Debt Relief For Low Income Countries And The Hipc Initiative

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Debt Relief for Low-Income Countries and the HIPC Initiative

Mr.Anthony R. Boote,Mr.Kamau Thugge
Debt Relief for Low Income Countries and the HIPC Initiative Book PDF

Author : Mr.Anthony R. Boote,Mr.Kamau Thugge
Publisher : International Monetary Fund
Page : 30 pages
File Size : 42,7 Mb
Release : 1997-03-01
Category : Business & Economics
ISBN : 9781451844108

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Debt Relief for Low-Income Countries and the HIPC Initiative by Mr.Anthony R. Boote,Mr.Kamau Thugge Pdf

The paper describes the debt burden of low-income countries and the traditional mechanisms that have been implemented by the international community to alleviate this burden. While these mechanisms are sufficient to reduce the external debts of many heavily indebted poor countries (HIPCs) to sustainable levels provided these countries implement sound economic policies, they are likely insufficient for a number of countries. To deal with these cases, the World Bank and the IMF have jointly proposed and implemented the HIPC Initiative. The paper describes this Initiative and suggests that it should enable HIPCs to exit from the debt rescheduling process.

Debt Relief for Low-Income Countries

International Monetary Fund
Debt Relief for Low Income Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 52 pages
File Size : 42,5 Mb
Release : 1999-01-01
Category : Business & Economics
ISBN : 1557756619

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Debt Relief for Low-Income Countries by International Monetary Fund Pdf

This paper describes the Heavily Indebted Poor Countries (HIPC) Initiative and suggests that it should enable HIPCs to exit from the debt-rescheduling process. It argues that implementation of the Initiative should eliminate debt as an impediment to economic development and growth and enable HIPC governments to focus on the difficult policies and reforms required to remove the remaining impediments to achieving sustainable development. The paper describes the implementation of the Initiative through the end of September 1998.

From Toronto Terms to the HIPC Initiative

Ms.Christina Daseking,Mr.Robert Powell
From Toronto Terms to the HIPC Initiative Book PDF

Author : Ms.Christina Daseking,Mr.Robert Powell
Publisher : International Monetary Fund
Page : 30 pages
File Size : 42,6 Mb
Release : 1999-10-01
Category : Business & Economics
ISBN : 9781451856231

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From Toronto Terms to the HIPC Initiative by Ms.Christina Daseking,Mr.Robert Powell Pdf

The low-income country debt crisis had its origins in weak macroeconomic policies, and official creditors’ willingness to take risks unacceptable to private lenders. Payments problems were initially addressed through nonconcessional reschedulings and new lending that maximized financing while containing the budgetary costs for creditors. This led to an unsustainable buildup in debt stocks. More recently, debt ratios have improved, reflecting both adjustment and substantial debt relief. The paper estimates debt relief initiatives since 1988 have cost creditors at least $30 billion, and possibly much more. This compares with the estimated costs of about $27 billion under the enhanced HIPC Initiative.

Debt Relief for Low-Income Countries

David Andrews,Anthony R. Boote,Syed S. Rizavi,Sukhwinder Singh
Debt Relief for Low Income Countries Book PDF

Author : David Andrews,Anthony R. Boote,Syed S. Rizavi,Sukhwinder Singh
Publisher : Unknown
Page : 35 pages
File Size : 48,6 Mb
Release : 1999
Category : Electronic
ISBN : 1557758824

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Debt Relief for Low-Income Countries by David Andrews,Anthony R. Boote,Syed S. Rizavi,Sukhwinder Singh Pdf

This pamphlet describes the IMF-World Bank initiative begun in 1996 to address in a comprehensive manner the overall debt burden of eligible heavily indebted poor countries (HIPCs) pursuing programs of adjustment and reform supported by the two organizations. The aim of the Initiative is to reduce these countries' debt to sustainable levels so that they can meet current and future debt service obligations without unduly compromising growth. This pamphlet describes the rationale for the main features of the Initiative as it was originally conceived in 1996, and its implementation through the fall of 1999, which culminated in the approval of an enhanced HIPC Initiative in late 1999 that is aimed at providing deeper and more rapid debt relief to a larger number of countries. The enhanced HIPC Initiative also seeks to ensure that debt relief is integrated into a comprehensive poverty reduction strategy that is developed with broad-based participation and tailored to the country's circumstances. The current edition was revised in 1999.

