Heavily Indebted Poor Countries Initiative

…Fund (IMF) and World Bank’s Heavily Indebted Poor Country program in 2002 and the total debt forgiveness plan agreed upon by the Group of Eight country leaders in Gleneagles, Scotland, in 2005. But by 2015 Ghana was suffering from a high debt burden again. The country received bailouts from the…

…2009 as part of the Heavily Indebted Poor Countries initiative of the International Monetary Fund (IMF) and World Bank, but the country still owed more than $1 billion to a range of creditors. With its economy barely functioning, the country appeared unlikely to meet those obligations. In February the G7…

…in the launch of the Heavily Indebted Poor Countries (HIPC) Initiative in 1996. For the first time, limited relief of debts owed to the World Bank and the IMF became a strategy used by lenders to address the crisis. However, critics of the HIPC program argued that the relief was…