41286 IDA15 MULTILATERALDEBTRELIEFINITIATIVE(MDRI): SECOND UPDATEONDEBTRELIEF COSTS AND DONORFINANCING,AS OF SEPTEMBER30,2007 International Development Association ResourceMobilization (FRM) October 2007 Selected Abbreviations and Acronyms AfDF African DevelopmentFund FRM Resource Mobilization Department FY Fiscal year HIPC Heavily Indebted Poor Countries IDA International DevelopmentAssociation IDB Inter-AmericanDevelopment Bank IMF International Monetary Fund MDRI Multilateral Debt ReliefInitiative PAYG Pay-as-you-go SDR Special Drawing Rights TABLE OF CONTENTS ExecutiveSummary I. Introduction ............................................................................................................................... 1 I1. Background................................................................................................................................ 1 I11. Debt ReliefProvidedby IDA .................................................................................................... 2 A. Total Debt Relief................................................................................................................... 2 B. Debt Reliefunderthe MDRI................................................................................................. 4 IV. Donor Financingfor HIPC-relatedCosts .................................................................................. 5 V. Donor FinancingCommitmentsto the MDRI........................................................................... 6 VI. Adjustmentsto MDRICompensationAmounts ....................................................................... 9 Charts and Text Tables Chart 1: UpdatedTime Profile o f ForgoneCredit Reflowsof IDA (USDeq .million) ..................4 Table A: Evolutionof MDRICost Estimates(SDR million. USDeq .million)............................... 5 Table B: HIPCFinancingRequirements,IDA14 and IDA15 (USD million equiv.)...................... 6 Table C: MDRI Donor FinancingSummary (SDR million, USDeq.million) ................................ 7 Table D: MDRIFinancingRequirements,IDA14 and IDA15 (SDR million, USDeq.million).....8 Annex Tables Table 1: Total Debt Reliefto be Deliveredby IDA: EstimatedVolume since Inceptionof the HIPC Initiative (FY1996-2044) Table la: in SDR .......................................................................................................... Table 1b: in USD .......................................................................................................... 11 10 Table 2: EstimatedHIPC and MDRIDebtReliefby IDA, from IDA14 Period(FY06-44) By HIPC Country Table 2b: in USD .......................................................................................................... Table 2a: in SDR ........................................................................................................... 12 13 Table 3: EstimatedHIPC and MDRIDebtReliefby IDA, from IDA14 Period(FY06-44) Table 3a: in SDR ........................................................................................................... By Fiscal Year 14 Table 3b: inUSD .......................................................................................................... 15 Table 4: EstimatedHIPCand MDRIDebt Reliefby IDA, from IDA14 Period(FY06-44) By HIPC Country and IDA Replenishment Table 4a: in SDR ........................................................................................................... Table 4b: in USD .......................................................................................................... 16 17 .11. .. Table 5: EstimatedHIPC Debt Reliefby IDA. from IDA14 Period(FY06-44) By HIPC Country and IDA Replenishment Table 5b: inUSD .......................................................................................................... 19 Table 5a: in SDR ........................................................................................................... 18 Table 6: EstimatedMDRIDebtReliefby IDA, from IDA14 Period(FY07-44) By HIPC Country and IDA Replenishment Table 6a: in SDR ........................................................................................................... Table 6b: in USD .......................................................................................................... 20 21 Table 7: Table 7a: in SDR............................................................................................................ MDRIFinancingSummary-IoCsReceived 22 Table 7b: in USD........................................................................................................... 22 Table 8: MDRI IoCs ReceivedUnder OriginalCosts Table 8b: inNational Currency...................................................................................... Table 8a: in SDR ........................................................................................................... 23 Table 8c: inUSD ........................................................................................................... 24 25 Table 9: DonorFinancingof IDA's ForgoneReflowsdue to the MDRI: Total FinancingCommitmentsReceived Table 9a: in SDR ........................................................................................................... 26 Table 9c: inNational Currency...................................................................................... Table 9b: inUSD .......................................................................................................... 27 28 Table 10: Donor Financingof IDA's ForgoneReflowsdue to the MDRI: Table loa: in SDR ......................................................................................................... FirmFinancingCommitmentsReceived(UnqualifiedIoCs), by Period Table lob: inUSD ........................................................................................................ 29 Table 1Ocb: inNational Currency.................................................................................. 30 31 Table 11: IrrevocableMDRIDebt ReliefProvidedby IDA vs FirmDonor Financing . Received Table 1la: in SDR ......................................................................................................... 32 Table 11b: in USD ........................................................................................................ 33 Table 12: MDRI Firm FinancingReceivedvs.UpdatedMDRICosts through IDA15 Period Table 12b: inUSD ........................................................................................................ Table 12a: inSDR ......................................................................................................... 34 Table 12c: inNationalCurrency ................................................................................... 35 36 Adjustments to the MDRICompensationSchedule and Donors' Contributions MDRITable 1: CompensationSchedulefor IDA Donors.SDR millions ................................... 37 MDRITable 2a: Contributionsto the MDRI. millions......................................................... SDR 38 MDRI Table 2b: Contributionsto the MDRI-National Currencymillions................................... 