Debt Relief Initiatives

Author : Ms.Christina Daseking,Mr.Robert Powell
Publisher : International Monetary Fund
Page : 30 pages
File Size : 53,9 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.

Author : Marco Arnone,Andrea F. Presbitero
Publisher : Routledge
Page : 297 pages
File Size : 45,6 Mb
Release : 2016-05-13
Category : Business & Economics
ISBN : 9781317154143

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Debt Relief Initiatives by Marco Arnone,Andrea F. Presbitero Pdf

This book deals with the recent debt crises in developing countries and analyzes the design and implementation of the Heavily Indebted Poor Countries (HIPC) Initiative, by providing background concepts, pointing out the main drawbacks and suggesting a different approach to debt sustainability and debt relief programs. The authors merge academic, operational and institutional expertise, in order to provide an evaluation as complete and balanced as possible on the much-debated effectiveness of debt relief in fostering economic growth, reducing poverty and reaching debt sustainability. Marco Arnone and Andrea F. Presbitero assess the joint evolution of external and domestic public debt and produce original empirical evidence on the potential effects of public debt on investment, economic growth and institution-building in low- and middle-income countries. The book also explores relevant and up-to-date policy issues, such as the loans-grants mix and the development of responsible lending strategies in foreign assistance, the surge of non-concessional and domestic borrowing by low-income countries, and the impact of the 2008-2009 global financial crisis on debt sustainability.

Author : Carlos Alberto Primo Braga,Dörte Dömeland
Publisher : World Bank Publications
Page : 484 pages
File Size : 52,8 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.

Author : Carlos A. Primo Braga,D rte D meland
Publisher : World Bank Publications
Page : 480 pages
File Size : 51,7 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.

Author : Yiagadeesen Samy
Publisher : Routledge
Page : 264 pages
File Size : 41,9 Mb
Release : 2018-02-06
Category : Business & Economics
ISBN : 9781351523387

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Debt Relief for the Poorest Countries by Yiagadeesen Samy Pdf

The debt problems of poor countries are receiving unprecedented attention. Both federal and non-governmental organizations alike have been campaigning for debt forgiveness for poor countries. The governments of creditor nations responded to that challenge at a meeting sponsored by the G-7, International Monetary Fund, and World Bank, all of which upgraded debt relief as a policy priority. Their initiatives provided for generous interpretations of these nations' abilities to sustain debt, gave them opportunities to qualify for debt relief more rapidly, and linked debt relief to broader policies of poverty reduction. Despite this, the crisis has only deepened in the first years of the new millennium. This brilliant group of contributions assesses why this has occurred. In plain language, it considers why debt relief has been so long in coming for poor countries. It evaluates the cost of a persistent overhang in debt for those countries. It also examines, head on, whether enhanced debt relief initiatives offer a permanent exit from over-indebtedness, or are merely a short-term respite. Above all, this volume for the first time addresses the issues on the ground: that is, the views and opinions about debt relief on the part of leaders in advanced nations, and the probability of further support for the most impoverished lands. In this approach, the editors and contributors have made an explicit and successful attempt to be inclusive and relevant at all stages of the analysis. This volume covers the full range of the poorest countries, with contributions by John Serieux, Lykke Anderson and Osvaldo Nina, Befekadu Degefe, Ligia Maria Castro-Monge, and Peter B. Mijumbi. Collectively, they offer a sobering scenario: unless measures are put in place now, in anticipation of further crises, the future of the very poorest nations will remain bleak and troublesome.

Author : Mr.Anthony R. Boote,Mr.Kamau Thugge
Publisher : International Monetary Fund
Page : 30 pages
File Size : 44,7 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.

Author : United States. General Accounting Office
Publisher : Unknown
Page : 96 pages
File Size : 51,9 Mb
Release : 1998
Category : Debt relief
ISBN : STANFORD:36105127318645

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Developing Countries by United States. General Accounting Office Pdf

Author : International Monetary Fund
Publisher : International Monetary Fund
Page : 52 pages
File Size : 42,8 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.

Author : Shonar Lala,Rupa Ranganathan,Brett Libresco
Publisher : World Bank Publications
Page : 98 pages
File Size : 49,9 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.

Author : United States. General Accounting Office
Publisher : Unknown
Page : 188 pages
File Size : 51,6 Mb
Release : 2000
Category : Debt relief
ISBN : UCBK:C072767395

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Developing Countries by United States. General Accounting Office Pdf

Author : Madhur Gautam
Publisher : World Bank Publications
Page : 140 pages
File Size : 53,8 Mb
Release : 2003
Category : Business & Economics
ISBN : 082135521X

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Debt Relief for the Poorest by Madhur Gautam Pdf

The Heavily Indebted Poor Countries (HIPC) Debt Initiative was designed to relieve the high external debt of some of the world's poorest nations. The Initiative was put in place by the World Bank and the International Monetary Fund (IMF) in 1996 and enhanced in 1999. The HIPC Debt Initiative addresses a key obstacle to economic growth and poverty reduction, but it also contains multiple and overly-ambitious objectives. This work is an independent evaluation which assesses the progress and prospects of the HIPC Debt Initiative achieving its objectives.

Author : T. Addison,H. Hansen,F. Tarp
Publisher : Springer
Page : 324 pages
File Size : 48,6 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.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 70 pages
File Size : 52,9 Mb
Release : 2015-05-13
Category : Business & Economics
ISBN : 9781484386965

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Chad by International Monetary Fund. African Dept. Pdf

This paper discusses the status of Chad under Enhanced Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI). Chad does not qualify for topping-up under the Enhanced HIPC Initiative based on end-2013 debt data. Creditors accounting for more than 87 percent of total HIPC-eligible debt have given satisfactory assurances of their participation in the enhanced HIPC Initiative. Nearly all multilateral creditors and Paris Club creditors have agreed to participate. The authorities are working toward obtaining participation of all the remaining creditors. Upon reaching the completion point under the Enhanced HIPC Initiative, Chad will also qualify for additional debt relief under the MDRI.

Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
Page : 70 pages
File Size : 45,7 Mb
Release : 2015-05-13
Category : Business & Economics
ISBN : 9781484387047

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Chad: Enhanced Heavily Indebted Poor Countries Initiative - Completion Point Document And Multilateral Debt Relief Initiative by International Monetary Fund. African Dept. Pdf

This paper discusses the status of Chad under Enhanced Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI). Chad does not qualify for topping-up under the Enhanced HIPC Initiative based on end-2013 debt data. Creditors accounting for more than 87 percent of total HIPC-eligible debt have given satisfactory assurances of their participation in the enhanced HIPC Initiative. Nearly all multilateral creditors and Paris Club creditors have agreed to participate. The authorities are working toward obtaining participation of all the remaining creditors. Upon reaching the completion point under the Enhanced HIPC Initiative, Chad will also qualify for additional debt relief under the MDRI.

Author : David Andrews,Anthony R. Boote,Syed S. Rizavi,Sukhwinder Singh
Publisher : Unknown
Page : 35 pages
File Size : 51,8 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.