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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; debt sustainability; external debt; debt relief; external debt sustainability; commodity exports; total exports; export data; export base; long-term debt; long-term debt sustainability; commodity export; total export; current account; external financing; current account deficits; export goods; external shocks; debt stock; external debt stock; long-term external debt; diversified export base; debt management; external borrowing; debt burdens; export share; manufactured exports; coffee export; substantial debt; multilateral debt relief; external debt management; loan disbursements; heavily indebted countries; export income; current account balances; debt problems; debt relief initiative; revenue collection; diversified ? export base; substantial debt relief; debt trap; debt management capacity; diversification of export; indebted countries; share of export; public sector management; export concentration;

    This paper has been announced in the following NEP Reports:

    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. Serkan Arslanalp & Peter Blair Henry, 2005. "Is Debt Relief Efficient?," Journal of Finance, American Finance Association, vol. 60(2), pages 1017-1051, 04.
    2. Ratna Sahay & Luis Felipe Céspedes & Paul Cashin, 2002. "Keynes, Cocoa, and Copper," IMF Working Papers 02/223, International Monetary Fund.
    3. Doris C. Ross & Lisandro Abrego, 2001. "Debt Relief Under the HIPC Initiative," IMF Working Papers 01/144, International Monetary Fund.
    4. Catherine Pattillo & Hélène Poirson & Luca Antonio Ricci, 2011. "External Debt and Growth," Review of Economics and Institutions, Università di Perugia, vol. 2(3).
    5. Yan Sun, 2004. "External Debt Sustainability in HIPC Completion Point Countries," IMF Working Papers 04/160, International Monetary Fund.
    6. Robert Powell, 2003. "Debt Relief, Additionality, and Aid Allocation in Low Income Countries," IMF Working Papers 03/175, International Monetary Fund.
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