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External Debt Sustainability in HIPC Completion Point Countries

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  • Yan M Sun

Abstract

This paper examines a number of structural factors affecting the external debt sustainability of HIPC completion point countries. It shows that (i) while comparing favorably with other lowincome countries, the policy and institutional frameworks of completion point countries in general are still relatively weak, and their debt management practices remain inferior to international standards; and (ii) their export base remains narrow and fiscal revenue mobilization lags behind, even compared with many other low-income countries. Achieving and maintaining long-term debt sustainability in completion point countries will require continued structural reforms, timely donor support, and close monitoring of new borrowing in support of sound macroeconomic policies.

Suggested Citation

  • Yan M Sun, 2004. "External Debt Sustainability in HIPC Completion Point Countries," IMF Working Papers 04/160, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:04/160
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    References listed on IDEAS

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    1. 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.
    2. Catherine Pattillo & Hélène Poirson & Luca Antonio Ricci, 2011. "External Debt and Growth," Review of Economics and Institutions, Università di Perugia, vol. 2(3).
    3. Kevin Ross & R. Brooks & Robert Powell & Ydahlia A. Metzgen Quemarez & Doris C Ross & Mariano Cortes & Saqib Rizavi & Benoit Ketchekmen & Francesca Fornasari, 1998. "External Debt Histories of Ten Low-Income Developing Countries; Lessons from Their Experience," IMF Working Papers 98/72, International Monetary Fund.
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    Citations

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    Cited by:

    1. Junko Koeda, 2006. "A Debt Overhang Model for Low-Income Countries; Implications for Debt Relief," IMF Working Papers 06/224, International Monetary Fund.
    2. Philippe D Karam & Douglas Hostland, 2005. "Assessing Debt Sustainability in Emerging Market Economies Using Stochastic Simulation Methods," IMF Working Papers 05/226, International Monetary Fund.
    3. Jie Yang & Dan Nyberg, 2009. "External Debt Sustainability in HIPC Completion Point Countries; An Update," IMF Working Papers 09/128, International Monetary Fund.
    4. Alvarez-Plata, Patricia & Brück, Tilman, 2008. "External Debt in Post-Conflict Countries," World Development, Elsevier, vol. 36(3), pages 485-504, March.
    5. Fofack, Hippolyte, 2009. "Causality between external debt and capital flight in Sub-Saharan Africa," Policy Research Working Paper Series 5042, The World Bank.
    6. Dobdinga Fonchamnyo, 2009. "Debt Relief Incentives in Highly Indebted Poor Countries (HIPC): An Empirical Assessment," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 15(3), pages 322-335, August.
    7. Bhubanesh Pant Ph.D. & Biggyan Subedi, 2006. "The HIPC Initiative and Debt Relief: An Examination of Issues Relevant to Nepal," NRB Working Paper 02/2006, Nepal Rastra Bank, Research Department.
    8. Marco Arnone & Luca Bandiera & Andrea Presbitero, 2005. "External Debt Sustainability: Theory and Empirical Evidence," International Finance 0512007, EconWPA.
    9. Green, Keith, 2005. "The fragile panacea of debt relief for developing countries," MPRA Paper 18098, University Library of Munich, Germany.
    10. repec:kap:iaecre:v:15:y:2009:i:3:p:322-335 is not listed on IDEAS
    11. 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.

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