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Download or read book Debt Sustainability Analysis for the Heavily Indebted Poor Countries written by and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Stijn Claessens
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4./5 ( download)
Download or read book Analytical Aspects of the Debt Problems of Heavily Indebted Poor Countries written by Stijn Claessens and published by World Bank Publications. This book was released on 1996 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Marco Arnone
Publisher :
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (129 download)
Download or read book External Debt Sustainability and Domestic Debt in Heavily Indebted Poor Countries written by Marco Arnone and published by . This book was released on 2014 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we broaden the standard debt sustainability framework used in the IMF-WB Heavily Indebted Poor Countries (HIPC) Initiative to include the analysis of domestic public debt and other feedback effects into the usual debt sustainability analysis (DSA). The latter does not take into account the fully-fledged government budget constraint and the feedback effects of the fiscal and monetary adjustment required by multilateral programs. This work focuses on the evaluation of total public debt sustainability in a simple accounting framework that includes exchange rate effects. We use new data on domestic public debt and show how the switch from foreign to domestic borrowing, and rising domestic real interest rates are likely to undermine the overall sustainability and the success of debt relief programs.
Author : International Monetary Fund. Middle East and Central Asia Dept.
Publisher : International Monetary Fund
ISBN 13 : 1513538322
Total Pages : 68 pages
Book Rating : 4.5/5 (135 download)
Download or read book Somalia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2020-03-26 with total page 68 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an assessment of Somalia’s eligibility for assistance under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The macroeconomic framework reflects the policy framework underlying the proposed three-year Fund-supported program. The debt relief analysis (DRA) remains largely unchanged, but some of the underlying debt data has been updated to reflect new information from creditors. In addition, this paper presents an assessment of debt management capacity in Somalia and a full Debt Sustainability Analysis under the Debt Sustainability Framework for Low-Income Countries. The DRA reveals that, after traditional debt relief mechanisms are applied, Somalia’s debt burden expressed as the net present value of debt-to-exports ratio is 344.2 percent at the end of December 2018—significantly above the HIPC Initiative threshold. Despite the challenging environment, progress on reform and policy implementation has been good and sustained reforms have translated into economic results. In addition to the coordinated support from the World Bank and the IMF, reforms have been supported by other development partners.
Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
ISBN 13 : 148438704X
Total Pages : 70 pages
Book Rating : 4.4/5 (843 download)
Download or read book Chad written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2015-05-13 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the status of Chad under Enhanced Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI). Chad does not qualify for topping-up under the Enhanced HIPC Initiative based on end-2013 debt data. Creditors accounting for more than 87 percent of total HIPC-eligible debt have given satisfactory assurances of their participation in the enhanced HIPC Initiative. Nearly all multilateral creditors and Paris Club creditors have agreed to participate. The authorities are working toward obtaining participation of all the remaining creditors. Upon reaching the completion point under the Enhanced HIPC Initiative, Chad will also qualify for additional debt relief under the MDRI.
Author : International Monetary Fund
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451822960
Total Pages : 73 pages
Book Rating : 4.8/5 (229 download)
Download or read book Liberia: Enhanced Initiative for Heavily Indebted Poor Countries - Decision Point Document, Debt Sustainability Analysis, and Staff Supplement written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2008-03-20 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents an assessment of Liberia's eligibility and qualification for assistance under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The macroeconomic framework underlying the Debt Relief Analysis (DRA) in this paper was updated to reflect discussions on the policy framework underlying a proposed three-year Poverty Reduction and Growth Facility/Extended Fund Facility (PRGF/EFF)-supported program. Finally, this study discusses the floating completion point triggers. Fiscal policy has been anchored on a balanced cash-based budget. The government has also implemented other measures to address long-standing problems in financial management and economic governance.
Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
ISBN 13 : 1484386965
Total Pages : 70 pages
Book Rating : 4.4/5 (843 download)
Download or read book Chad written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2015-05-13 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper discusses the status of Chad under Enhanced Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI). Chad does not qualify for topping-up under the Enhanced HIPC Initiative based on end-2013 debt data. Creditors accounting for more than 87 percent of total HIPC-eligible debt have given satisfactory assurances of their participation in the enhanced HIPC Initiative. Nearly all multilateral creditors and Paris Club creditors have agreed to participate. The authorities are working toward obtaining participation of all the remaining creditors. Upon reaching the completion point under the Enhanced HIPC Initiative, Chad will also qualify for additional debt relief under the MDRI.
