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Borrowing from Peter to Pay Paul: Measuring the Commercial Debt Burden Created by Concessional Debt

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  • Nishan de Mel

    (Verité Research)

  • Raj Prabu Rajakulendran

    (Verité Research)

Abstract

This article develops an analytical method and metric for evaluating the extent to which a nation’s budget support commercial debt is increased by the obligation to repay concessional project loans of the past. This is dubbed as the Peter-Paul problem. Applying it to the case of Sri Lanka and global experiences provides two kinds of insights: the hidden possibility and sources of designated project loans driving a national debt crisis, and key considerations for multilateral practices in lending to and graduating countries from concessional debt.

Suggested Citation

  • Nishan de Mel & Raj Prabu Rajakulendran, 2024. "Borrowing from Peter to Pay Paul: Measuring the Commercial Debt Burden Created by Concessional Debt," Development, Palgrave Macmillan;Society for International Deveopment, vol. 67(3), pages 167-177, December.
    • Handle: RePEc:pal:develp:v:67:y:2024:i:3:d:10.1057_s41301-025-00433-x
    DOI: 10.1057/s41301-025-00433-x
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    References listed on IDEAS

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    1. Candauda Arachchige Saliya, 2023. "Impact of debt, reserves, and political stability on Sri Lanka’s financial crisis," PLOS ONE, Public Library of Science, vol. 18(11), pages 1-20, November.
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