By Madhur Gautam
The seriously Indebted negative international locations (HIPC) Debt Initiative was once designed to alleviate the excessive exterior debt of a few of the world's poorest countries. The Initiative was once installed position through the area financial institution and the foreign financial Fund (IMF) in 1996 and more suitable in 1999. The HIPC Debt Initiative addresses a key concern to monetary development and poverty relief, however it additionally includes a number of and overly-ambitious pursuits. This paintings is an self reliant assessment which assesses the development and customers of the HIPC Debt Initiative reaching its pursuits.
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Extra resources for Debt Relief for the Poorest: An Oed Review of the Hipc Initiative
Nability analysis (DSA) conducted jointly by the World Bank, the IMF, and the country authorities. There are two key comporenLs of the DSA. First, the debt sustainability criteria are critical in determining which countries become eligible for HIPC relief and the level of relief to he provided in each case. Second, the forward-looking debt projections are the main instrument to assess the likely success of the init-ative for each The Debt Sustainability Criteria The eligibility of countries to qualify for HIPC assistance and the amount of relief are based on actual and historical data.
5 Major bilateral lenders switched from nonconcessional rescheduling to concessional rescheduling, and finally to debt stock reduction actions through the Paris Club. 6 Multilaterals were more limited in their options, reflecting a combination of the relatively small proportion of the overall debt burden (in present value) owed to them, concern about maintaining their financial integrity, and their continued treatment of the HIPC debt problem as one of liquidity 7 Nevertheless, the increasing recognition of the strains imposed by debt service and the emerging multilateral debt service problem led to the intro- duction of the Special Program of Assistance for Africa in 1987, debt buybacks through the IDA debt reduction facility, fifth-dimension grants to help former IBRD borrowers to meet their interest payments, and the establishment of the Enhanced Structural Adjustment Facility (ESAF), a concessional arm for IMF assistance to LICs.
Using the same argument as before, but more formally estimating the level of debt stocks at which countries are more likely to run into debt- DEBT RELIEF FOR THE POOREST. AN OED REVIEW OF THE HIPC INITIATIVE servicing problems, Cohen (2301) estima:es thresholds of 200 percent of NPV of debt-to-exports and 50 percent of NPV of deht-to-GDP as Lhe turning points. Other analyses arc less cefiritive but generally supportive. Using an alternative methoclology, Elbadawi, Ndulu, and Ndung'u (1997) find the turning point for the debt-induced growth Laffer curve for a sample of African countries to he quite high (97 percent of debt-to-GDP ratio).
Debt Relief for the Poorest: An Oed Review of the Hipc Initiative by Madhur Gautam