Author : World Bank
Publisher : International Monetary Fund
ISBN 13 : 1498334059
Total Pages : 34 pages
Book Rating : 4.4/5 (983 download)
Download or read book Staff Guidance Note on the Application of the Joint Fund-Bank Debt Sustainability Framework for Low-Income Countries written by World Bank and published by International Monetary Fund. This book was released on 2008-06-10 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of the joint Fund-Bank debt sustainability framework for low-income countries is to support LICs in their efforts to achieve their development goals without creating future debt problems. Countries that have received debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) need to be kept on a sustainable track. Under the framework, country DSAs are prepared jointly by Bank and Fund staff, with close collaboration between the two staffs on the design of the macroeconomic baseline, alternative scenarios, the debt distress rating, and the drafting of the write-up.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1451814879
Total Pages : 43 pages
Book Rating : 4.4/5 (518 download)
Download or read book Ghana written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-08-09 with total page 43 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper highlights Ghana’s poverty reduction strategy. The paper also highlights Ghana’s performance in observing the requirements for reaching the floating completion point under the framework, including implementation of the national poverty reduction strategy. The updated debt sustainability analysis shows that the amount of debt relief estimated at the decision point will be sufficient to bring the country’s debt burden indicators to manageable levels. The sensitivity analysis shows that, after completion point, Ghana’s debt sustainability would be robust to moderate country-specific shocks, even of a persistent nature.
Author : Marco Arnone
Publisher : Routledge
ISBN 13 : 1317154142
Total Pages : 297 pages
Book Rating : 4.3/5 (171 download)
Download or read book Debt Relief Initiatives written by Marco Arnone and published by Routledge. This book was released on 2016-05-13 with total page 297 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with the recent debt crises in developing countries and analyzes the design and implementation of the Heavily Indebted Poor Countries (HIPC) Initiative, by providing background concepts, pointing out the main drawbacks and suggesting a different approach to debt sustainability and debt relief programs. The authors merge academic, operational and institutional expertise, in order to provide an evaluation as complete and balanced as possible on the much-debated effectiveness of debt relief in fostering economic growth, reducing poverty and reaching debt sustainability. Marco Arnone and Andrea F. Presbitero assess the joint evolution of external and domestic public debt and produce original empirical evidence on the potential effects of public debt on investment, economic growth and institution-building in low- and middle-income countries. The book also explores relevant and up-to-date policy issues, such as the loans-grants mix and the development of responsible lending strategies in foreign assistance, the surge of non-concessional and domestic borrowing by low-income countries, and the impact of the 2008-2009 global financial crisis on debt sustainability.
Author : Ravi Kanbur
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (129 download)
Download or read book Analytical Aspects of the Debt Problems of Heavily Indebted Poor Countries written by Ravi Kanbur and published by . This book was released on 2016 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: A group of heavily indebted low-income countries (HIPCs), most in Sub-Saharan Africa, has continued to experience external debt problems. Because the HIPCs' economic characteristics and external imbalances are very different from those of middle-income countries, the analysis of debt problems and debt-reduction must be modified and complemented in important ways. Therefore, the authors revisit the methodological issues underlying debt sustainability analysis, as well as theory and empirical evidence on how large debts affect economic performance. Their main question is: Should consideration be given to more upfront debt reduction for HIPCs, over and above that provided under current mechanisms, or should debts continue to be refinanced, subject to conditionality? Ongoing refinancing with conditionality reduces moral hazard and gives countries an incentive to maintain good policies. However, this approach entails transition costs, can create uncertainty, may lack credibility, and can impede local ownership of reform programs. Upfront debt reduction can create moral hazard problems and may weaken the incentives for maintaining sound policy. There are theoretical arguments about why a high level of debt can impede investment and policy reform. Although empirical evidence concerning the hypothesis that HIPCs suffer significant adverse effects from their large debt overhang is inconclusive, evidence from middle-income countries suggests that debt reduction can benefit an economy if the policy environment is right. Whether there should be further debt reduction for specific heavily indebted low-income countries depends on the facts for each case and requires quantitative analysis of data about different forces at play in the countries involved.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1455203416
Total Pages : 55 pages
Book Rating : 4.4/5 (552 download)
Download or read book Union of the Comoros written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-08-01 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: The assessment shows that despite challenging circumstances, Comoros has made progress on political and economic reforms under IMF-supported programs. Comorian authorities implemented a program for maintaining macroeconomic stability, reducing poverty, improving public financial management, public expenditure policy, and external debt management. The IMF and IDA authorities assessed that, on this decision point, the full delivery of Heavily Indebted Poor Countries (HIPC) and Multilateral Debt Relief Initiative (MDRI) debt relief and sound debt management debt relief will enable the government to better implement the economic reforms that are needed to support sustainable growth in Comoros.