39 EXECUTIVE SUMMARY 1. Since the inception o f the HIPC Initiative in 1996, total debt relief provided by IDA under the HIPC Initiative and the MDRIis currently estimated at SDR 35.5 billion (equivalent to USD 54.0 billion). Two thirds o fthis amount (SDR 24.7 billion, or USD37.6 billion) relates to the MDRI, the balance to the HIPC Initiative. Total MDRIcosts in SDRterms have not changed significantly since MDRIinception inApril 2006. However, costs inthe outer decades (fiscal years 2020-2044) have increased while costs over the IDA14-15 disbursement period (fiscal years 2007-20 19) fell by about SDR 0.8 billion. These shifts are primarily due to the postponement o f projected decision and completion point dates for a number o fpre-decision and decision point HIPCs. 2. As of September 30,2007,22 HIPC countries have reached the HIPC completion point, receiving a total o f SDR 27.2 billion (USD 41.5 billion) of irrevocable debt relief, equivalent to about 77 percent of the total debt relief to be provided by IDA. O f this amount, an estimated SDR 19.3 billion has beenprovided under the MDRIand the balance o f SDR 7.9 billion underthe HIPC Initiative. The remaining 18 HIPC countries will benefit from the MDRIupon reaching the completion point. 3. For IDA15, donors are requested to contribute SDR 1,221 million to cover IDA's HIPC-related costs. This amount represents the updatedHIPC costs over the IDA15 commitment period (FY09-11). 4. As of September 30,2007, donors have provided unqualified, firm financing commitments to the MDRIo f SDR 2.9 billion (USD 4.3 billion), representing 12 percent o f total MDRI costs. When addingqualified commitments o f SDR 14.6 billion (USD 22.3 billion), total donor financing commitments received represent 71 percent o ftotal MDRIcosts. 5. Dueto the MDRI, IDA forgoes an estimated SDR 7.0 billion (USD 10.6 billion) of credit reflows that are no longer available to support IDA14 and IDA15 disbursements. Over the disbursement horizon o f IDA14 (fiscal years 2007-2016), MDRIcosts are estimated at SDR 4.7 billion (USD 7.2 billion). The IDA15 disbursementperiod (fiscal years 2009-2019) adds another SDR 2.2 billion (USD 3.4 billion) to the MDRIcosts. 6. For IDA15, additional firm financing commitments for the MDRIo f SDR 4,148 million (USD 6,325 million) are beingsought from donors. This includes SDR 1,965 million (USD2,998 million) to support IDA14 disbursementsand concerns only those donors that have not yet provided such commitments during IDA14. The balance o f SDR 2,182 million (USD 3,327 million) is sought from all donors - except those that have already financed their share o f the 40-year total MDRIcosts -to cover the incremental MDRIcosts over the IDA15 disbursement period. 7. Revised cost estimates for the MDRIwill be reflected in the compensation amounts shown in the tables attached to the IDA15 Resolution o f IDA's Board of Governors. Such adjustments at the time o f each replenishmentwere contemplated inthe MDRIResolution approved by IDA'SBoard of Governors. Inaddition, each donor has agreed in its Instrumento f Commitment("1oC") to amendthe IoC so as to reflect these changes. MULTILATERAL DEBT RELIEFINITIATIVE (MDRI): SECOND UPDATEON DEBTRELIEF COSTS AND DONORFINANCING, AS OF SEPTEMBER30,2007 I.INTRODUCTION 1. This reportprovidesthe second updateon IDA'Scosts of implementingthe Multilateral Debt ReliefInitiative (MDRI) and on the associateddonor financingcommitments, as of September 30,2007. It follows up on the first such reportas of December31,2006.' 2. The reportprovidesan input into the ongoingIDA15 discussions. Donors would apply the updatedHIPC and MDRIcost data as o f September 30,2007 for their additional financing contributions over the IDA15 disbursementperiod. The report also respondsto the requestby donors for ongoingmonitoringof donor contributionsto the MDRIandto review the status of MDRIfinancingin conjunctionwith regularIDA replenishments. 3. The report is structuredas follows. SectionI1providesbackgroundinformation on IDA'S implementationofthe MDRI. SectionI11offers updatedestimates on the volume of debt relief providedby IDA to beneficiarycountries underthe MDRI. SectionIV discusses donor financingfor HIPC-relatedcosts inthe context of IDA15. Section V shows updatedinformation on financing commitmentsreceivedfor the MDRIreplenishmentof IDA and the additional donor financingsought inthe contexto fIDA15. Section VI concludeswith the adjustmentsto the compensationamountsfrom donors, resultingfrom the updatedMDRIcost estimates. 4. The data inthis report are shown innominalvalue terms as this forms the basis for donors' compensatory contributionsto IDA over time. Data are presentedinSDR and inUSD equivalentterms, as well as innationalcurrencywhere applicable, applying the appropriate foreign exchange rates.2 11. BACKGROUND 5. The MDRIwas proposedby G8 Heads of States in July 2005 and subsequently endorsed by the DevelopmentCommittee in September 2005. The MDRIprovides 100percent cancellationof IDA, AfDF, IDB4and IMF eligible debt for countriesthat reachthe HIPC ' "Multilateral Debt Relief Initiative (MDRI):Update on Debt Reliefby IDA and Donor FinancingTo Date", IDA/SecM.2007-0074, February 20,2007. The MDRIcancels the portiono f IDA credits remaining after applyingHIPC debt relief. The bulk of IDA credits cancelledare denominated in SDR, while HIPC debt relief is denominatedinUSDterms. As a result, the SDR volume o f debt reliefprovidedunderthe MDRIwill vary with foreign exchange rates. Foreignexchange rates are basedon IDA14, the MDRIreplenishment andthe IDA15 foreign exchange referencerates where applicable. The IDB confirmed on March 16,2007 that it will cancelthe debt ofthe five LatinAmericanHIPC countries (Bolivia, Guyana,Haiti, Honduras andNicaragua). - 2 - completion point. Its objectives are twofold: deepening debt reliefto HIPCs, while safeguarding the long-term financial capacity of IDA and the AfDF; and encouragingthe best use of additional donor resources for development by allocating them to low-income countries on the basis o f policy performance. Debt reliefprovided under the MDRIis inaddition to existing debt reliefcommitments by IDA and other creditors under the EnhancedHIPC Debt Initiative. Under the financing package for the MDRI, donors agreedto finance IDA's MDRIcosts on a `dollar- for-dollar' basis. 6. The Board ofExecutive Directors ofIDA approved IDA's participation inthe MDRIon March 28, 2006.5 IDA's Board o f Governors adopted the Resolution authorizing an increase in IDA resources to cover MDRI-related costs on April 21, 2006.6 The Board of Executive Directors of IDA approved IDA's implementationof the MDRIas o f July 1, 2006, i.e. the beginning o f fiscal year 2007.7 The MDRIreplenishmento f IDA became effective on August 4, 2006. 