Definition: HIPC (highly-indebted poor countries’) Initiative

HIPC (highly-indebted poor countries’) Initiative - "a World Bank/IMF initiative, 1997– 2004, to provide debt relief through grants from the sale of IMF gold and from Paris Club rescheduling and writeoffs. To qualify, these countries were to improve governance and maintain sound macroeconomic policies." - source: Economic Development 4th Edition by E. Wayne Nafziger