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External Debt Sustainability in HIPC Completion Point Countries; An Update

Author

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  • Jie Yang
  • Dan Nyberg

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.

Suggested Citation

  • Jie Yang & Dan Nyberg, 2009. "External Debt Sustainability in HIPC Completion Point Countries; An Update," IMF Working Papers 09/128, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:09/128
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    File URL: http://www.imf.org/external/pubs/cat/longres.aspx?sk=23029
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    References listed on IDEAS

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