111. DEBTRELIEFPROVIDEDBYIDA A. Total Debt Relief 7. Debt relief since HIPC inception. Since the inception of the HIPC Initiative in 1996 and the inception o f the MDRIin2006, total debt relief to be provided by IDA under HIPC and MDRIcombined is currently estimated at SDR 35.5 billion (see enclosed Table la).8 This is a reduction of SDR 0.7 billion with respect to IDA's debt relief estimates as o f end-2006. The difference is explained primarily by the exclusion of debt relief estimates for the Kyrgyz Republic", the postponement o f projected decision and completion point dates for a number o f pre-decision and decision point HIPCs, and the effects o f applying the I D A 15 foreign exchange reference rates. The reduction in cost estimates i s however partially offset by the inclusion o f debt reliefcosts for Afghanistan." InUSD equivalent terms, IDA's updatedtotal debt relief estimate equals USD 54.0 billion. "IDA's Implementation ofthe MultilateralDebt Relief Initiative," IDA/R2006-0042, March 17,2006. "Additions to Resources: Financing the Multilateral Debt ReliefInitiative," Resolution No. 211adopted on April 21,2006. "Implementation Start Date of the MultilateralDebt Relief Initiative (MDRI)," IDA/R2006-0122, June 9, 2006. Estimates of debt relief under the HIPC Initiativeand the MDRIare for potentially eligible countries. Estimates are subject to change as aresult of future reviews of countries' debt stocks and the timing of expecteddecision and completion point dates. Current estimates for IDA's HIPC and MDRIdebt relief are basedon a list of40 HIPC countries, including 22 completion point countries, 10 decision point countries, and 8 pre-decisionpoint countries. This amount excludes IDA credit arrears from pre-decisionpoint HIPCs. While the Kyrgyz Republic continues to be listed as apre-decisionpoint HIPC, preliminary 2006 data suggest that it does not meet the HIPC Initiative incomeper-capitaqualification criteria, and thus, cannotproceedto the HIPC decisionpoint. In April 2007, IDA's Board of Directors approvedthe inclusion of the Islamic Republic of Afghanistan to the list of ring-fenced countries eligible under the HIPC Initiative. - 3 - 8. The total amount of SDR 35.5 billion (USD 54.0 billion) can be brokendown into three elements(Tables 1a and 1b): HIPC debt reliefprovidedby IDA priorto July 1, 2006, of SDR 2.6 billion (USD4.0 billion). This amount has beenfinancedprimarily through IBRDnet incometransfers to the HIPCTrust Fund, complementedby some bilateraldonor financing; HIPC debt reliefby IDA startingfrom July 1,2006 (Le., from FY07onward), estimatedat SDR 8.2 billion (USD 12.4 billion). Donors havecommittedto finance these amounts over time as reflow losses occur;'* and MDRIdebt reliefby IDA starting fromJuly 1,2006 over the implementationperiod o f the MDRI (FY07-44),estimatedat SDR 24.7 billion (USD 37.6 billion). Donors havealso agreedto finance these amountsover time as reflow losses occur.l3 9. Irrevocable debt reliefto completion point HIPCs. As of September 30,2007, 22 countries have reachedthe HIPC completionpoint. These countries havereceiveda total of SDR 27.2 billion (USD41.5 billion) of irrevocabledebt relieffrom IDA, equivalentto 77 percentofthe total debt reliefto be providedby IDA. Ofthis amount, an estimated SDR 19.3 billion has beenprovidedunderthe MDRIand the balance of SDR 7.9 billion underthe HIPC Initiative (Table la). 10. Donor financing of IDA's debt relief costs from FY06 onward. Donor financing for IDA'Sdebt relief underthe HIPCInitiative was introducedinthe IDA14 replenishment, beginninginFYO6. Donor financing ofMDRI-relatedcosts of IDA beganinFYO7, at the start of IDA'Simplementationofthe MDRI, and is scheduledto end by FY44when the last IDA credit eligible for cancellation underthe MDRIwould havematured. Over this donor financing period FY06-44, IDA is estimatedto providetotal debt reliefof SDR 33.2 billion (USD 50.5 billion) (Tables 2a and 2b). About 90 percentofthis total amountrepresentscancelledcredit principal, with the balancerepresentingIDA'Sforgone service charge income on the cancelledcredits. 11. Time profile of forgonecredit reflows. Dueto the HIPC Initiative, IDA has lost reflows equal to SDR 339 million (USD 513 million) in FY06, the first year of the IDA14 period (Tables 3a and 3b). InFY07, the first year of MDRIimplementation,the volume of lost reflows due to HIPC and MDRIcombinedincreasedto SDR 623 million (USD 934 million). For FY08, the projectedloss of reflows equals SDR 677 million (USD I,O 13 million). Annual volumes of forgone reflowsare projectedto peak by FY23, at SDR 1,328 million (USD 2,025 million), thereafter decreasinggradually until the final year, FY44 (Chart 1). 12. Credit reflows lost for IDA14 and IDA15. Disbursementson credits and grants resultingfrom new financing commitmentsmade during IDA14 and IDA15 extendout over the periodFY06-19. Over this combineddisbursementperiod, IDA is projectedto lose an estimated SDR 13.8 billion (USD21.O billion) in credit reflowsdue to debt relief(Tables 4a and 4b). This '' "Additions to Resources: FourteenthReplenishment," March 10,2005. l 3 "Additions to IDA Resources: Financingthe Multilateral Debt ReliefInitiative," ResolutionNo. 211adopted on April 21,2006. - 4 - amount is split nearly equally betweenreflows lost due to the HIPC Initiative of SDR 6.8 billion (USD 10.4billion, Tables 5a and 5b) and due to the MDRIof SDR 7.0 billion (USD 10.6billion, Tables 6a and 6b). Chart 1: UpdatedTime Profileof ForgoneCredit Reflowsof IDA (FY06-44, USDeq.million) 1 2,200 , I 2,000 1,800 1,600 1,400 h9 MDRI costs 81 HIPC costs O N B.DebtReliefunder the MDRI 13. Evolution of MDRIcost estimates. Table A illustratesthe evolutionofIDA'S estimated loss o f credit reflows due to the MDRI. Total estimatedcosts since establishmento f the MDRI in April 2006 have decreased slightly, by SDR 137 million. InUSdollar terms, however, MDRI costs have increasedby USD 935 million as a result o f the IDA15 foreign exchange reference rates, which reflect the depreciationofthe USdollar vs. the SDR basketover the past 18 month~.'~The decrease o f estimatedMDRIcosts in SDR terms since MDRIestablishmentin April 2006 for which donors have already providedfinancing commitmentswill be applied and credited accordingto each donor's burdenshare. 14. EstimatedMDRIcosts fell more significantly over the first decade of MDRI implementation(FY07-16), by some SDR 522 million, followedby another reductionof SDR 3 14 million over the next three years (FY17-19). The total reductionof estimatedMDRIcosts over the combinedIDA14 and IDA15 disbursementperiod is SDR 835 million, thereby lowering the volume o f donors' financingcommitmentsneededinthe context of the IDA15 14 For the initial cost estimates of the MDRIreplenishment,the applicableUSD/SDRexchange ratewas 1.47738. Revisedcost estimates for FY09 onwardare basedon the IDA15 foreign exchangereference rate of USD/SDR 1.52448; see the companion paper issuedfor the fourth IDA15 meeting inDublin: "Key FinancialVariables and UpdatedIDA15 FinancingFramework", October 2007. - 5 - replenishment. As previously mentioned, these reductions are drivenprimarily by the exclusion o f debt relief estimates for the Kyrgyz Republic, the postponement o f projected decision and completion point dates for a number o f pre-decision and decision point HIPCs, and the effects of applying the IDA15 foreign exchange reference rates. Incontrast, MDRIcost estimates have increased inthe outer years (FY20-44), by SDR 698 million. Table A: Evolutionof MDRICost Estimates (SDR million,USDeq.million) SDR million Original Estimate First Update Second Update Change vs. Change vs. (March 2006) (Dec. 2006) (Sept. 2007) OriginalEst. First Update FYO7-08 546 536 508 -38 -28 FYO9-16 4.721 4,037 4.238 -484 200 Sub-total IDA14disb. period 5,268 4,574 4,746 -522 172 FYI7-19 2.518 2.110 2,204 -374 94 Sub-totalIDA14 + IDA15 disb. 7,785 6,684 6,950 -835 266 FY20-44 17,011 17,945 17,709 698 -237 Total MDRI Costs 24,796 24,629 24,659 -737 30 USD million equiv. Original Estimate First Update Second Update Change vs. Change vs. (March 2006) (Dec. 2006) (Sept. 2007) OriginalEst. First Update FYO7-08 807 792 751 -56 -47 FYO9-16 6.975 5.965 6.460 -575 495 Sub-totalIDA14disb. period 7,782 6,757 7,211 -577 454 FY17-19 3.720 3.117 -359 243 Sub-total IDA14+ IDA15 disb. 11,502 9,875 10,572 -930 697 FY20-44 25,132 26,512 26.997 7,865 485 Total MDRl Costs 36,634 36,387 37,568 935 7,782 Note: Amounts may not add up due to rounding. Iv.DONORFINANCING FOR HIPC-RELATEDCOSTS 15. IDA14 was the first replenishmentwhere donors agreed to finance IDA's forgone credit reflows due to the HIPC Initiative." Donor financing of HIPC costs occurs on a pay-as-you-go basis, over the 3-year commitment period of each IDA replenishment. HIPC debt relief is defined and extended to recipient countries in US dollar terms. 