Debt Relief for Low-Income Countries
Debt Relief for Low-Income Countries

Author: David Andrews

Publisher:

Published: 1999

Total Pages: 35

ISBN-13: 9781557758828

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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.

From Toronto Terms to the HIPC Initiative
From Toronto Terms to the HIPC Initiative

Author: Ms.Christina Daseking

Publisher: International Monetary Fund

Published: 1999-10-01

Total Pages: 30

ISBN-13: 1451856237

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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
Debt Relief for Low-Income Countries

Author: Kamau Thugge

Publisher:

Published: 1999

Total Pages: 31

ISBN-13: 9781463981556

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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 for Low-Income Countries
Debt Relief for Low-Income Countries

Author: International Monetary Fund

Publisher: INTERNATIONAL MONETARY FUND

Published: 1999-01-01

Total Pages: 0

ISBN-13: 9781557756619

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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.

Debt Relief for Low-Income Countries
Debt Relief for Low-Income Countries

Author: International Monetary Fund

Publisher: International Monetary Fund

Published: 1999-01-01

Total Pages: 52

ISBN-13: 9781557756619

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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.

Debt Relief for the Poorest
Debt Relief for the Poorest

Author: Shonar Lala

Publisher: World Bank Publications

Published: 2006-01-01

Total Pages: 98

ISBN-13: 0821366572

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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 the Poorest Countries
Debt Relief for the Poorest Countries

Author: Yiagadeesen Samy

Publisher: Routledge

Published: 2018-02-06

Total Pages: 240

ISBN-13: 1351523384

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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.

Debt Relief for Low-Income Countries and the HIPC Initiative
Debt Relief for Low-Income Countries and the HIPC Initiative

Author: Mr.Anthony R. Boote

Publisher: International Monetary Fund

Published: 1997-03-01

Total Pages: 30

ISBN-13: 1451844107

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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.

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

Author: International Monetary Fund. Policy Development and Review Dept.

Publisher: International Monetary Fund

Published: 2005-10-03

Total Pages: 24

ISBN-13: 1498331718

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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.

Debt Relief for the Poorest
Debt Relief for the Poorest

Author: Madhur Gautam

Publisher: World Bank Publications

Published: 2003

Total Pages: 140

ISBN-13: 9780821355213

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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.