Author : International Monetary Fund
Publisher : INTERNATIONAL MONETARY FUND
ISBN 13 : 9781451807950
Total Pages : 55 pages
Book Rating : 4.8/5 (79 download)
Download or read book Côte d’Ivoire: Enhanced Initiative for Heavily Indebted Poor Countries - Decision Point Document written by International Monetary Fund and published by INTERNATIONAL MONETARY FUND. This book was released on 2009-06-18 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines Côte d'Ivoire's debt sustainability analysis undertaken in connection with the Enhanced Initiative for Heavily Indebted Poor Countries. The crisis years led to a substantial increase in poverty and deterioration in living standards. The March 2007 Ouagadougou Political Accord provides a roadmap for reunification, national reconciliation, demobilization, and elections. Significant revenue efforts and overall expenditure restraint have resulted in a modest space for social and crisis-exit spending. To eliminate extrabudgetary spending in the future and enhance transparency, the authorities have established a range of safeguards.
Author : International Monetary Fund. African Dept.
Publisher : International Monetary Fund
ISBN 13 : 1475590245
Total Pages : 62 pages
Book Rating : 4.4/5 (755 download)
Download or read book Union of the Comoros written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2013-02-08 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: In June 2010, the International Development Association (IDA) and the IMF agreed that Comoros had met the requirements for reaching the decision point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. As a result of the debt reconciliation exercise for the completion point, the present value of eligible external debt at end-2009 has been revised upward. Full delivery of HIPC assistance together with additional bilateral assistance beyond HIPC and Multilateral Debt Relief Initiative (MDRI) debt relief at the completion point would reduce Comoros’ external debt burden significantly.
Author : Mr.Anthony R. Boote
Publisher : International Monetary Fund
ISBN 13 : 1451844107
Total Pages : 30 pages
Book Rating : 4.4/5 (518 download)
Download or read book Debt Relief for Low-Income Countries and the HIPC Initiative written by Mr.Anthony R. Boote and published by International Monetary Fund. This book was released on 1997-03-01 with total page 30 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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 : S. M. Ravi Kanbur
Publisher : World Bank Publications
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (913 download)
Download or read book Analytical Aspects of the Debt Problems of Heavily Indebted Poor Countries written by S. M. Ravi Kanbur and published by World Bank Publications. This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: June 1996 A group of heavily indebted low-income countries (HIPCs), most in Sub-Saharan Africa, has continued to experience external debt problems. Because the HIPCs' economic characteristics and external imbalances are very different from those of middle-income countries, the analysis of debt problems and debt-reduction must be modified and complemented in important ways. Therefore, the authors revisit the methodological issues underlying debt sustainability analysis, as well as theory and empirical evidence on how large debts affect economic performance. Their main question is: Should consideration be given to more upfront debt reduction for HIPCs, over and above that provided under current mechanisms, or should debts continue to be refinanced, subject to conditionality? Ongoing refinancing with conditionality reduces moral hazard and gives countries an incentive to maintain good policies. However, this approach entails transition costs, can create uncertainty, may lack credibility, and can impede local ownership of reform programs. Upfront debt reduction can create moral hazard problems and may weaken the incentives for maintaining sound policy. There are theoretical arguments about why a high level of debt can impede investment and policy reform. Although empirical evidence concerning the hypothesis that HIPCs suffer significant adverse effects from their large debt overhang is inconclusive, evidence from middle-income countries suggests that debt reduction can benefit an economy if the policy environment is right. Whether there should be further debt reduction for specific heavily indebted low-income countries depends on the facts for each case and requires quantitative analysis of data about different forces at play in the countries involved.
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498337945
Total Pages : 55 pages
Book Rating : 4.4/5 (983 download)
Download or read book Staff Guidance Note on the Application of the Joint Fund-Bank Debt Sustainability Framework for Low-Income Countries written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-01-25 with total page 55 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of the joint Bank-Fund debt sustainability framework for low-income countries is to support LICs in their efforts to achieve their development goals without creating future debt problems. Countries that have received debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) need to be kept on a sustainable track. Under the framework, country DSAs are prepared jointly by Bank and Fund staff, with close collaboration between the two staffs on the design of the macroeconomic baseline, alternative scenarios, the debt distress rating, and the drafting of the write-up
