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The two initiatives signal a change in logic on debt. The HIPC initiative aimed to reduce debt to a bearable level, while the MDRI sought to end outstanding multilateral debt at 2003 or 2004, depending on the institution (Raffinot, 2008). For countries which benefited at a later stage from the HIPC initiative, the MDRI came into effect at once at the completion point. For details on the progress of African countries in the two debt reduction projects, see Raffinot and Dahoun (forthcoming) and www.africaneconomicoutlook.org .
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