Debt relief work relates to the implementation of the Heavily Indebted Poor Countries (HIPC) Initiative, the Multilateral Debt Relief Initiative (MDRI), and the administration of the Debt Reduction Facility (DRF) for IDA-only countries. The HIPC Initiative is a comprehensive approach to reducing the debt of HIPCs pursuing adjustment and reform programs. Countries graduating from the HIPC Initiative process also benefit from a 100 % debt relief on eligible debt from major multilateral creditors under the MDRI. Debt relief provided under both initiatives aims to bring: (i) debt burdens of HIPCs down to manageable levels, and (ii) additional resources to help them reach the Millennium Development Goals (MDGs). The DRF is a key instrument to catalyze commercial creditors’ participation in the HIPC Initiative. To encourage commercial creditors to bear their share of HIPC debt relief, the DRF provides grants to eligible HIPCs to buy back their eligible commercial debt at a deep discount.