By Shonar Lala
Some time past decade, debt reduction has turn into an more and more major automobile for supplying improvement relief. This replace builds at the findings of the 2003 autonomous review of the seriously Indebted negative nations (HIPC) initiative. It unearths that some of the unique conclusions stay proper for the HIPC initiative and are in all probability instructive for destiny debt aid tasks. the improved HIPC initiative minimize debt ratios in part for 18 international locations. yet in 8 of those nations, the ratios have come to once more exceed HIPC thresholds. Debt aid on my own isn't really a enough device to impact the a number of drivers of debt sustainability. Sustained advancements in export diversification, economic administration, the phrases of recent financing, and public debt administration also are wanted, measures that fall open air the ambit of the HIPC initiative. Debt aid below HIPC has channeled extra improvement assets to qualifying nations – those nations have bought an elevated proportion of total relief transfers. HIPC international locations that aren't but at of completion element face critical demanding situations in dealing with their economies. holding coverage functionality is key for those international locations to harvest some great benefits of debt relief.
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Extra info for Debt Relief for the Poorest: An Evaluation Update of the HIPC Initiative (Operations Evaluation Studies)
Org/debt. 37 D E B T R E L I E F F O R T H E P O O R E S T: A N E VA L U AT I O N U P D AT E O F T H E H I P C I N I T I AT I V E First Stage Country establishes a three-year track record of good performance and develops together with civil society a Poverty Reduction Strategy Paper (PRSP); in early cases, an interim PRSP may be sufficient to reach the decision point. , rescheduling of debt service on eligible debt falling due during the three-year consolidation period (up to 67 percent reduction on eligible maturities on a net present value basis).
5 percent) as in the earlier highest on key policy period (16 percent). ratings. 9 percent of GDP), with deficits twice as big as those in nonHIPC IDA-only countries. They have improved, however, every year since 1999. In spite of having diversified their exports slightly (as measured by the Herfindahl-Hirschmann index of exports concentration), post-completion-point countries have not boosted exports, which have, on average, remained flat at around 26 percent of GDP from 1999 to 2003. While this is close to the average for developing countries, it is much lower than that of non-HIPC IDA-only countries, which have seen rates of closer to 40 percent of GDP.
Mali also had a strong export performance and Senegal increased government revenues. By contrast, in Uganda and Bolivia, which had the highest increases in the NPV of debt to export, new borrowings were responsible for about a third of the increase (30 percent and 38 percent, respectively). A third of the loans contracted since 2000 by Bolivia have been nonconcessional, unlike the other countries. IDA accounted for two-thirds of Uganda’s, and one-half of Senegal and Mali’s new multilateral loans.
Debt Relief for the Poorest: An Evaluation Update of the HIPC Initiative (Operations Evaluation Studies) by Shonar Lala