The World Bank and the International Monetary Fund (IMF) have agreed to write-off Sierra Leone’s $1.6 billion foreign debt, following a successful completion of an economic program called the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative.%%The debt reduction is attributable to the World Bank, the IMF, African Development Bank, multilateral, bilateral, and commercial creditors%%The country’s debts will be reduced from $1.19 billion at the end of 2005 to $110 million by 2006. Sierra Leone becomes the 21st country to reach the completion point under the HIPC Initiative, making it eligible for further debt relief from the IMF, the World Bank's International Development Association (IDA), and the African Development Fund (AfDF) under the Multilateral Debt Relief Initiative (MDRI).