Multilateral Debt Relief Initiative (MDRI)

Date of commitment: 
March 2006
Recipient: 

Commitment

The Multilateral Debt Relief Initiative (MDRI) provides for 100% relief on eligible debt from multilateral institutions, the IMF, the International Development Association (IDA) of the World Bank, and the African Development Fund (AfDF), to Heavily Indebted Poor Countries (HIPCs) that reached their HIPC completion point. In early 2007, the Inter-American Development Bank (IADB) also joined the Initiative. The MDRI is intended to provide additional resources to help countries advance toward the MDGs.
The Initiative was formerly referred to as the G-8 Proposal for Debt Relief as the G-8 leaders at the Gleneagles 2005 Summit pledged to cancel the debt of the world’s most indebted countries. This debt cancellation is provided by the multilateral institutions.

Target

Cancel 100% of outstanding debts to HIPC countries reaching completion point.

Progress

$49 billion (in end-2014 present-value terms) in debt relief has been committed under MDRI, as at December 2014.

Gap

Additionality

The MDRI provides resources additional to those provided under the HIPC Initiative.

Data source: 
World Bank and IMF