16. Donor financing in IDA14. Based on debt relief estimates as o f September 30,2007, over the 3-year commitment period o f IDA14 (FY06-OS), IDA forgoes a volume o f USD 1,708 Is In IDA14, donors reaffirmed the intent of the DevelopmentCommittee that HIPC costs shouldnot damage IDA's finances (see: Development Committee Communique`, dated September 27, 1999). In IDA14, donors also supported the arrangement whereby the IDA Deputieshad agreed that the financing of IDA's HIPC debt relief costs would be addressed in 2004, in conjunction with the IDA14 replenishmentdiscussions(see: Chairman's Summary, HIPC Technical Meeting, Paris, October 24, 2002). - 6 - million of credit reflowsdue to the HIPC Initiative (see Table B). After usingremaining resources of USD 384 million fromprior IBRDtransfers to the HIPC Trust Fund, a balanceof about USD 1,324 millionof HIPC costs duringFY06-08 is beingfinancedby donor commitmentsreceivedunder IDA14. This compares to the original HIPCcost estimateofUSD 1,693 million for the IDA14 period, for which donorsprovidedfinancing commitmentsunderthe IDA14 replenishment. The reductioninthe HIPC cost estimateis primarily due to the postponementofprojecteddecision dates for a number ofpre-decisionpoint HIPCs duringthe IDA14 period. As a result, donors' requiredHIPC contributions for the IDA15 periodwill be reducedby a carry-overamount of USD 369 million. Table B: HIPC FinancingRequirements,IDA14 and IDA15 (USD million equiv.) Donor financing for HlPC Costs Original Updated Change USD millions Estimate Estimate IDA14 Commitment Period (FYO6-08) HlPC costs of IDA 2,019 1,708 Less: IBRD financing in HlPC Trust Fund (326) (384) Amount financed by donors 1,693 1,324 (369) IDA15 Commitment Period (FYO9-11) HlPC costs of IDA 2,234 Less: Cost reduction during IDA14 period (369) Amount to be financed by donors 1,865 SDR equivalent amount for IDA15: 1,221 SDR million 17. Donor financing in IDA15. For the IDA15 commitmentperiod(FY09-1l), updated the HIPC costs of IDA are estimatedat USD2,234 million. After deducting the carry-over amount from IDA14, the net financing requirementfor donors to cover IDA'SHIPC costs inIDA15 are USD 1,865 million. InSDR terms, at the IDA15 foreign exchange referencerates, the amount of HIPC-relatedcosts to be financed by donors in IDA15 is SDR 1,221 million. v. DONOR FINANCING COMMITMENTSTO THE MDRI 18. The MDRI replenishmentof IDA. To finance IDA'Sforgone credit reflowsunder the MDRI,donors establisheda separate MDRIreplenishment,spanningfour decades (FY07-44). In order to preserveIDA'Sadvance commitment capacity - underwhich IDA uses its streamof available future credit reflowsto back disbursements on approvedcredits and grants donors - acknowledgedthe needto provide unqualified,firm MDRIfinancing commitmentsover a rolling decade, thereby matchingthe disbursementperiodof each future IDA replenishment.l6 The long-termnature of MDRIfinancing commitmentsmay presenta challengefor some donors who l6 The annual encashment o f donor contributions to finance IvfDRI-related costs of IDA will occur on a pay-as- you-go basis, matching the actual forgone reflows o f IDA during each year. - 7 - may not be able to make firm commitmentsover such a longtime perioddue to legislative or budgetary constraints. 19. Overall MDRI financing status. As of September 30,2007, donors have provided unqualified,firm financing commitmentsto the MDRIof SDR 2.9 billion (USD 4.3 billion) (see Table C, also enclosedTables 7a and 7b), representing12percentof total MDRIcosts. In addition, donorsprovidedqualifiedfinancingcommitmentsof SDR 14.6billion (USD 22.3 billi~n).'~Takentogether, unqualifiedand qualifiedfinancingcommitmentsreceivedrepresent 71 percent of total MDRIcosts. Table C: MDRIDonor FinancingSummary (SDR million, USDeq. million) SDR million Unqualified Qualified To be Updated Total Financing Financing Committed MDRI Costs FYO7-08 447 89 -28 508 FYO9-16 2.244 1.221 - 4.238 772 Sub-total IDA14 disb. period 2,691 1,310 744 4,746 FYI7-19 - 1.714 22 - 2.204 468 Sub-total IDA14 + IDA15 disb. 2,713 3,025 1,213 6,950 FY20-44 - 148 11,581 5.980 17,709 Totals 2,861 14,605 7,193 24,659 USD million equiv. Unqualified Qualified To be Updated Total Financing Financing Committed MDRI Costs FYO7-08 660 132 -41 751 FYO9-16 3.421 1.861 1,178 6.460 Sub-total IDA14 disb. period 4,081 1,994 1,137 7,211 FYI7-19 - 2.613 33 - 3.360 714 Sub-total IDA14 + IDA15 disb. 4,114 4,607 1,851 10,572 FY20-44 - 17,654 223 9.119 26,997 Totals 4,337 22,261 10,970 37,568 Note: Amounts may not add up due to rounding. 20. MDRIfinancing receivedfor IDA14 and IDA15. Over the disbursementhorizon of IDA14 (FY07-16), MDRIcosts are estimatedat SDR 4.7 billion (USD 7.2 billion). Against this amount, donors have providednearly 84 percent of financingcommitments, including57 percent of firm, unqualifiedcommitmentsand a further 27 percent o f qualifiedcommitments. The IDA15 disbursementperiod(FY09-19) adds another SDR 2.2 billion (USD 3.4 billion) of MDRI " Donors' financingcommitments are providedthrough issuance of an Instrument of Commitment(IoC) by the donors. Under the MDRIreplenishmentof IDA, donors agreed, on an exceptional basis, that a `qualified' financingcommitment couldbe made subject to obtainingnecessary parliamentary or legislativeapprovals. This differs from regular replenishmentsof IDA where a `qualified' commitment means that it is subject only to enactment by its legislature o fthe necessary appropriationlegislation. - 8 - costs, of which 1 percentare coveredby firm, unqualifieddonor financing commitmentsand 78 percentare coveredby qualifieddonor financing commitments. Please referto enclosed Tables 8-11for further detailsonthe extentofdonors' currentfinancingcommitmentsto the MDRI. 21. IncrementalMDRI financing commitmentssought in the context ofIDA15 Over the IDA14disbursementperiod(FY07-16),additionalfirm, unqualifiedfinancingcommitments for the MDRI o f SDR 1,965 million (USD 2,998 million) are beingsought from donors inthe context o f IDA15 (see Table D). These commitmentsconcernonly those donors that have not yet providedsuch commitmentsduring the IDA14period. 22. Moreover, for the IDA15 disbursementperiod,donors are askedto provide additional firm, unqualifiedfinancing commitmentsfor the MDRIof SDR 2,182 million (USD 3,327 million). These additional commitmentsconcernall donors, with the exceptionofthose donors that have already provideda firm, unqualifiedcommitment over the entire 40-yearperiodofthe MDRIreplenishment. 