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Debt Relief for Low Income Countries: Is it Effective and Efficient?

Author

Listed:
  • Graham Bird

    (University of Surrey, UK)

  • Alistair Milne

    (University Business School, London)

Abstract

Although a great deal of attention has been paid to IMF conditionality and to the effects of IMF programmes, relatively little attention has been paid to their completion rate. However, the record is that the clear majority of Fund programmes are uncompleted. Is this a cause for concern and why is it that the completion rate is low? In principle, a number of factors could be at work. Gaining a better understanding of what these are should allow policy reform at the IMF to improve performance. While there are things that we do not know and need to know about programme completion, we know enough to delineate the broad direction that policy should take. Copyright Blackwell Publishing Ltd 2003

Suggested Citation

  • Graham Bird & Alistair Milne, 2003. "Debt Relief for Low Income Countries: Is it Effective and Efficient?," The World Economy, Wiley Blackwell, vol. 26(1), pages 43-59, January.
  • Handle: RePEc:bla:worlde:v:26:y:2003:i:1:p:43-59
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    References listed on IDEAS

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    1. World Bank, 2001. "Global Economic Prospects and the Developing Countries 2001," World Bank Publications, The World Bank, number 14779.
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    Citations

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    Cited by:

    1. Gravier-Rymaszewska, Joanna, 2012. "How Aid Supply Responds to Economic Crises: A Panel VAR Approach," WIDER Working Paper Series 025, World Institute for Development Economic Research (UNU-WIDER).
    2. Ralf Hepp, 2005. "Can Debt Relief Buy Growth?," International Finance 0510003, EconWPA.
    3. Mayr, Karin, 2010. "Optimal Deficit and Debt in the Presence of Foreign Aid," World Development, Elsevier, vol. 38(1), pages 19-27, January.
    4. Nicolas Depetris Chauvin & Aart Kraay, 2005. "What Has 100 Billion Dollars Worth of Debt Relief Done for Low- Income Countries?," International Finance 0510001, EconWPA.
    5. Presbitero, Andrea F., 2008. "The Debt-Growth Nexus in Poor Countries: A Reassessment," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy (IfW), vol. 2, pages 1-28.
    6. Ferrarini, Benno, 2008. "Proposal for a Contingency Debt Sustainability Framework," World Development, Elsevier, vol. 36(12), pages 2547-2565, December.
    7. Gunter, Bernhard G. & Rahman, Jesmin & Wodon, Quentin, 2008. "Robbing Peter to Pay Paul? Understanding Who Pays for Debt Relief," World Development, Elsevier, vol. 36(1), pages 1-16, January.
    8. Johansson, Pernilla, 2008. "Debt Relief, Investment and Growth," Working Papers 2008:11, Lund University, Department of Economics.
    9. Ivan Briscoe, 2006. "Debt crises, political change and the state in the developing world," Working Papers del Instituto Complutense de Estudios Internacionales 0601, Universidad Complutense de Madrid, Instituto Complutense de Estudios Internacionales.
    10. Marchesi, Silvia & Missale, Alessandro, 2013. "Did High Debts Distort Loan and Grant Allocation to IDA Countries?," World Development, Elsevier, vol. 44(C), pages 44-62.
    11. Powell, Robert & Bird, Graham, 2010. "Aid and Debt Relief in Africa: Have They Been Substitutes or Complements?," World Development, Elsevier, vol. 38(3), pages 219-227, March.
    12. Cordella, Tito & Missale, Alessandro, 2013. "To give or to forgive? Aid versus debt relief," Journal of International Money and Finance, Elsevier, vol. 37(C), pages 504-528.
    13. repec:ucm:wpaper:01-06 is not listed on IDEAS
    14. Sanford, Jonathan E., 2004. "IDA Grants and HIPC Debt Cancellation: Their Effectiveness and Impact on IDA Resources," World Development, Elsevier, vol. 32(9), pages 1579-1607, September.
    15. Johansson, Pernilla, 2010. "Debt Relief, Investment and Growth," World Development, Elsevier, vol. 38(9), pages 1204-1216, September.
    16. Freytag, Andreas & Pehnelt, Gernot, 2009. "Debt Relief and Governance Quality in Developing Countries," World Development, Elsevier, vol. 37(1), pages 62-80, January.
    17. Graham Bird, 2004. "Growth, poverty and the IMF," Journal of International Development, John Wiley & Sons, Ltd., vol. 16(4), pages 621-636.
    18. Green, Keith, 2005. "The fragile panacea of debt relief for developing countries," MPRA Paper 18098, University Library of Munich, Germany.
    19. Abrego, Lisandro & Ross, Doris C., 2002. "Debt Relief under the HIPC Initiative - Context and Outlook for Debt Sustainability and Resource Flows," WIDER Working Paper Series 044, World Institute for Development Economic Research (UNU-WIDER).
    20. Sandra Marcelino & Ivetta Hakobyan, 2014. "Does Lower Debt Buy Higher Growth? The Impact of Debt Relief Initiatives on Growth," IMF Working Papers 14/230, International Monetary Fund.
    21. William Akoto, 2013. "Do countries strategically improve their institutions to access increased debt relief?," Economics Bulletin, AccessEcon, vol. 33(2), pages 1185-1192.

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