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Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 52 |
Release | : 1999-01-01 |
Genre | : Business & Economics |
ISBN | : 9781557756619 |
Download Debt Relief for Low-Income Countries Book in PDF, ePub and Kindle
This paper describes the Heavily Indebted Poor Countries (HIPC) Initiative and suggests that it should enable HIPCs to exit from the debt-rescheduling process. It argues that implementation of the Initiative should eliminate debt as an impediment to economic development and growth and enable HIPC governments to focus on the difficult policies and reforms required to remove the remaining impediments to achieving sustainable development. The paper describes the implementation of the Initiative through the end of September 1998.
Author | : Mr.Anthony R. Boote |
Publisher | : International Monetary Fund |
Total Pages | : 30 |
Release | : 1997-03-01 |
Genre | : Business & Economics |
ISBN | : 1451844107 |
Download Debt Relief for Low-Income Countries and the HIPC Initiative Book in PDF, ePub and Kindle
The paper describes the debt burden of low-income countries and the traditional mechanisms that have been implemented by the international community to alleviate this burden. While these mechanisms are sufficient to reduce the external debts of many heavily indebted poor countries (HIPCs) to sustainable levels provided these countries implement sound economic policies, they are likely insufficient for a number of countries. To deal with these cases, the World Bank and the IMF have jointly proposed and implemented the HIPC Initiative. The paper describes this Initiative and suggests that it should enable HIPCs to exit from the debt rescheduling process.
Author | : Ms.Christina Daseking |
Publisher | : International Monetary Fund |
Total Pages | : 30 |
Release | : 1999-10-01 |
Genre | : Business & Economics |
ISBN | : 1451856237 |
Download From Toronto Terms to the HIPC Initiative Book in PDF, ePub and Kindle
The low-income country debt crisis had its origins in weak macroeconomic policies, and official creditors’ willingness to take risks unacceptable to private lenders. Payments problems were initially addressed through nonconcessional reschedulings and new lending that maximized financing while containing the budgetary costs for creditors. This led to an unsustainable buildup in debt stocks. More recently, debt ratios have improved, reflecting both adjustment and substantial debt relief. The paper estimates debt relief initiatives since 1988 have cost creditors at least $30 billion, and possibly much more. This compares with the estimated costs of about $27 billion under the enhanced HIPC Initiative.
Author | : David Andrews |
Publisher | : |
Total Pages | : 35 |
Release | : 1999 |
Genre | : |
ISBN | : 9781557758828 |
Download Debt Relief for Low-Income Countries Book in PDF, ePub and Kindle
This pamphlet describes the IMF-World Bank initiative begun in 1996 to address in a comprehensive manner the overall debt burden of eligible heavily indebted poor countries (HIPCs) pursuing programs of adjustment and reform supported by the two organizations. The aim of the Initiative is to reduce these countries' debt to sustainable levels so that they can meet current and future debt service obligations without unduly compromising growth. This pamphlet describes the rationale for the main features of the Initiative as it was originally conceived in 1996, and its implementation through the fall of 1999, which culminated in the approval of an enhanced HIPC Initiative in late 1999 that is aimed at providing deeper and more rapid debt relief to a larger number of countries. The enhanced HIPC Initiative also seeks to ensure that debt relief is integrated into a comprehensive poverty reduction strategy that is developed with broad-based participation and tailored to the country's circumstances. The current edition was revised in 1999.
Author | : Kamau Thugge |
Publisher | : |
Total Pages | : 31 |
Release | : 1999 |
Genre | : |
ISBN | : 9781463981556 |
Download Debt Relief for Low-Income Countries Book in PDF, ePub and Kindle
This pamphlet describes the IMF-World Bank initiative begun in 1996 to address in a comprehensive manner the overall debt burden of eligible heavily indebted poor countries (HIPCs) pursuing programs of adjustment and reform supported by the two organizations. The aim of the Initiative is to reduce these countries' debt to sustainable levels so that they can meet current and future debt service obligations without unduly compromising growth. This pamphlet describes the rationale for and the main features of the Initiative as it was originally conceived in 1996 and its implementation through the fall of 1999, which culminated in the approval of an enhanced HIPC Initiative in late 1999 that is aimed at providing deeper and more rapid debt relief to a larger number of countries. The enhanced HIPC Initiative also seeks to ensure that debt relief is integrated into a comprehensive poverty reduction strategy that is developed with broad-based participation and tailored to the country's circumstances.
