Reporting on HIPC/MDRI Debt Relief Delivery by MDBs Luca Bandiera MDB Meeting on Debt Issues July 8 & 9, 2009
When last we met. . . • Participants endorsed simplified approach to data collection/reporting – Clear rationale, context & objectives • Captures – – Aggregated data on country basis Flows before & after HIPC/MDRI NPV of debt & stock of debt in nominal terms Arrears • Either template (single worksheet) or own reporting format acceptable • PRMED committed to process data and publish in Annual HIPC/MDRI Status of Implementation Report
What type of data? • • Debt service due before relief on debt outstanding at DP Debt service due before HIPC relief (historical and projected) Debt service due after HIPC relief (historical and projected) • End of period stock of debt outstanding, excluding arrears (to end-2008) before HIPC relief – Stock of principal arrears before HIPC relief – Stock of interest arrears before HIPC relief • End of period stock of debt outstanding – Stock of principal arrears after HIPC relief – Stock of interest arrears after HIPC relief • New disbursements for each year
Priority data for HIPC/MDRI report • Original request made on 28 May • Urgent request on 24 June for subset of original data: – Debt service due before relief on debt outstanding at DP – Debt service due before HIPC relief (historical and projected) – HIPC relief (historical and projected) • In whatever format is most convenient • We’ll process the data either way
Outcome? • Out of the 25 MDBs that have committed or are delivering HIPC relief – 11 have provided data (44%) • Of which, Af. DB, Ia. DB, IMF & WB (a given) • Therefore, only 7 newly compliant MDBs • Accounting for 94% of committed relief – 14 have not reported • Of which 4 have acknowledged and are in process of delivering (AFESD, CDB, IFAD & OFID) • And 10 have not acknowledged request despite repeated reminders, etc. • Doesn’t account for 8 uncommitted MDBs!
Snapshot from draft report HIPC Creditors Delivering or Committed to Deliver Debt Relief World Bank Group African Development Bank (Af. DB) Group International Monetary Fund (IMF) Inter-American Development Bank (Ia. DB) European Union/European Investment Bank (EU/EIB) Central American Bank for Economic Integration (CABEI) International Fund for Agricultural Development (IFAD) Arab Bank for Economic Development in Africa (BADEA) OPEC Fund for International Development (OFID) Islamic Development Bank (Is. DB) 2/ Corporación Andina de Fomento (CAF) Arab Fund for Social and Economic Development (AFESD) Caricom Multilateral Clearing Facility (CMCF) West African Development Bank (BOAD) Asian Development Bank (As. DB) Nordic Development Fund (NDF) Fund for the Financial Development of the River Plate Basin (FONPLATA) Caribbean Development Bank (CDB) Arab Monetary Fund (AMF) Central Bank of West African States (BCEAO) Nordic Investment Bank (NIB) East African Development Bank (EADB) Shelter Afrique Banco Interamericano de Ahorro y Préstamo (BIAPE) Uncommitted MDBs (total of 8) TOTAL COMMITTED (NPV) Costs ($m) %/total 21, 255 99. 7 10, 641 49. 9 2, 889 13. 6 3, 046 14. 3 1, 728 8. 1 741 3. 5 757 3. 6 397 1. 9 257 1. 2 225 1. 1 140 0. 7 138 0. 6 - 0. 0 89 0. 4 66 0. 3 - 0. 0 41 0. 2 37 0. 2 26 0. 1 18 0. 1 9 0. 0 5 0. 0 1 0. 0 0 0. 0 61 0. 3 21, 316 100. 0 DELIVERED (NPV) Costs ($m) %/total 10, 095 47. 5 5, 040 47. 4 1, 422 49. 2 1, 672 54. 9 735 42. 5 686 92. 6 380 50. 2 . . … 140 100. 0 . . … 16 39. 8 . . … 5 85. 9 . . … 0. 0 10, 095 47. 5
Status and next step • All data received to date has been processed and will be an input for the HIPC/MDRI Status of Implementation Report for 2009 – Will publish with or without any outstanding data • ‘Drop-dead’ deadline to submit is 14 July – No exceptions > subject to Bank internal review process • Further processing of data, involving whole dataset, is planned
In sum • Exercise more successful than past attempts • Thankful for support received • Critical mass in terms of committed relief has been achieved, BUT • . . . not in terms of numbers of MDBs • ‘collective action’ is the catchword and the goal – absence of data conspicuous • A process that is likely to improve over time – and worthwhile to continue
Thanks ! For assistance, please contact Thor-Jurgen (tloberg@worldbank. org) and Luca (lbandiera@worldbank. org)
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