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Debt Relief Under the HIPC Initiative

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  • Doris C. Ross
  • Lisandro Abrego
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    Abstract

    This paper discusses the Heavily Indebted Poor Countries (HIPC) Initiative in the perspective of sizable historical debt relief and large positive net resource flows to HIPCs. It argues that, by substantially reducing HIPCs’ debt stocks and debt service payments, the Initiative provides a solid basis for debt sustainability and room for increased social spending. For poverty reduction, HIPC relief is important but broader international support is needed. The paper maintains that, as experience has shown, external support can be effective only if it reinforces sound policies implemented by HIPCs themselves. Thus, debt relief and official development assistance are critical as “help for self-help.”

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 01/144.

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    Length: 47
    Date of creation: 01 Sep 2001
    Date of revision:
    Handle: RePEc:imf:imfwpa:01/144

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    Keywords: Debt relief; HIPC Initiative; Poverty reduction; debt; debt service; debt reduction; external debt; creditors; debt service payments; debt sustainability; payments; debt stocks; debt management; creditor; bilateral debt; debt forgiveness; interest; traditional debt relief; bilateral creditors; debts; commercial creditors; debt burdens; stock-of-debt operation; commercial debt; loans; debt burden; debt stock; relief mechanisms; debtors; debt service ratio; external debt sustainability; multilateral creditors; debt reduction mechanisms; obligations; amount of debt; traditional debt relief mechanisms; debt problems; multilateral debt; long-term debt; debt relief initiatives; debt relief mechanisms; balance of payments; actual debt; debt ratios; debt servicing; debtor country; debt service reduction; debt rescheduling; external debt burdens; public expenditure; debt service obligations; stock of debt; debt swaps; debt outstanding; sovereign debt; restructuring; debt overhang; debtor reporting; private creditors; evolution of debt; external borrowing; external debt burden; debtor countries; long-term external debt; debt service payment; debt cancellation; repayment; long-term debt sustainability; foreign aid; bilateral donors; external resources; public external debt; donor governments; net present value of debt; official creditors; debt-service obligations; substantial debt; ratio of debt service to exports; debtor reporting system; debt data; debt management practices; borrowing policies; current account deficits; debt service to exports; external shocks; repayment capacity; solvency; principal repayments; foreclosure; multilateral debts; short-term debt; external shock; debt level; external debt-service obligations; repayments; ratio of debt; debt management strategy; international lending; bilateral agreements; access to debt; debt management policies; external resource; sovereign debtors; deficits; terms of debt; debt sustainability analysis; debt service relief; debt-relief; government guarantee; current account; debt disbursed; external debt management; substantial debt relief; public and publicly guaranteed; debt burden of low-income countries; government debt; traditional debt-relief mechanisms;

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    Cited by:
    1. Brigitte Granville & Sushanta Mallick*, 2006. "Integrating poverty reduction in IMF-World Bank Models," Working Papers id:502, eSocialSciences.
    2. Annalisa Fedelino & Alina Kudina, 2003. "Fiscal Sustainability in African HIPC Countries," IMF Working Papers 03/187, International Monetary Fund.
    3. Christian Aßmann & Jens Boysen-Hogrefe, 2010. "Analysis of current account reversals via regime switching models," Economic Change and Restructuring, Springer, vol. 43(1), pages 21-43, February.
    4. Yan Sun, 2004. "External Debt Sustainability in HIPC Completion Point Countries," IMF Working Papers 04/160, International Monetary Fund.
    5. Jie Yang & Dan Nyberg, 2009. "External Debt Sustainability in HIPC Completion Point Countries: An Update," IMF Working Papers 09/128, International Monetary Fund.

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