By Shonar Lala
Some time past decade, debt aid has turn into an more and more major car for providing improvement relief. This replace builds at the findings of the 2003 autonomous evaluate of the seriously Indebted terrible nations (HIPC) initiative. It unearths that some of the unique conclusions stay proper for the HIPC initiative and are probably instructive for destiny debt reduction projects. the improved HIPC initiative minimize debt ratios in part for 18 nations. yet in 8 of those nations, the ratios have come to once more exceed HIPC thresholds. Debt aid on my own isn't a enough software to impact the a number of drivers of debt sustainability. Sustained advancements in export diversification, economic administration, the phrases of latest financing, and public debt administration also are wanted, measures that fall open air the ambit of the HIPC initiative. Debt aid less than HIPC has channeled extra improvement assets to qualifying nations – those nations have acquired an elevated proportion of total reduction transfers. HIPC international locations that aren't but at of completion aspect face severe demanding situations in coping with their economies. conserving coverage functionality is key for those nations to harvest some great benefits of debt aid.
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Extra info for Debt Relief for the Poorest: An Evaluation Update of the HIPC Initiative (Operations Evaluation Studies)
These efforts have resulted in only modest improvements. Creditor Participation. The HIPC Initiative was innovative in its attempt to seek a comprehensive approach among all creditors to debt reduction. The multilaterals and Paris Club creditors have committed most of their share of debt relief. But the initiative’s structure as a voluntary agreement has hindered efforts to achieve full participation of all creditors. The sluggish participation of non–Paris Club and commercial creditors—who were not involved in shaping the initiative’s design—has resulted in a shortfall of 8 percent of total expected HIPC assistance.
2). 3. a. a. a. a. a. Zambia Mar-05 Export 401 174 174 Rwanda Mar-05 Export 523 150 150 Ghana Jul-04 Fiscal 570 152 152 Simple Average Export 310 142 174 –50% 25% Simple Average Fiscal 445 181 218 –56% 15% 286 286 Source: Decision-point and completion-point documents; World Bank and IMF 2004c; LIC DSAs. Note: Before relief at decision point = After original HIPC relief, if any, and after traditional debt relief mechanisms (Naples terms) as of the decision point reference year, which ranges from end-1998 to mid-2001.
Why Have Post-Completion-Point Debt Ratios Risen? 40 Change in debt ratios (percent) 30 20 10 Export/fiscal Revenues 0 –10 Discount rates Exchange rates New borrowing –20 –30 Factors affecting debt ratios Early Source: World Bank and IMF 2004c. 3. Five Countries Are Projected to Exceed the 150 Percent Threshold of Debt to Exports Beyond Completion Point NPV of debt to exports 250 200 150 100 50 0 CP CP+1 CP+2 CP+3 CP+4 CP+5 CP+6 CP+7 CP+8 CP+9 Year relative to completion point (CP) Burkina Faso Ethiopia Nicaragua Rwanda Uganda Source: World Bank data.