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What’s Wrong with the HIPC Initiative and What’s Next?

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  • Bernhard G. Gunter

Abstract

This article reviews the problems of the enhanced HIPC initiative and outlines possible steps towards a more efficient debt and poverty reduction initiative. After brief comments on the rationale for debt relief, it analyses some key issues related to the HIPC initiative’s aim to achieve debt sustainability, describes other fundamental problems of the HIPC framework, and discusses some less known but still crucial flaws of the initiative. It then proceeds with necessary improvements for an efficient debt reduction programme, possible modifications for a revised HIPC initiative, and some suggestions on how to overcome financing constraints. Apart from being in several respects unfair, the current framework is unlikely to permit a lasting exit from unsustainable debt for many HIPCs, and may lead to a decline in traditional development assistance.

Suggested Citation

  • Bernhard G. Gunter, 2002. "What’s Wrong with the HIPC Initiative and What’s Next?," Development Policy Review, Overseas Development Institute, vol. 20(1), pages 5-24, March.
    • Handle: RePEc:bla:devpol:v:20:y:2002:i:1:p:5-24
    DOI: 10.1111/1467-7679.00154
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    Cited by:

    1. Bernhard G. Gunter, 2001. "Does the HIPC Initiative Achieve its Goal of Debt Sustainability?," WIDER Working Paper Series DP2001-100, World Institute for Development Economic Research (UNU-WIDER).
    2. Jonathan Eaton, 2002. "The HIPC Intitiative : The Goals, Additionality, Eligibility, and Debt Sustainability," World Bank Publications - Books, The World Bank Group, number 19061, December.
    3. 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.
    4. Gunter, Bernhard & Wodon, Quentin, 2008. "Analyzing Debt Sustainability: An Application of SimSIP Debt for Paraguay," MPRA Paper 11076, University Library of Munich, Germany.
    5. Bernhard G. Gunter & A. F. M. Ataur Rahman, 2008. "Analyzing Bangladesh’s Debt Sustainability Using SimSIP Debt," Bangladesh Development Research Working Paper Series (BDRWPS) BDRWPS No. 2, Bangladesh Development Research Center (BDRC).
    6. Gunter, Bernhard & Wodon, Quentin, 2008. "Analyzing Debt Sustainability: Concepts and Tools Applied for Guinea, Rwanda,and Senegal," MPRA Paper 10648, University Library of Munich, Germany.

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