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External Debt Sustainability in HIPC Completion Point Countries

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  • Yan Sun
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    Abstract

    This paper examines a number of structural factors affecting the external debt sustainability of HIPC completion point countries. It shows that (i) while comparing favorably with other lowincome countries, the policy and institutional frameworks of completion point countries in general are still relatively weak, and their debt management practices remain inferior to international standards; and (ii) their export base remains narrow and fiscal revenue mobilization lags behind, even compared with many other low-income countries. Achieving and maintaining long-term debt sustainability in completion point countries will require continued structural reforms, timely donor support, and close monitoring of new borrowing in support of sound macroeconomic policies.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/160.

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    Length: 34
    Date of creation: 01 Sep 2004
    Date of revision:
    Handle: RePEc:imf:imfwpa:04/160

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    Related research

    Keywords: Heavily indebted poor countries; Debt relief; Economic reforms; debt sustainability; debt management; debt management capacity; export diversification; external debt; external debt sustainability; commodity exports; long-term debt; total exports; exports of goods; long-term debt sustainability; long-term external debt; export base; export bases; current account; export structures; diversified export base; current account deficits; debt trap; overall debt management; debt-to-exports ratio; external borrowing; external shocks; export growth; capital flows; external debt management; loan disbursements; debt burdens; heavily indebted countries; external debts; indebted countries; repayments; foreign aid; traditional exports; excessive debt; traditional commodity exports; debt burden; debt stocks; external debt stocks; revenue collection; export structure; debt stock; basic debt management; international lending; overall debt management capacity; external debt stock; debt management practices; debt problems; debt service; public sector management;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Kevin Ross & R. Brooks & Robert Powell & Ydahlia A. Metzgen Quemarez & Doris C. Ross & Mariano Cortes & Saqib Rizavi & Benoit Ketchekmen & Francesca Fornasari, 1998. "External Debt Histories of Ten Low-Income Developing Countries," IMF Working Papers 98/72, International Monetary Fund.
    2. Hélène Poirson & Luca Antonio Ricci & Catherine A. Pattillo, 2002. "External Debt and Growth," IMF Working Papers 02/69, International Monetary Fund.
    3. Doris C. Ross & Lisandro Abrego, 2001. "Debt Relief Under the HIPC Initiative," IMF Working Papers 01/144, International Monetary Fund.
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    Citations

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    Cited by:
    1. Cassimon, Denis & Moreno-Dodson, Blanca & Wodon, Quentin, 2008. "Debt Sustainability for Low-Income Countries: A Review of Standard and Alternative Concepts," MPRA Paper 11077, University Library of Munich, Germany.
    2. Bhubanesh Pant Ph.D. & Biggyan Subedi, 2006. "The HIPC Initiative and Debt Relief: An Examination of Issues Relevant to Nepal," NRB Working Paper 02/2006, Nepal Rastra Bank, Research Department.
    3. Philippe D Karam & Doug Hostland, 2005. "Assessing Debt Sustainability in Emerging Market Economies Using Stochastic Simulation Methods," IMF Working Papers 05/226, International Monetary Fund.
    4. Patricia Alvarez-Plata & Tilman Brück, 2006. "External Debt in Post-Conflict Countries," Discussion Papers of DIW Berlin 613, DIW Berlin, German Institute for Economic Research.
    5. Junko Koeda, 2008. "A Debt Overhang Model for Low-Income Countries," IMF Staff Papers, Palgrave Macmillan, vol. 55(4), pages 654-678, December.
    6. Jie Yang & Dan Nyberg, 2009. "External Debt Sustainability in HIPC Completion Point Countries: An Update," IMF Working Papers 09/128, International Monetary Fund.
    7. Dobdinga Fonchamnyo, 2009. "Debt Relief Incentives in Highly Indebted Poor Countries (HIPC): An Empirical Assessment," International Advances in Economic Research, Springer, vol. 15(3), pages 322-335, August.
    8. Green, Keith, 2005. "The fragile panacea of debt relief for developing countries," MPRA Paper 18098, University Library of Munich, Germany.
    9. Fofack, Hippolyte, 2009. "Causality between external debt and capital flight in Sub-Saharan Africa," Policy Research Working Paper Series 5042, The World Bank.
    10. Marco Arnone & Luca Bandiera & Andrea Presbitero, 2005. "External Debt Sustainability: Theory and Empirical Evidence," International Finance 0512007, EconWPA.

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