23. Intotal, therefore, firm financingcommitments for the MDRIof SDR 4,148 million (USD 6,325 million) are beingsought from donors. EnclosedTables 12a-c providedetails,per donor country, on the extent ofthe additionalfirm, unqualifiedMDRIfinancingcommitments sought within the context of the IDA15 replenishment. Table D: MDRIFinancingRequirements,IDA14 and IDA15 (SDRmillion,USDeq. million) I Based on updated MDRl cost estimates SDR million USDeq. million IDA14 Disbursement Period (FYO7-16) MDRIcosts of IDA 4,746 7,211 Less: Firm, unqualified donor commitments received (2,691) (4,081) Less: Expected firm commitments during FY08 (89) (132) Additional firm commitments to be provided by donors 1,965 2,998 IDA15 Disbursement Period (FYOS-19) Additional 3 years of MDRI costs of IDA (FY17-19) 2,204 3,360 Less: Firm, unqualified donor commitments received (22) (33) Additional firm commitments to be provided by donors 2,182 3,327 Addtl. firm commitments for IDA14 + IDA15 disb. Periods: 4,148 6,325 Note: Amounts may not add up due to rounding. - 9 - VI. ADJUSTMENTS MDRICOMPENSATIONAMOUNTS TO 24. The MDRIreportand Resolution'*establisheda mechanismfor IDA to makeannual adjustmentsto the overall MDRIcompensationschedule inorderto reflect updatedcost estimates. The updated, annualMDRIcompensationschedulefor donors is showninthe attachedMDRITable 1. Inaddition,the MDRIResolutionalso providedthat every three years, normally at the time of a regularreplenishment,adjustmentswould be madeby IDA to the compensationamountspayableby each donor.Updatedannualcosts are brokendownby donor and fiscal year inthe attachedMDRITables 2a and2b. Intheir Instrumentsof Commitmentfor the MDRI replenishment,donors agree to amendthe IoC to reflect any suchadjustmentsintheir individualpaymentschedules. IDA will notify membersofthe correspondingadjustment necessary intheir Instrumentsof Commitmentthroughtablesto be includedinthe IDA15 Resolution. "Additions to IDA Resources: Financing the MultilateralDebt ReliefInitiative," March 28, 2006, para. l(f) and 22; and Board o f Governors ResolutionNo. 211adopted on April 21,2006, paras 2 (c) and (d). - 10- Table l a InternationalDevelopment Association Total Debt Reliefto be Delivered by IDA: Estimated Volume since Inception o f the HIPC Initiative (FY1996-2044) as of September 30,2007 (SDReq.millions) Total HIPC Debt Relief MDRIDebt Relief HIPC MDRI Costs + Debt Relief Total HIPC Delivered To be Delivered To be Delivered To be Financed by Donors by IDA pre-July 2006 postJuly 1, 2006 Post July I,2006 Post July I2006 I (A+B+C) (A+B) (A) (B) (C) (B+C) Completion Point Countries (22) Benin 550 82 29 53 468 521 Bolivia 1,225 189 81 109 1,035 1,144 Burkina Faso 781 277 154 123 505 628 Cameroon 755 197 65 132 558 690 Ethiopia 2,449 847 114 733 1,602 2,335 Ghana 2,998 950 137 813 2,048 2,861 Guyana 217 88 49 39 129 I68 Honduras 921 114 76 38 808 8-16 Madagascar 1,501 292 62 231 1,208 1,439 Malawi 1,495 653 76 577 842 1,419 Mali 1,054 192 96 96 861 957 Mauritania 489 114 26 87 375 463 Mozambique 1,591 698 678 20 893 913 Nicaragua 780 251 33 218 529 747 Niger 781 270 43 227 511 738 Rwanda 715 466 56 410 249 659 Sao Tome and Principe 56 30 5 25 26 51 Senegal 1,370 108 55 53 1,262 1,315 Republic of Sierra Leone 418 154 22 132 264 396 Tanzania 2,683 761 184 578 1,922 2,499 Uganda 2,548 649 317 332 1,899 2,231 Zambia 1,869 --- 582 -- 97 485 1,287 - 1,772 Sub-Total 27,248 7,964 2,456 5,508 19,284 24,792 Decision Point Countries (10) Afghanistan 108 82 82 26 I08 Burundi 533 507 12 495 26 j21 Central African Republic 273 150 150 122 273 Chad 573 70 19 51 503 554 Congo, Republic of 162 46 1 46 116 I62 Congo, Democratic Republic of 1,349 678 66 611 671 1,282 Gambia, The 161 19 6 13 142 155 Guinea 886 154 44 110 732 842 Guinea-Bissau 204 118 19 99 86 I85 Haiti 334 - 14 14 320 334 Sub-Total 4,582 1,838 167 1,671 2,744 4,415 Pre-Decision Point Countries (8) Cote d'lvoire* 1,176 3 3 1,174 I,176 Eritrea 270 177 177 93 270 Liberia* 46 46 46 Nepal 880 225 225 655 880 Somalia* 160 113 113 46 160 Sudan* 618 381 381 237 618 Togo* 403 51 51 352 403 Union of the Comoros 79 52 52 27 79 Sub-Total 3,632 1,001 1,001 2,631 3,632 Total 35,463 10,804 2,623 8,181 24,659 32,840 * Excludes aiTears on principal and charges overdue which will need to be cleared prior to the countlyreachingdecision point under the HIPC Initiative. Nure l.'oreign exchange rares are h a . don applicable IDA 14,MDRl andlDAl5 FX refkrence rares. - 11 - Table l b InternationalDevelopment Association Total Debt Relief to be Delivered by IDA: Estimated Volume since Inception of the HIPC Initiative (FY1996-2044) as of September 30,2007 (USDeq.millions) Total HIPC Debt Relief MDRIDebtRelief HIPC t MDRl Costs Debt Relief Total HIPC Delivered To be Delivered To be Delivered To be Financed by Donors by IDA pre-July 2006 postJuly I,2006 Post July 1,2006 Post July I,2006 (A+B+C) (A+B) (A) (B) (C) (B+C) Comuletion Point Countries (22) Benin 837 124 44 80 713 793 Bolivia 1,864 287 122 165 1,577 I,742 Burkina Faso 1,188 420 232 188 769 956 Cameroon 1,149 299 99 201 850 1,051 Ethiopia 3,730 1,288 173 1,116 2,442 3,558 Ghana 4,565 1,446 208 1,238 3,119 4,357 Guyana 330 133 74 59 197 256 Honduras 1,402 172 1I 4 58 1,23 1 1.288 Madagascar 2,285 444 93 351 1,840 2,191 Malawi 2,277 994 1I 5 878 1,284 2,I62 Mali 1,603 292 146 146 1,312 ' I,458 Mauntania 745 173 40 133 572 705 Mozambique 2,415 1,055 1,025 30 1,360 1,391 Nicaragua 1,188 383 50 333 806 I,138 Niger 1,189 410 65 345 779 I,I24 Rwanda 1,088 709 84 625 379 1.004 Sao Tome and Principe 85 45 7 38 40 78 Senegal 2,086 164 83 81 1,922 2,002 Republic of Sierra Leone 637 234 34 201 403 604 Tanzania 4,084 1,157 277 880 2,927 3,806 Uganda 3,876 984 478 505 2,893 3,398 Zambia 2,847 885 147 738 1,962 2,699 Sub-Total 41.472 12,098 3,709 8,388 29,374 37,762 DecisionPointCountries (10) Afghanistan 164 125 125 40 164 Burundi 812 773 19 754 39 794 Central African Republic 415 229 229 187 415 Chad 873 107 28 78 767 845 Congo, Republic of 247 71 1 70 176 246 Congo, Democratic Republic o f 2,054 1,031 100 931 1,023 1,954 Gambia, The 245 29 9 20 217 236 Guinea 1,350 234 66 167 1,116 I,283 Guinea-Bissau 311 180 29 151 131 282 Haiti - 509 - 21 488 509 Sub-Total 6,981 2,798 252 2,546 4,183 6,729 Pre-DecisionPointCountries(8) Cote dIvoire* ,793 4 4 1,789 I,793 Eritrea 412 270 270 142 412 Liberia' 70 70 70 Nepal ,342 343 343 999 1,342 Somalia* 244 173 173 71 244 Sudan* 942 580 580 362 942 Togo* 614 78 78 536 614 Union of the Comoros - 120 79 79 41 I20 Sub-Total 5,537 1,526 1,526 4,011 5,537 Total 53,991 16,422 3,962 12,461 37,568 50,029 * Excludes aixars on principaland charges overdue which will needto be cleared prior to the country reachingdecision point under the HIPC Initiative. Niire:Foreign exchangeraies are based on applicable IDA 14,MDRIandlDAlS FX reference rules. - 12- Table 2a InternationalDevelopmentAssociation EstimatedHIPCand MDRIDebtReliefby IDA, from IDA14 Period (FY06-44) By HIPC Country as of September 30,2007 (SDReq.million) ActuallEstimated Total Debt HIPC MDRI Completion Relief Debt Debt Principal Charges Completion Point countries (22) Point Date by IDA Relief Relief Benin -7GEEil 526 58 468 473 53 Bolivia 06/30/2001 1,154 118 1,035 1,034 120 Burkina