportable as ODA. During 1990–92 it remained reportable as part of a country’s ODA, but was excluded from the Development Assistance Committee (DAC) total. Since 1993, forgiveness of debt originally intended for military purposes has been reportable as “other official flows”, while forgiveness of other non-ODA loans (mainly export credits) recorded as ODA has been included in both country data and total DAC ODA, as it was until 1989.
Goal 8. Develop a global partnership for development.
Target 12. Develop further an open, rule-based, predictable, non-discriminatory trading and financial system. Includes a commitment to good governance, development and poverty reduction—both nationally and internationally.
Target 13. Address the special needs of the least developed countries. Includes: tariff and quota-free access for least developed countries’ exports; enhanced programme of debt relief for HIPCs and cancellation of official bilateral debt; and more generous ODA for countries committed to poverty reduction.
Target 14. Address the special needs of landlocked countries and small island developing States (through the Programme of Action for the Sustainable Development of Small Island Developing States and the outcome of the twenty-second special session of the General Assembly).
Target 15. Deal comprehensively with the debt problems of developing countries through national and international measures in order to make debt sustainable in the long term.
A global partnership for development requires increased debt reduction for heavily indebted poor countries. The indicator will monitor the Heavily Indebted Poor Countries (HIPC) Initiative, a major international effort targeted specifically at improving developing countries’ debt sustainability. Launched in 1996 and enhanced in 1999 to broaden and accelerate debt relief, the HIPC Initiative marked the first time that multilateral, official bilateral and commercial creditors united in a joint effort to reduce the external debt of the world’s most debt-laden poor countries to sustainable levels.
See “Definition” and the OECD/DAC, Development Cooperation Report and International Development Statistics (CD-ROM) for notes on definitions.
Data collection and source
Information is compiled by the International Monetary Fund and the World Bank from their HIPC decision and completion point documents (see “References”).
Development Cooperation Report, annual, Organisation for Economic Co-operation and Development/Development Assistance Committee (www.oecd.org/dac).
International Development Statistics (CD-ROM), (technical notes, glossary and table of aid recipients), annual, Organisation for Economic Co-operation and Development/Development Assistance Committee (www.oecd.org/dac).
International Monetary Fund, www.imf.org and www.imf.org/external/np/exr/facts/hipc.htm.
World Bank, www.worldbank.org/hipc.
Periodicity of measurement
International data comparisons
World Development Indicators, annual, World Bank (www.worldbank.org/data).
International Monetary Fund, www.imf.org and www.imf.org/external/np/exr/facts/hipc.htm.
World Bank, www.worldbank.org/hipc.
International Monetary Fund.
World Bank.