List of 34 Heavily Indebted African Countries, According to World Bank
- The World Bank and the International Monetary Fund (IMF) have a list of countries around the world with heavy debts
- According to the 39 countries on the list, 34 are in Africa and they are qualified for debt relief of some sort
- The list also stipulates the criteria for being admitted and says countries must have reform plans and possess the capability to come out of power
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According to Business Insider, there are 34 poor countries in Africa that are heavily indebted.
The list is a joint initiative of the World Bank and the International Monetary Fund (IMF). The initiative was launched in 1996. Information from the IMF Fact Sheet says the initiative wants to ensure that no poor country ever faces a debt burden that it cannot manage.
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39 countries around the world make list of heavily indebted countries
The debt relief efforts work through multilateral financial organisations including the global lenders and they collaborate with the governments of poor countries to lower and reduce external debts to manageable levels.
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Of the 39 countries on the list, 34 are in Africa and they have a combined population of about 760 million people.
Being poor is not a criterion for getting into the list of heavily indebted poor countries. Other criteria include an established track record of capacity to grow out of poverty.
The IMF list states that countries must be eligible to borrow from the World Bank’s International Development Agency.
Only countries having an unsustainable debt burden that cannot be addressed via conventional debt relief mechanisms can be admitted into the list.
The countries must have a track record of known and established development reform and sound policies and have an established poverty reduction strategy paper in place.
Here are the 34 countries according to the World Bank
- Ghana
- Tanzania
- Ethiopia
- Benin
- Burkina Faso
- Burundi
- Cameroon
- The central African Republic
- Chad
- Comoros Islands
- Democratic Republic of Congo
- Republic of Congo
- Ivory Coast
- Eritrea
- Ethiopia
- The Gambia
- Guinea
- Guinea-Bissau
- Liberia
- Madagascar
- Malawi
- Mali
- Mauritania
- Mozambique
- Niger
- Rwanda
- Sao Tome and Principe
- Senegal
- Sierra Leone
- Somalia
- Sudan
- Togo
- Uganda
- Zambia.
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Source: Legit.ng