Faso 04/30/2002 635 130 505 565 69 Cameroon 04/30/2006 692 134 558 616 76 Ethiopia 04/30/2004 2,374 772 1,602 2,102 272 Ghana 07/31/2004 2,897 849 2,048 2,595 302 Guyana 12/3112003 170 41 129 152 17 Honduras 04/30/2005 852 44 808 755 97 Madagascar 10/31/2004 1,452 243 1,208 1,295 157 Malawi 08/31/2006 1,435 593 842 1,290 145 Mali 03/31/2003 967 105 861 865 102 Mauritania 0613012002 468 92 375 417 50 Mozambique 09/30/2001 919 26 893 815 105 Nicaragua 01/31/2004 755 226 529 665 90 Niger 04/30/2004 748 237 511 665 84 Rwanda 04/30/2005 672 423 249 598 74 Sao Tome and Principe 03/31/2007 52 26 26 47 5 Senegal 04/30/2004 1,327 65 1,262 1,188 139 Republic of SierraLeone 12/3112006 402 138 264 357 45 Tanzania 11/30/2001 2,532 610 1,922 2,268 263 Uganda 05/31/2000 2,251 351 1,899 2,007 244 Zambia 0413012005 1,796 1,287 1,594 202 Sub-total 25,077 22,365 2,712 Decision Point countries (IO) Afghanistan 07/31/2009 108 82 26 100 8 Burundi 03/30/2008 533 507 26 479 54 Central African Republic 1213112009 273 150 122 252 20 Chad 06/30/2008 558 55 503 502 57 Congo, Republic of 12/3112009 162 46 1I 6 147 15 Congo, Democratic Republic of 06/30/2008 1,306 635 671 1,162 143 Gambia, The 1213112007 157 15 142 142 15 Guinea 08/31/2008 851 119 732 775 76 Guinea-Bissau 06/30/2010 189 103 86 171 18 Haiti 0913012008 334 14 320 I 305 29 Sub-total - 4,470 4,035 436 Pre-decision Point countries (8) Cote dlvoire* 12/31/20I O 1,176 3 1,174 1,071 105 Eritrea 03/30/2012 270 177 93 236 34 Libena* 09130120I O 46 46 43 3 Nepal 0913012011 880 225 655 800 80 Somalia* 09/30/20 16 160 113 46 149 I O Sudan* 12/31/2011 618 381 237 571 47 Togo * 12/3112011 403 51 352 370 33 Union of the Comoros 09/30/20 I O 79 52 27 70 8 Sub-total 3,632 1,001 2,631 II 3,311 322 I I ~GFUND TOTAL I 33,179 8,520 24,659 I 29,711 3,469 * Excludesarrears on principal and chargesoverduewhich wll needtc clearedprior to the coi ry reaching decision point underthe C Initiative Nole' Foreign exchange rates are based on applicable IDA14.MDRIand IDA15 FXreference raleu. - 13- International Development Association Estimated HIPC and MDRI D e b t Relief b y IDA, f r o m I D A 1 4 Period (FY06-44) B y HIPC C o u n t r y as of September 30,2007 (USDeq.million) 4ctuaVEstimated Total Debt HIPC MDRI Completion Relief Debt Debt Principal Charges Completion Point countries (22) Point Date by IDA Relief Relief Benin 0313112003 801 89 713 721 80 Bolivia 0613012001 1,757 180 1,577 1,574 183 Burkina Faso 0413012002 967 198 769 861 105 Cameroon 0413012006 1,054 204 850 939 115 Ethiopia 0413012004 3,616 1,174 2,442 3,203 414 Ghana 07/31/2004 4,4 12 1,293 3,119 3,953 459 Guyana 1213112003 259 62 197 232 26 Honduras 0413012005 1,298 67 1,23 1 1,150 147 Madagascar 1013112004 2,2 11 370 1,840 1,973 238 Malawi 08/31/2006 2,186 903 1,284 1,966 221 Mali 03/31/2003 1,472 160 1,312 1,318 154 Mauritania 0613012002 712 140 572 636 77 Mozambique 0913012001 1,400 40 1,360 1,242 159 Nicaragua Ol13l12004 1,151 345 806 1,014 137 Niger 0413012004 1,140 361 779 1,013 127 Rwanda 0413012005 1,023 644 379 911 1I 3 Sao Tome and Principe 0313112007 79 39 40 71 8 Senegal 0413012004 2,021 99 1,922 1,810 211 Republic of Sierra Leone l213l12006 613 210 403 544 69 Tanzania 1113012001 3,855 929 2,927 3,456 400 Uganda 0513112000 3,428 535 2,893 3,057 370 Zambia 0413012005 2,736 774 1,962 Sub-total 38,192 8,818 29,374 Decision Point countries (10) II Afghanistan 0713112009 125 40 152 12 Burundi 0313012008 773 39 730 83 Central African Republic 1213112009 229 187 385 31 Chad 0613012008 84 767 764 87 Congo, Republic of 1213112009 71 176 224 23 Congo, DemocraticRepublic of 0613012008 1,989 966 1,023 1,771 218 Gambia, The 1213112007 239 22 217 216 23 Guinea 0813l12008 1,297 181 1,116 1,181 1I 6 Guinea-Bissau 0613012010 157 131 261 27 509 21 488 465 44 Sub-total 2,629 4,183 6,148 664 Pre-decision Point countries (8) Cote dIvoire* 1213112010 1,793 4 1,789 1,633 Eritrea 0313012012 270 142 Libena* 09/3012010 70 Nepal 0913012011 1,342 343 999 1,220 Somalia* 0913012016 173 71 228 Sudan* 12/31/2011 580 362 870 Togo* 1213112011 614 78 536 564 Union of the Comoros 120 79 41 107 Sub-total 5,537 1,526 4,011 5,047 4911 GRANDTOTAL 12,973 37,568 45.268 5.2'14 * Excludesarrearson principal and chargesoverduewhich wll need tc !cleared prior to the country reachingdecisionpoint under:HIPCInitiative. Nole: Foreign exchangerales are based on applicable IDAI?. MDRland iDAI5 FXreference rates. - 14- Table 3 a International Development Association Estimated HIPC and M D R I Debt Reliefby IDA, from IDA14 Period (FY06-44) By FiscalYear as of September 30,2007 (SDReq.million) Total Of which Of which 22 CP HIPCs 10 DP HlPCs 8 pre-DP HlPCs 41 Countries HIPC MDRI Principal Charges FY06 285 55 339 339 304 35 FY07 558 66 623 380 243 453 170 FY08 601 75 0 677 411 265 506 171 FY09 650 120 32 802 468 334 613 189 FYI0 686 136 52 874 496 377 682 191 FYI I 731 147 71 950 501 449 758 192 FY12 782 150 128 1,059 516 544 864 195 FYI3 818 159 140 1,118 539 578 928 190 FYI4 851 164 147 1,162 559 603 979 183 FYI5 872 167 153 1,192 538 654 1,017 175 FY16 891 169 156 1,216 517 699 1,049 167 Subtotal, to FY16 7,724 1,408 880 10,012 5,266 4,746 8,153 1,858 FYI7 907 169 164 1,240 520 720 1,081 160 FYI8 921 170 166 1,256 524 732 1,105 152 FYI9 941 170 170 1,281 529 752 1,137 143 FY20 954 170 169 1,293 410 883 1,158 135 FY21 966 170 169 1,305 271 1,034 1,179 126 FY22 982 170 169 1,321 195 1,125 1,204 117 FY23 983 177 168 1,328 150 1,179 1,220 108 FY24 972 179 166 1,317 139 1,177 1,218 99 FY25 962 177 164 1,303 132 1,171 1,214 90 FY26 950 174 161 1,286 1I 4 1,173 1,205 81 FY27 940 171 148 1,259 83 1,176 1,187 72 FY28 920 162 137 1,218 55 1,164 1,155 63 FY29 871 143 125 1,139 37 1,103 1,085 54 FY30 820 126 114 1,060 27 1,033 1,013 46 FY31 749 110 101 960 15 945 921 39 FY32 671 103 96 869 13 857 837 32 FY33 594 92 88 774 12 763 749 26 FY34 514 83 79 676 8 668 655 20 FY35 438 75 61 574 7 567 558 16 FY36 364 62 49 474 5 469 462 12 FY37 291 49 31 371 5 366 363 8 FY38 225 38 22 285 4 281 279 6 FY39 168 35 12 214 1 213 210 4 FY40 126 31 11 168 168 165 2 FY41 82 28 8 118 118 116 1 FY42 32 23 5 59 59 59 0 FY43 11 5 2 18 18 18 0 FY44 Total, FY07-44 25,077 4,470 3,632 33,179 8,520 24,659 29,711 3,469 Note. Foreign exchange rates are based on applicable IDAIJ. MDRland IDA15 FXreference rates - 1 5 - Table 3b InternationalDevelopmentAssociation EstimatedHIPC and MDRIDebt Reliefby IDA, from IDA14 Period (FY06-44) By FiscalYear as of September 30,2007 (USDeq.million) Total Ofwhich Of which 22 CP HIPCs 10 D P HIPCs 8 pre-DP HIPCs 41 Countries Principal Charges FY06 430 83 513 513 459 54 FY07 834 99 934 574 359 681 252 FY08 900 113 1 1,013 621 392 760 253 FY09 991 183 49 1,222 713 509 934 289 FYI0 1,046 207 80 1,332 757 575 1,040 292 F Y I 1 1,115 225 108 1,448 764 684 1,155 293 FYI2 1,192 228 195 1,615 787 829 1,318 297 FYI3 1,248 243 213 1,704 822 882 1,415 289 FY14 1,297 249 225 1,771 852 919 1,493 278 FYI5 1,329 255 233 1,817 820 997 1,550 267 FY16 1,358 258 237 1,854 1,066 1,599 255 Subtotal, to F Y I 6 11,739 2,143 1,341 15,223 12,404 2,819 FYI7 1,383 258 250 1,891 793 1,098 1,648 243 FYI8 1,403 259 253 1,915 799 1,116 1,684 23 1 FYI9 1,435 259 259 1,952 806 1,146 1,734 218 FY20 1,455 259 258 1,971 624 1,347 1,766 205 FY21 1,473 259 257 1,989 414 1,576 1,797 192 FY22 1,498 259 257 2,014 298 