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External Debt Sustainability in HIPC Completion Point Countries: An Update

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  • Jie Yang
  • Dan Nyberg
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    Abstract

    Despite substantial debt relief to HIPC Initiative completion point countries, long-term debt sustainability remains a challenge. This paper examines a number of structural factors affecting external debt sustainability. It shows that in HIPC completion point countries (i) the export base broadly remains narrow; (ii) fiscal revenue mobilization lags behind in some countries; and (iii) policy and institutional frameworks are still relatively weak. Achieving and maintaining longterm debt sustainability in completion point countries will require continued structural reforms, timely donor support, and close monitoring of new non-concessional borrowing.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 09/128.

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    Length: 20
    Date of creation: 01 Jun 2009
    Date of revision:
    Handle: RePEc:imf:imfwpa:09/128

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    Related research

    Keywords: Export diversification; Fiscal reforms; Governance; HIPC Initiative; Low-income developing countries; Revenue mobilization;

    This paper has been announced in the following NEP Reports:

    References

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    1. Serkan Arslanalp & Peter Blair Henry, 2005. "Is Debt Relief Efficient?," Journal of Finance, American Finance Association, vol. 60(2), pages 1017-1051, 04.
    2. Doris C. Ross & Lisandro Abrego, 2001. "Debt Relief Under the HIPC Initiative: Context and Outlook for Debt Sustainability and Resource Flow," IMF Working Papers 01/144, International Monetary Fund.
    3. Hélène Poirson & Luca Antonio Ricci & Catherine A. Pattillo, 2002. "External Debt and Growth," IMF Working Papers 02/69, International Monetary Fund.
    4. Robert Powell, 2003. "Debt Relief, Additionality, and Aid Allocation in Low Income Countries," IMF Working Papers 03/175, International Monetary Fund.
    5. Yan Sun, 2004. "External Debt Sustainability in HIPC Completion Point Countries," IMF Working Papers 04/160, International Monetary Fund.
    6. Ratna Sahay & Luis Felipe Céspedes & Paul Cashin, 2002. "Keynes, Cocoa, and Copper: In Search of Commodity Currencies," IMF Working Papers 02/223, International Monetary Fund.
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