In 2005, the international community went further, agreeing on the Multilateral Debt Relief Initiative (MDRI), which will write off 100% of many poor countries’ debts to the IMF, the World Bank, and the African Development Bank. As a result, just this past December, the IMF approved immediate, full relief for 19 countries – including 13 in Africa, four in Latin America, and two in Asia – on all outstanding debt to the Fund disbursed before January 1, 2005.