1,716 1,836 178 FY23 1,498 270 256 2,025 228 1,797 1,860 164 FY24 1,483 272 253 2,007 212 1,795 1,857 151 FY25 1,467 270 250 1,987 202 1,785 1,850 137 FY26 1,449 266 246 1,961 173 1,788 1,838 123 FY27 1,433 261 226 1,919 127 1,792 1,810 109 FY28 1,402 247 209 1,857 83 1,774 1,761 96 FY29 1,328 219 190 1,737 56 1,681 1,654 83 FY30 1,250 192 174 1,615 41 1,575 1,545 71 FY31 1,141 167 154 1,463 23 1,440 1,404 59 FY32 1,022 157 146 1,325 19 1,306 1,277 49 FY33 906 141 134 1,181 18 1,163 1,141 39 FY34 783 127 120 1,030 12 1,018 999 31 FY35 668 1I 4 93 875 11 864 851 24 FY36 554 94 75 723 8 714 705 18 FY37 443 75 48 566 7 559 553 13 FY38 343 58 34 435 6 428 426 9 FY39 256 53 18 326 1 325 320 6 FY40 192 48 16 256 256 252 4 FY4I 125 42 12 179 179 178 2 FY42 48 35 7 91 91 90 1 FY43 16 8 3 27 27 27 0 FY44 3 Total, FY06-44 38,192 6,812 5,537 50,542 I 12,913 37,568 45,268 5,274 Nole' Foreign exchange r a m are ha.sedon applicable IDA14, MDRI and IDA15 FX reference rales. - 16- Table 4a InternationalDevelopment Association Estimated HIF'C and MDRI Debt Relief by IDA, from IDA14 Period (FY06-44) By HIPC Country and IDA Replenishment as o f September 30,2007 (SDReq. million) - ~ ~ ~~ IDA14 IDAIS HIPCand MDRIRelief by IDA IDA14 IDAIS IDA16 DisbursementPeriod Total Relief FY06-08 FY09-11 FY12-14 FY06-19 FY06-44 Completion Point countries (22) Benin 35 50 57 242 526 Bolivia 60 97 119 SO8 1,154 Burkina Faso 36 47 62 259 635 Cameroon 36 58 58 278 692 Ethiopia 140 184 218 939 2,374 Ghana 181 254 299 1,275 2,897 Guyana 10 14 18 76 170 Honduras 39 60 7s 321 852 Madagascar 83 128 144 606 1,452 Malawi 85 133 153 648 1,435 Mali 58 84 97 418 967 Mauritiania 27 39 45 194 468 Mozambique 42 64 80 349 919 Nicaragua 33 49 61 264 755 Niger 47 62 70 305 748 Rwanda 45 57 66 285 672 Sao Tome and Principe 3 S 6 24 52 Senegal 79 121 136 578 1,327 Sierra Leone 23 28 35 IS7 402 Tanzania 161 221 267 1,123 2,532 Uganda 120 179 224 934 2,251 Zambia 101 133 161 711 1,796 Sub-total 1,444 2,067 2,451 10,493 25,077 Decision Point countries (10) Afghanistan 2 8 I O 47 108 Burundi 41 54 59 255 533 CentralAfrican Republic 4 28 38 132 273 Chad 13 46 54 214 558 Congo,Rep of 5 I O 15 65 162 Congo,Dem Rep of 77 106 121 SI7 1,306 Gambia,The 7 15 17 69 157 Guinea 29 84 96 377 851 Guinea-Bissau 13 17 21 88 189 Haiti 4 36 40 153 334 Sub-total 195 403 472 1,917 4,470 Pre-decision Point countries (8) Cote dlvoire* 18 123 396 1,176 Eritrea 9 21 71 270 Liberia* 2 7 21 46 Nepal 46 104 347 880 Somalia' 6 49 160 Sudan* 52 93 296 618 Togo* 22 52 168 403 Union of the Comoros 0 7 8 30 79 Sub-total 0 15s 41s 1,379 3,632 GRANDTOTAL 1,639 2,625 3,339 13,789 33,179 * Excludesarrears on principaland charges overdue which will needto be clearedprior to the country reachingdecisionpoint under the HIPCInitiative. Note: Foreign exchangerates are based on applicableIDA14, MDRI andIDA15 FX referencerates. - 17- Table 4b International Development Association EstimatedHIPC and MDRIDebt Relief by IDA, from IDA14Period (FY06-44) By HIPC Country and IDA Replenishment as o f September 30,2007 (USDeq. million) IDA14 - IDA15 HIPC and MDRI Relief by IDA IDA14 IDA15 IDA16 DisbursementPeriod Total Relief FY06-08 FY09-11 FY12-14 FY06-19 FY06-44 Completion Point countries (22) Benin 52 76 86 368 801 Bolivia 90 149 182 772 1,757 Burkina Faso 54 71 94 393 967 Cameroon 53 88 88 422 1,054 Ethiopia 210 280 332 1,429 3,616 Ghana 271 387 455 1,939 4,412 Guyana I 5 21 27 115 259 Honduras 58 92 1I 4 488 1,298 Madagascar 124 195 219 921 2,211 Malawi 128 203 233 986 2,186 Mali 87 128 148 635 1,472 Mauritiania 40 60 69 295 712 Mozambique 62 98 123 531 1,400 Nicaragua 49 74 93 402 1,151 Niger 71 94 106 464 1,140 Rwanda 69 87 101 434 1,023 Sao Tome andPrincipe 5 7 9 37 79 Senegal 118 185 207 879 2,021 Sierra Leone 34 43 54 239 613 Tanzania 241 337 408 1,708 3,855 Uganda 179 274 341 1,420 3,428 Zambia 152 202 246 1,082 2,736 Sub-total 2,164 3,151 3,737 15,959 38,192 DecisionPoint countries (10) Afghanistan 4 12 15 71 164 Burundi 61 82 91 388 812 Central African Republic 6 42 58 202 415 Chad 20 70 82 326 851 Congo, Rep.of 8 15 23 99 247 Congo, Dem. Rep.of 116 162 185 787 1,989 Gambia, The 11 23 26 105 239 Guinea 44 128 146 574 1,297 Guinea-Bissau 19 25 33 133 288 7 54 62 233 509 Sub-total 295 615 720 2,919 6,812 Pre-decision Point countries (8) Cote dlvoire* 27 188 604 1,793 Eritrea 14 33 108 412 Liberia* 3 11 32 70 Nepal 70 159 529 1,342 Somalia* 9 75 244 Sudan* 79 142 451 942 Togo* 34 80 256 614 Union of the Comoros 1 I O 12 46 120 Sub-total 1 237 633 2,102 5,537 GRAND TOTAL 2,459 4,002 5,090 20,98 1 50,542 * Excludesarrearson principaland charges overduewhich will needto be clearedpriorto the countryreachingdecisionpointunder the HIPC Initiative. Now Foreign exchanger a w are based on applicableIDAI?, MDRl and IDA15 FXreference rules. - 18- Table Sa International Development Association Estimated HIPCDebt Relief by IDA, from IDA14 Period (FY06-44) By AIPC Country and I D A Replenishment as of September 30,2007 (SDReq. million) IDA14 IDA15 - HIPC Relief by IDA IDA14 IDA15 IDA16 DisbursementPeriod Total Relief FY06-08 FY09-11 FY12-14 FY06-19 FY06-44 Completion Point countries (22) Benin 17 19 21 58 58 Bolivia 31 39 45 118 118 Burkina Faso 21 21 28 120 130 Cameroon 18 25 25 122 134 Ethiopia 124 150 177 772 772 Ghana 1 I7 137 157 692 849 Guyana 6 6 8 35 41 Honduras 19 23 2 44 44 Madagascar 42 49 52 234 243 Malawi 72 107 123 523 593 Mali 29 33 37 105 105 Mauritania 16 18 20 89 92 Mozambique 21 6 26 26 Nicaragua 25 30 34 160 226 Niger 37 43 48 211 237 Rwanda 42 50 58 253 423 Sao Tome and Principe 3 3 4 18 26 Senegal 39 26 65 65 Sierra Leone 19 20 24 1I O 138 Tanzania 102 1 I6 132 578 610 Uganda 60 68 80 351 351 77 82 97 449 509 Sub-total 937 1,074 1,172 5,137 5,793 Decision Point countries (10) Afghanistan 2 7 8 41 82 Burundi 40 50 56 242 507 Central African Republic 4 21 24 88 150 Chad 13 18 19 55 55 Congo, Rep. of 5 7 8 40 46 Congo, Dem. Rep of 77 85 94 417 635 Gambia, The 5 6 3 15 15 Guinea 29 36 39 1I9 119 Guinea-Bissau 13 15 16 70 103 Haiti 4 I O 14 14 Sub-total 193 254 268 1,101 1,726 Pre-decision Point countries (8) Cote dIvoire* 3 3 3 Eritrea 9 19 65 177 Liberia* Nepal 46 54 202 225 Somalia* 6 41 113 Sudan* 52 62 213 381 Togo* 22 27 51 51 Union of the Comoros 0 6 7 27 52 Sub-total 0 138 175 600 1,001 GRAND T O T A L 1,131 1,465 1,614 6,838 8,520 * Excludesamears on principaland chargesoverdue which will needto be clearedprior to the countryreachingdecision point under the HIPC Initiative. Nole: Foreign exchanger a m are based on applicableIDA14j MDRI andIDA15 FX reference rales. - 19- Table 5b InternationalDevelopment Association Estimated =Debt Relief by IDA, from IDA14 Period (FY06-44) By HIPC Country and I D A Replenishment as of September 30,2007 (USDeq.million) IDA14 IDA15 - HIPC Relief by I D A IDA14 IDA15 IDA16 Disbursement Period Total Relief FY06-08 FY09-11 FY12-14 FY06-19 FY06-44 Comoletion Point countries (22) Benin 26 29 33 89 89 Bolivia 47 59 68 180 180 Burkina Faso 32 33 42 183 198 Cameroon 27 39 38 186 204 Ethiopia 187 229 270 1,174 1,174 Ghana 176 209 240 1,054 1,293 Guyana 9 10 13 54 62 Honduras 29 35 3 67 67 Madagascar 64 75 79 356 370 Malawi 108 164 187 797 903 Mali 45 51 56 160 160 Mauritania 24 27 30 135 140 Mozambique 31 9 40 40 Nicaragua 38 45 52 243 345 Niger 55 65 73 322 361 Rwanda 64 76 89 386 644 Sao Tome and Principe 4 5 7 28 39 Senegal 59 40 99 99 Sierra Leone 29 30 36 168 210 Tanzania 155 177 202 880 929 Uganda 90 104 122 535 535 Zambia 116 125 148 683 774 Sub-total 1,416 1,637 1,787 7,818 8,818 Decision Point countries (10) Afghanistan 4 11 13 63 125 Burundi 61 76 85 368 773 Central African Republic 6 32 36 134 229 Chad 20 27 29 84 84 Congo, Rep. of 8 11 13 60 71 Congo, Dem. Rep. of 116 129 144 635 966 Gambia, The 8 9 5 22 22 Guinea 44 55 59 181 181 Guinea-Bissau 19 23 24 107 157 1 15 .