Debt Relief for Low-Income Countries

Kamau Thugge
Debt Relief for Low Income Countries Book PDF

Author : Kamau Thugge
Publisher : Unknown
Page : 31 pages
File Size : 44,7 Mb
Release : 1999
Category : Electronic
ISBN : 1463981554

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Debt Relief for Low-Income Countries by Kamau Thugge Pdf

This pamphlet describes the IMF-World Bank initiative begun in 1996 to address in a comprehensive manner the overall debt burden of eligible heavily indebted poor countries (HIPCs) pursuing programs of adjustment and reform supported by the two organizations. The aim of the Initiative is to reduce these countries' debt to sustainable levels so that they can meet current and future debt service obligations without unduly compromising growth. This pamphlet describes the rationale for and the main features of the Initiative as it was originally conceived in 1996 and its implementation through the fall of 1999, which culminated in the approval of an enhanced HIPC Initiative in late 1999 that is aimed at providing deeper and more rapid debt relief to a larger number of countries. The enhanced HIPC Initiative also seeks to ensure that debt relief is integrated into a comprehensive poverty reduction strategy that is developed with broad-based participation and tailored to the country's circumstances.

Debt Relief and Beyond

Carlos Alberto Primo Braga,Dörte Dömeland
Debt Relief and Beyond Book PDF

Author : Carlos Alberto Primo Braga,Dörte Dömeland
Publisher : World Bank Publications
Page : 484 pages
File Size : 45,6 Mb
Release : 2009
Category : Debt relief
ISBN : UCSD:31822036508877

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Debt Relief and Beyond by Carlos Alberto Primo Braga,Dörte Dömeland Pdf

The book assesses the implications of debt relief for low-income countries after 12 years of the Heavily Indebted Poor Countries Initiative and discusses how the benefits from debt relief can be maintained.

Debt Relief and Beyond

Carlos A. Primo Braga,D rte D meland
Debt Relief and Beyond Book PDF

Author : Carlos A. Primo Braga,D rte D meland
Publisher : World Bank Publications
Page : 480 pages
File Size : 45,7 Mb
Release : 2009-10-02
Category : Business & Economics
ISBN : 0821378759

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Debt Relief and Beyond by Carlos A. Primo Braga,D rte D meland Pdf

The history of debt relief goes back several decades. It reveals that a country s accumulation of unsustainable debt stems from such factors as deficiencies in macroeconomic management, adverse terms-of-trade shocks, and poor governance. Debt-relief initiatives have provided debt-burdened countries with the opportunity for a fresh start, but whether the benefits of debt relief can be preserved depends on transformations in a country s policies and institutions. In 1996, the Heavily Indebted Poor Countries (HIPC) Initiative was launched as the first comprehensive, multilateral, debt-relief framework for low-income countries. In 2005, the Multilateral Debt Relief Initiative was established, which increased the level of debt relief provided to HIPCs. As of early 2009, assistance through these two initiatives had been committed to 35 countries and amounted to US$117 billion in nominal terms, or half of the 2007 GDP of these countries. 'Debt Relief and Beyond' assesses the implications of debt relief for low-income countries and how its benefits can be preserved and used to fight poverty. The chapter authors bring unique operational experience to their examination of debt relief, debt sustainability, and debt management. Several key questions are addressed, including, what consequences does debt relief have for poverty-reducing expenditures, growth, and access to finance? Can debt relief guarantee debt sustainability? How can debt management at all levels of government be improved? What lessons can be learned from countries that have experienced debt restructuring? Finally, this book provides sound empirical evidence using current econometric techniques.

