In July 2003, the Boards of Executive Directors of the International Monetary Fund (IMF) and the International Development Association (IDA) agreed that the Democratic Republic of Congo (DRC) had met the requirements for reaching the decision point under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. To reduce the present value (PV) of eligible external debt to 150 percent of exports, the amount of debt relief determined at the decision point was US$6,311 million at end-December 2002, in PV terms. This relief implied a common reduction factor of 80.2 percent.
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