definitions Heavily Indebted Poor Countries (HIPC) Initiative

Heavily Indebted Poor Countries (HIPC) Initiative

The HIPC Initiative is a major international response to the burdensome external debt held by the world's poorest, most indebted countries. It originated in 1996 as a joint undertaking of the World bank and the International Monetary Fund (IMF). The name given to those poor countries with large debts, the target of initiatives to forgive that debt as a means of assisting development.