Contents -- Acknowledgments -- Foreword -- Executive Summary -- Acronyms and Abbreviations -- 1 Introduction -- 2 Delivery of Debt Relief -- 3 Prospects for Debt Sustainability -- 4 Policy Performance and Poverty Reduction -- 5 Findings -- Appendixes -- A: Guide to the HIPC Initiative -- B: Extensions of the Deadline for HIPC Eligibility, 1998-2004 -- C: Country Groupings -- D: Comparison of Economic Projections to Historical Trends -- E: Debt Indicators and Sustainability Assessments in Eight Post-Completion-Point Countries -- F: Countries with Macroeconomic Slippages or Delays Since Completion Point -- G: Achievement and Waivers of Completion Point Conditions -- H: Measures of Policy Performance -- I: Performance on Governance Indicators -- J: Titles for Further Reading -- Endnotes -- References -- Boxes -- 1.1 Findings from the 2003 Evaluation -- 1.2 Findings from the 2003 Evaluation: Objectives and Design -- 2.1 Findings from the 2003 Evaluation: Debt Relief Commitment and Additionality -- 3.1 Findings from the 2003 Evaluation: Debt Sustainability Analyses -- 3.2 Findings from the 2003 Evaluation: Debt Sustainability Prospects -- 3.3 Export Diversification, Highly Concessional Financing, and Prudent Debt Management Are Keys to Long-Term Debt Sustainabil -- 4.1 Findings from the 2003 Evaluation: Maintaining Policy Performance -- 4.2 Poverty Focus of National Strategies Has Improved, but Better Customization Is Needed -- Tables -- 1.1 Status of Countries under the Enhanced HIPC Initiative, February 2006 -- 3.1 New DSAs for Low-Income Countries Use Flexible Benchmarks While HIPC DSAs Use Uniform Thresholds -- 3.2 Projections Exceed Historical and Actual Growth Rates -- 3.3 Post-Completion-Point Countries' Debt Ratios Have Regressed -- 4.1 Post-Completion-Point Countries Had the Fastest Growth in Recent Years.

4.2 Most HIPC Countries Require Substantial Upgrading in Public Expenditure Management -- 4.3 Post-Completion-Point Countries: Modest Progress on MDGs, but Data Are Limited -- Figures -- 2.1 Creditors' Commitments to HIPC Debt Relief -- 2.2 Net Transfers to HIPC Countries Have Increased Since 2000 -- 2.3 HIPCs' Share of Aid Keeps Growing -- 3.1 More Recent Projections Are Less Optimistic -- 3.2 Why Have Post-Completion-Point Debt Ratios Risen? -- 3.3 Five Countries Are Projected to Exceed the 150 Percent Threshold of Debt to Exports Beyond Completion Point -- 3.4 Guyana Is Projected to Exceed 250 Percent Threshold of Debt to Revenues Beyond Completion Point -- 4.1 All IDA-Only Countries Have Improved Since 1999, and Post-Completion-Point Countries Score Highest -- 4.2 Countries Not Yet at Decision Point Have the Worst Governance Indicators of All Low-Income Countries -- 4.3 Decision-Point Countries Have Worse Economic Performance Now Than in 2001 -- 4.4 Debt Service and Management Capacity Have Worsened in All Low-Income Countries -- 4.5 Spending on Education as a Share of GDP Has Increased Significantly in Five HIPC Countries -- 4.6 Spending on Education as a Share of Government Expenditures Has Increased Significantly in Five HIPC Countries.