Author | : Carlos A. Primo Braga |
Publisher | : World Bank Publications |
Total Pages | : 478 |
Release | : 2009-10-02 |
Genre | : Business & Economics |
ISBN | : 0821378759 |
Download Debt Relief and Beyond Book in PDF, ePub and Kindle
The history of debt relief goes back several decades. It reveals that a country s accumulation of unsustainable debt stems from such factors as deficiencies in macroeconomic management, adverse terms-of-trade shocks, and poor governance. Debt-relief initiatives have provided debt-burdened countries with the opportunity for a fresh start, but whether the benefits of debt relief can be preserved depends on transformations in a country s policies and institutions. In 1996, the Heavily Indebted Poor Countries (HIPC) Initiative was launched as the first comprehensive, multilateral, debt-relief framework for low-income countries. In 2005, the Multilateral Debt Relief Initiative was established, which increased the level of debt relief provided to HIPCs. As of early 2009, assistance through these two initiatives had been committed to 35 countries and amounted to US$117 billion in nominal terms, or half of the 2007 GDP of these countries. 'Debt Relief and Beyond' assesses the implications of debt relief for low-income countries and how its benefits can be preserved and used to fight poverty. The chapter authors bring unique operational experience to their examination of debt relief, debt sustainability, and debt management. Several key questions are addressed, including, what consequences does debt relief have for poverty-reducing expenditures, growth, and access to finance? Can debt relief guarantee debt sustainability? How can debt management at all levels of government be improved? What lessons can be learned from countries that have experienced debt restructuring? Finally, this book provides sound empirical evidence using current econometric techniques.
Author | : Mr.Ales Bulir |
Publisher | : International Monetary Fund |
Total Pages | : 27 |
Release | : 2011-07-01 |
Genre | : Business & Economics |
ISBN | : 1455293717 |
Download The Dynamic Implications of Debt Relief for Low-Income Countries Book in PDF, ePub and Kindle
The effects of debt relief on incentives to accumulate debt, consume, and invest are an important concern for donors and recipients. Using a dynamic stochastic general equilibrium model of a small open economy with a minimum consumption requirement and an endogenous relief probability, we show that excessive debt accumulation is consistent with an anticipation of a future debt relief. Simulations of the calibrated model using 1982-2006 Ugandan data suggest that debt-relief episodes are likely to have only a temporary impact on the level of debt in low-income countries, while being associated with more consumption and less invesment. The long-run debt-to-GDP ratio is estimated to be about twice as high with debt relief than without it.
Author | : International Monetary Fund |
Publisher | : International Monetary Fund |
Total Pages | : 20 |
Release | : 2005-09-09 |
Genre | : Business & Economics |
ISBN | : 9781589064676 |
Download Can Debt Relief Boost Growth in Poor Countries? Book in PDF, ePub and Kindle
The Heavily Indebted Poor Countries (HIPC) Initiative, launched in 1999 by the IMF and the World Bank, was the first coordinated effort by the international financial community to reduce the foreign debt of the world’s poorest countries. It was based on the theory that economic growth in heavily indebted poor countries was being stifled by heavy debt burdens, making it virtually impossible for these countries to escape poverty. However, most of the empirical research on the effects of debt on growth has lumped together a diverse group of countries, and the literature on the countries’ impact of debt on poor is scant. This pamphlet presents the findings of the authors’ empirical research into the subject, analyzing the channels through which debt affects growth in low-income countries.
Author | : International Monetary Fund. Policy Development and Review Dept. |
Publisher | : International Monetary Fund |
Total Pages | : 24 |
Release | : 2005-10-03 |
Genre | : Business & Economics |
ISBN | : 1498331718 |
Download Further Debt Relief for Low-Income Countries - Key Issues and Preliminary Considerations Book in PDF, ePub and Kindle
The International Monetary and Finance Committee at its 2004 Annual Meetings called on the international community to provide assistance including “further debt relief” to low-income countries for achieving the Millennium Development Goals (MDGs). It reaffirmed the Fund’s “important role” in supporting lowincome countries and called on the Fund to consider “further debt relief and its financing.” More impetus for this request was provided by various recent proposals (summarized in Annex I). At their meeting in London in February, G7 Finance Ministers expressed their willingness to provide as much as 100 percent multilateral debt relief.
Author | : International Monetary Fund |
Publisher | : INTERNATIONAL MONETARY FUND |
Total Pages | : 0 |
Release | : 1999-01-01 |
Genre | : Business & Economics |
ISBN | : 9781557756619 |
Download Debt Relief for Low-Income Countries Book in PDF, ePub and Kindle
This paper describes the Heavily Indebted Poor Countries (HIPC) Initiative and suggests that it should enable HIPCs to exit from the debt-rescheduling process. It argues that implementation of the Initiative should eliminate debt as an impediment to economic development and growth and enable HIPC governments to focus on the difficult policies and reforms required to remove the remaining impediments to achieving sustainable development. The paper describes the implementation of the Initiative through the end of September 1998.