World Bank, IMF Approve $260 Million in Debt Relief

UN Integrated Regional Information Network, 26 May 2001

The World Bank announced on Tuesday that its International Development Association and the International Monetary Fund would support a comprehensive package under which Chad will receive US $260 million in debt service relief from all of its creditors under the Heavily Indebted Poor Countries Initiative (HIPC).

The IMF and IDA will start providing debt relief immediately. Total interim assistance will average US $14 million yearly, but Chad will receive most of the help under the HIPC initiative when it completes various measures, including the adoption and implementation of a poverty reduction strategy paper.

Other measures include maintaining macroeconomic stability, strengthening public expenditure management to identify and track poverty-related spending, ensuring that 75 percent of health districts and centres countrywide are functional, increasing the sale of condoms to strengthen the fight against HIV/AIDS, increasing school enrolment and improving access to roads and potable water.