The Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) are comprehensive approaches to reducing the external public debt of qualifying countries. Thirty-Six of the 39 countries eligible for debt relief under HIPC and MDRI have graduated from the programs. The Debt Reduction Facility (DRF) for IDA-only countries is an instrument that provides incentive for commercial creditors to participate in the debt relief initiative.[…]