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Factsheet - Debt Relief Under the Heavily Indebted Poor Countries The HIPC Initiative is a comprehensive approach to debt reduction for heavily indebted poor countries pursuing IMF- and World Bank-supported adjustment and Factsheet - How the IMF Helps Poor Countries aims to reduce the external debt burdens of heavily indebted poor countries. Fully implemented, the initiative would reduce the debts of 37 countries by Debt - Debt it soon became evident that a multilateral debt reduction effort such as the Heavily Indebted Poor Countries (HIPC) Initiative would be needed to FOR IMMEDIATE RELEASE the world as an effective and welcome approach to help poor, severely indebted countries reduce debt as part of an overall poverty reduction strategy. 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