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The World Bank and the International Monetary Fund (IMF) have listed 34 African countries as Heavily Indebted Poor Countries (HIPC). The HIPC list is a joint initiative by the IMF and the World Bank which was launched in 1996.
Countries on the HIPC list include; Ghana, Ivory Coast, Benin, Togo, Burkina Faso, Guinea, the Gambia, Guinea-Bissau, Mali, Liberia, Niger, Senegal, Mauritania, Sierra Leone, Tanzania, Ethiopia, Burundi, Eritrea, Rwanda, Somalia, Uganda, Sudan, Cameroon, the Central African Republic, Chad, Republic of Congo, Sao Tome and Principe, Comoros Island, Madagascar, Malawi, Mozambique, Tanzania, and Zambia.
A report from businessinsider.com stated that, ‘the debt initiative works in such a way that multilateral financial organizations (including the IMF and World Bank) work in partnership with governments across the world to lower external debts of impoverished countries to sustainable levels.’
The report also made it clear that being poor is not the only eligible criteria for being admitted on the Heavily Indebted Poor Countries’ list. Another requirement includes an established track record of the capability to grow out of poverty over time.