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 self sufficient evaluate of the seriously Indebted terrible nations (HIPC) initiative. It unearths that a number of the unique conclusions stay proper for the HIPC initiative and are almost certainly instructive for destiny debt reduction tasks. the improved HIPC initiative minimize debt ratios in part for 18 nations. yet in 8 of those international locations, the ratios have come to once more exceed HIPC thresholds. Debt relief on my own isn't a adequate software to impact the a number of drivers of debt sustainability. Sustained advancements in export diversification, financial administration, the phrases of latest financing, and public debt administration also are wanted, measures that fall outdoor the ambit of the HIPC initiative. Debt aid below HIPC has channeled extra improvement assets to qualifying international locations – those nations have bought an elevated percentage of total reduction transfers. HIPC nations that aren't but at final touch aspect face critical demanding situations in coping with their economies. preserving coverage functionality is key for those nations to harvest the advantages of debt relief.
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Extra resources for Debt Relief for the Poorest: An Evaluation Update of the HIPC Initiative (Operations Evaluation Studies)
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. But post-completion-point countries also faced declining terms of The 20 countries not yet trade during that time.
The lack of transparency of the economic models behind these projections and the overly optimistic growth assumptions have made debt sustainability analyses ambiguous (in regard to their reliability as assessments of future debt sustainability). The evaluation recommended that the Bank and the IMF improve the transparency of the methodology and economic models underlying the DSAs and provide a better risk analysis of projected debt burdens in the DSAs and more realistic growth forecasts. Source: OED 2003.
Once a country reaches completion point it receives the full amount of debt relief, which now becomes irrevocable. The framework also includes a provision by which additional debt relief, “topping-up,” could be committed at the completion point in exceptional cases when exogenous factors cause fundamental changes to a country’s economic circumstances. 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.