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News Highlights: Chad Reaches HIPC Initiative Completion

May 13, 2015

Chad, Africa’s fifth largest country, has reached the completion point of the Highly Indebted Poor Countries (HIPC) initiative, an international debt relief mechanism that provides special assistance to the world's poorest countries. As a result, the IMF and the World Bank have decided to support $1.1 billion in debt relief for Chad. First launched in 1996 by the World Bank and the IMF, the HIPC initiative’s aim is to ensure that no poor country faces a debt burden it cannot manage. Chad is the 36th country to reach the completion point under the HIPC Initiative Kordjé Bedoumra, Chad’s Minister of Finance and Budget, explains why reaching the HIPC completion point is such an important milestone for his country.