Debt Relief for Poor Countries

T. Addison,H. Hansen,F. Tarp
Debt Relief for Poor Countries Book PDF

Author : T. Addison,H. Hansen,F. Tarp
Publisher : Springer
Page : 324 pages
File Size : 46,7 Mb
Release : 2004-06-11
Category : Business & Economics
ISBN : 9780230522329

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Debt Relief for Poor Countries by T. Addison,H. Hansen,F. Tarp Pdf

After a massive international campaign calling attention to the development impact of foreign debt, the Heavily Indebted Poor Countries (HIPC) initiative is now underway. But will the HIPC Initiative meet its high expectations? Will debt relief substantially raise growth? How do we make sure that debt relief benefits poor people? And how can we ensure that poor countries do not become highly indebted again? These are some of the key policy issues covered in this rigorous and independent analysis of debt, development, and poverty.

Debt Relief for Low-Income Countries

International Monetary Fund
Debt Relief for Low Income Countries Book PDF

Author : International Monetary Fund
Publisher : INTERNATIONAL MONETARY FUND
Page : 0 pages
File Size : 52,6 Mb
Release : 1999-01-01
Category : Business & Economics
ISBN : 1557756619

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Debt Relief for Low-Income Countries by International Monetary Fund Pdf

This paper describes the Heavily Indebted Poor Countries (HIPC) Initiative and suggests that it should enable HIPCs to exit from the debt-rescheduling process. It argues that implementation of the Initiative should eliminate debt as an impediment to economic development and growth and enable HIPC governments to focus on the difficult policies and reforms required to remove the remaining impediments to achieving sustainable development. The paper describes the implementation of the Initiative through the end of September 1998.

Further Debt Relief for Low-Income Countries - Key Issues and Preliminary Considerations

International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Further Debt Relief for Low Income Countries Key Issues and Preliminary Considerations Book PDF

Author : International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department
Publisher : International Monetary Fund
Page : 24 pages
File Size : 48,7 Mb
Release : 2005-10-03
Category : Business & Economics
ISBN : 9781498331715

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Further Debt Relief for Low-Income Countries - Key Issues and Preliminary Considerations by International Monetary Fund. Policy Development and Review Dept.,International Monetary Fund. Strategy, Policy, & Review Department Pdf

The International Monetary and Finance Committee at its 2004 Annual Meetings called on the international community to provide assistance including “further debt relief” to low-income countries for achieving the Millennium Development Goals (MDGs). It reaffirmed the Fund’s “important role” in supporting lowincome countries and called on the Fund to consider “further debt relief and its financing.” More impetus for this request was provided by various recent proposals (summarized in Annex I). At their meeting in London in February, G7 Finance Ministers expressed their willingness to provide as much as 100 percent multilateral debt relief.

The Dynamic Implications of Debt Relief for Low-Income Countries

Mr.Ales Bulir,Alma Romero-Barrutieta,Jose Daniel Rodríguez-Delgado
The Dynamic Implications of Debt Relief for Low Income Countries Book PDF

Author : Mr.Ales Bulir,Alma Romero-Barrutieta,Jose Daniel Rodríguez-Delgado
Publisher : International Monetary Fund
Page : 27 pages
File Size : 48,9 Mb
Release : 2011-07-01
Category : Business & Economics
ISBN : 9781455293711

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The Dynamic Implications of Debt Relief for Low-Income Countries by Mr.Ales Bulir,Alma Romero-Barrutieta,Jose Daniel Rodríguez-Delgado Pdf

The effects of debt relief on incentives to accumulate debt, consume, and invest are an important concern for donors and recipients. Using a dynamic stochastic general equilibrium model of a small open economy with a minimum consumption requirement and an endogenous relief probability, we show that excessive debt accumulation is consistent with an anticipation of a future debt relief. Simulations of the calibrated model using 1982-2006 Ugandan data suggest that debt-relief episodes are likely to have only a temporary impact on the level of debt in low-income countries, while being associated with more consumption and less invesment. The long-run debt-to-GDP ratio is estimated to be about twice as high with debt relief than without it.