- 71 -_ _21_ Sub-total 292 387 408 1,676 2,629 Pre-decision Point countries (8) Cote dlvoire* 4 4 4 Eritrea 14 29 98 270 Liberia* Nepal 70 82 308 343 Somalia* 9 62 173 Sudan* 79 94 325 580 Togo* 34 42 78 78 Union ofthe Comoros 1 9 10 40 79 Sub-total 1 210 267 915 1,526 GRAND TOTAL 1,708 2,234 2,461 10,409 12,973 ~ * Excludesarrears on principaland chargesoverdue which will need to be clearedprior to the country reachingdecisionpointunder theHIPC Initiative. Now Foreign exchange roles are based on applicable IDA14, MDRI andlDAl5 FXreference rares. - 2 0 - Table 6a International Development Association Estimated Debt Relief by IDA, from July 2006 (FY07-44) By HIPC Country and IDA Replenishment as of September 30,2007 (S DReq. million) IDA14 - IDA15 MDRIRelief by IDA IDAI 4 IDA15 IDA16 Disbursement Period Total Relief FYO7-08 FY09-11 FY12-14 FY07-19 FY07-44 Comaletion Point countries (22) Benin 18 31 35 184 468 Bolivia 29 59 75 389 1,035 BurkinaFaso 16 25 34 139 505 Cameroon 18 33 33 155 558 Ethiopia 16 34 41 167 1,602 Ghana 64 117 141 582 2,048 Guyana 4 8 I O 40 129 Honduras 20 37 73 277 808 Madagascar 41 79 91 372 1,208 Malawi 13 26 30 125 842 Mali 29 51 61 312 861 Mauritiania 11 22 26 105 375 Mozambique 21 58 80 323 893 Nicaragua 7 19 27 104 529 Niger 11 19 22 94 511 Rwanda 3 7 8 32 249 Sao Tome and Principe 0 1 2 6 26 Senegal 40 95 136 513 1,262 Sierra Leone 4 8 1 1 46 264 Tanzania 59 105 135 545 1,922 Uganda 60 111 144 582 1,899 Zambia 24 50 64 262 1,287 Sub-total 506 993 1,279 5,356 19,284 Decision Point countries (10) Afghanistan 1 2 6 26 Burundi 4 3 13 26 Central African Republic 7 14 44 122 Chad 28 35 159 503 Congo, Rep. of 3 7 26 116 Congo, Dem. Rep. of 21 27 100 671 Gambia, The 9 14 54 142 Guinea 48 57 258 132 Guinea-Bissau 2 6 17 86 Haiti 26 40 139 320 Sub-total 2 149 205 816 2,144 Pre-decision Point countries (8) Cote dIvoire* 15 123 393 1,174 Eritrea 2 7 93 Liberia* 2 7 21 46 Nepal 50 146 655 Somalia* 8 46 Sudan* 31 83 237 Togo* 25 1I 7 352 Union of the Comoros 1 1 3 27 Sub-total 18 240 778 2,631 GRAND TOTAL 508 1,160 1,724 6,950 24,659 * Excludesamears on principaland charges overdue which will need to clearedprior to be the countryreachingdecisionpoint under the HlPC Initiative. No@ Foreign exchange ralesare basedon applicableIDAl4,MDRl andIDAlS FX reference rales. -21 - Table 6b International Development Association Estimated Debt Relief by IDA, from July 2006 (FY07-44) By HIPCCountry and IDA Replenishment as of September 30,2007 (USDeq. million) IDA14 IDA15 - MDRIRelief by IDA IDA14 IDA15 IDA16 Disbursement Period Total Relief FY07-08 FY09-11 FY12-I 4 FY07-19 FY07-44 ComDletion Point countries (22) Benin 26 47 54 280 713 Bolivia 43 89 114 592 1,577 BurkinaFaso 23 39 52 211 769 Cameroon 26 50 51 236 850 Ethiopia 23 52 62 254 2,442 Ghana 95 178 215 885 3,119 Guyana 6 11 15 61 197 Honduras 29 57 111 421 1,231 Madagascar 60 120 139 565 1,840 Malawi 20 39 46 190 1,284 Mali 43 77 93 475 1,312 Mauritiania 16 33 39 160 572 Mozambique 31 89 123 491 1,360 Nicaragua 11 29 41 159 806 Niger 16 29 34 142 779 Rwanda 5 I O 12 49 379 Sao Tome and Principe 1 2 3 9 40 Senegal 59 145 207 780 1,922 Sierra Leone 5 12 17 71 403 Tanzania 87 160 206 828 2,927 Uganda 89 170 220 885 2,893 Zambia 36 77 98 399 1,962 Sub-total 748 1,514 1,950 8,142 29,374 I uecision roint counrries iiul .. . . " . . . . ,.A. Afghanistan 1 2 9 40 Burundi 0 6 5 20 39 Central African Republic I O 22 67 187 Chad 43 53 242 767 Congo, Rep of 5 I O 39 176 Congo,Dem Rep of 33 41 152 1,023 Gambia, The 3 14 21 83 217 Guinea 73 87 394 1,116 Guinea-Bissau 3 9 27 131 Haiti 40 62 212 488 Sub-total 3 228 312 1,243 4,183 Pre-decision Point countries (8) Cote d'Ivoire* 23 188 600 1,789 Eritrea 4 I O 142 Liberia* 3 11 32 70 Nepal 77 222 999 Somalia* 13 71 Sudan* 48 126 362 Togo* 38 179 536 Unionof the Comoros 1 2 5 41 Sub-total 27 366 1,187 4,011 GRANDTOTAL 751 1,769 2,629 10,572 37,568 * Excludes amears on principaland charges overdue which will needto be cleared prior to the countly reachingdecisionpoint underthe HIPC Initiative. Aioie: Foreign exchange ram are based on applicableIDA14, MDRl andlDA15 FXreference rales. - 22 - Table 7a International Development Association MDRIFinancingSummary IoCs Receivedas of Sept 30,2007" (SDR equivalent millions) Financing receivedfrom Remaining IDA14 Remainder of First Endo f IDA15 Subsequent 3 Total Updated IDA donors Period Decade Disb.Period Decades MDRICosts (FY07-08) (FY09-16) (FY17-19) (FY20-44) (FY07-44) SDRm i n % SDRm i n % SDRm i n % SDRm in% SDRm UnqualifiedFinancing 447 87.9% 2,244 53.0% 22 1.0% 148 0.8% 2,861 89 17.6% 1,221 28.8% 1,714 77.8% 11,581 65.4% 14,605 Subtotal 536 105.5% 3,466 81.8% 1,736 78.8% 11,728 66.2% 17,466 To be Committed -28 -5.5% 772 18.2% 468 21.2% 5,980 33.8% 7,193 Total 508 100.0% 4,238 100.0% 2,204 100.0% 17,709 100.0% 24,659 Based on updated MDRl cost estimates, as of September 30, 2007 Table 7b International Development Association MDRIFinancing Summary IoCs Received as of Sept 30,2007* (USD equivalent millions) Financing received from Remaining IDA14 Remainder of First Endof IDA15 Subsequent 3 Total IDA donors Period Decade Disb. Period Decades Updated (FY07-08) (FY09-16) (FY17-19) (FY20-44) (FY07-44) USDm in% USDm in% USDm in% USDm in% USDm Unqualified Financing 660 87.9% 3,421 53.0% 33 1.0% 223 0.8% 4,337 Oualified Financing 132 17.6% 1,861 28.8% 2,613 77.8% 17,654 65.4% 22,261 Subtotal 792 105.5% 5,282 81.8% 2,646 78.7% 17,877 66.2% 26,598 To be Committed -41 -5.5% 1,178 18.2% 714 21.3% 9,119 33.8% 10,970 Total 751 100.0% 6,460 100.0% 3,360 100.0% 26,997 100.0% 37,568 Based on updated MDRI cost estimates, as of September 30, 2007 d T d N iD I I Mh e c\1 00 I I ZIP m- I I 2 I I 3 eP e 3 P a s a Eg& fif! ij CIBE ii CI 0 p 2 I d m m I I FE:3 09m m0 movi- d 2- m- s ,,,, , , ,@Q wn - 37 - Table 1: Compensation Schedule for IDA Donors Updated MDRICosts" (in SDR million) PeriodiFiscalYear Annual Cost la) Remaining IDA14 Period Jan 15,2007 243 Jan 15,2008 265 Sub-total 508 lb) Remainder of First Decade Jan 15,2009 334 Jan 15,2010 377 Jan 18,2011 449 Jan 17,2012 544 Jan 15,2013 578 Jan 15,2014 603 Jan 15,2015 654 Jan 15,2016 699 Sub-total 4,238 IC) ofIDA15Disb.Period End Jan 17,2017 720 Jan 16,2018 732 Jan 15,2019 752 Sub-total 2,204 Id) Remainder of 3 Decades Jan 15,2020 883 Jan 15,2021 1,034 Jan 18,2022 1,125 Jan 17,2023 1,179 Jan 16,2024 1,177 Jan 15,2025 1,171 Jan 15,2026 1,173 Jan 15,2027 1,176 Jan 18,2028 1,164 Jan 16,2029 1,103 Jan 15,2030 1,033 Jan 15,2031 945 Jan 15,2032 857 Jan 18,2033 763 Jan 17,2034 668 Jan 16,2035 567 Jan 15,2036 469 Jan 15,2037 366 Jan 15,2038 281 Jan 18,2039 213 Jan 17,2040 168 Jan 15,2041 118 Jan 15,2042 59 Jan 15,2043 18 Jan 15,2044 2 Sub-total 17,709 Total Relief, FY07-44 24,659 I Based on updatedMDRIcost estimates, as o f September30,2007 a.