In response to huge campaigning efforts in the run up to the G8 summit in 2005, leaders pledged 100% cancellation of debts to certain multilateral lenders (the World Bank, the IMF and the African Development Fund) for countries who complete the HIPC initiative. Prior to MDRI, the proportion of debt cancelled varied country to country and was often having a limited impact due to large remaining debts. This cancellation applied to all multilateral debts from loans before 2004 and is limited to those who have already completed the HIPC initiative.
Heavily Indebted Poor Countries initiative (HIPC)
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