Can Debt Relief Boost Growth in Poor Countries?

International Monetary Fund
Can Debt Relief Boost Growth in Poor Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 20 pages
File Size : 52,9 Mb
Release : 2005-09-09
Category : Business & Economics
ISBN : 1589064674

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Can Debt Relief Boost Growth in Poor Countries? by International Monetary Fund Pdf

The Heavily Indebted Poor Countries (HIPC) Initiative, launched in 1999 by the IMF and the World Bank, was the first coordinated effort by the international financial community to reduce the foreign debt of the world’s poorest countries. It was based on the theory that economic growth in heavily indebted poor countries was being stifled by heavy debt burdens, making it virtually impossible for these countries to escape poverty. However, most of the empirical research on the effects of debt on growth has lumped together a diverse group of countries, and the literature on the countries’ impact of debt on poor is scant. This pamphlet presents the findings of the authors’ empirical research into the subject, analyzing the channels through which debt affects growth in low-income countries.

Debt Relief for the Poorest

Shonar Lala,Rupa Ranganathan,Brett Libresco
Debt Relief for the Poorest Book PDF

Author : Shonar Lala,Rupa Ranganathan,Brett Libresco
Publisher : World Bank Publications
Page : 98 pages
File Size : 55,8 Mb
Release : 2006-01-01
Category : Business & Economics
ISBN : 9780821366578

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Debt Relief for the Poorest by Shonar Lala,Rupa Ranganathan,Brett Libresco Pdf

This study evaluates progress under the HIPC initiative since IEG's 2003 evaluation. It finds that the Enhanced HIPC initiative cut debt ratios in half for 18 countries, but in eight of these countries, the ratios have come to once again exceed HIPC thresholds. Debt reduction alone is not a sufficient instrument to affect the multiple drivers of debt sustainability. Sustained improvements in export diversification, fiscal management, the terms of new financing, and public debt management are also needed, measures that fall outside the ambit of the HIPC initiative.

Debt Relief for Low-Income Countries

International Monetary Fund
Debt Relief for Low Income Countries Book PDF

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 42 pages
File Size : 42,5 Mb
Release : 1999-01-01
Category : Political Science
ISBN : 1557758808

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Debt Relief for Low-Income Countries by International Monetary Fund Pdf

This paper analyzes the IMF’s Enhanced Initiative for Heavily Indebted Poor Countries, which provides debt relief for low-income countries. The paper highlights that countries affected by the debt crisis of the 1980s received concerted support from the international financial community in the form of Paris Club flow reschedulings, stock-of-debt operations under the Brady plan, and adjustment programs supported by the multilateral financial institutions. These measures proved effective in significantly improving the debt situation of many middle-income countries.

Can Debt Relief Boost Growth in Poor Countries?

Benedict J. Clements,Rina Bhattacharya,Toan Quoc Nguyen
Can Debt Relief Boost Growth in Poor Countries Book PDF

Author : Benedict J. Clements,Rina Bhattacharya,Toan Quoc Nguyen
Publisher : International Monetary Fund
Page : 28 pages
File Size : 42,6 Mb
Release : 2005
Category : Business & Economics
ISBN : STANFORD:36105121813583

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Can Debt Relief Boost Growth in Poor Countries? by Benedict J. Clements,Rina Bhattacharya,Toan Quoc Nguyen Pdf

The Heavily Indebted Poor Countries (HIPC) Initiative, launched in 1999 by the IMF and the World Bank, was the first coordinated effort by the international financial community to reduce the foreign debt of the world’s poorest countries. It was based on the theory that economic growth in heavily indebted poor countries was being stifled by heavy debt burdens, making it virtually impossible for these countries to escape poverty. However, most of the empirical research on the effects of debt on growth has lumped together a diverse group of countries, and the literature on the countries’ impact of debt on poor is scant. This pamphlet presents the findings of the authors’ empirical research into the subject, analyzing the channels through which debt affects growth in low-income countries.