By Shonar Lala
Some time past decade, debt reduction has develop into an more and more major automobile for providing improvement reduction. This replace builds at the findings of the 2003 self sufficient review of the seriously Indebted negative international locations (HIPC) initiative. It unearths that a number of the unique conclusions stay correct for the HIPC initiative and are very likely instructive for destiny debt reduction tasks. the improved HIPC initiative minimize debt ratios in part for 18 international locations. yet in 8 of those international locations, the ratios have come to once more exceed HIPC thresholds. Debt aid by myself isn't a adequate 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 lower than HIPC has channeled extra improvement assets to qualifying nations – those international locations have obtained an elevated percentage of total reduction transfers. HIPC nations that aren't but at of completion aspect face critical demanding situations in coping with their economies. protecting coverage functionality is vital for those nations to harvest the advantages of debt relief.
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Additional resources for Debt Relief for the Poorest: An Evaluation Update of the HIPC Initiative (Operations Evaluation Studies)
Debtors cannot oblige creditors to participate in debt relief under voluntary initiatives. Involving both creditors and debtors at the design stage of proposals for debt relief can be an important step in disseminating information about the workings of the initiative and securing the cooperation of all creditors. • Future debt relief initiatives may also be expected to continually revisit and extend deadlines for eligibility. Extensions of the deadline keep open the opportunity for countries to receive debt relief, while holding all countries to the same standards.
An accurate projection is thus essential to projecting future sustainability. Baseline projections for both export and GDP growth are less optimistic in more recent DSAs than those in earlier DSAs. ) In the 12 countries that have reached completion point since the April 2003 evaluation, the projections are even less optimistic. 4 Although projections have been revised downward, many of them are still outside a 95 percent confidence inter- Recent economic val for the estimated GDP projections for 2005–10 and export growth rates over the period.
Does debt relief add to or substitute for other aid flows? To demonstrate that future debt relief initiatives are additional, donors will need to establish what net transfers—both multilateral and bilateral—would be in the absence of debt relief. • The initiative is delivering an increasing share of concessional resources to HIPC countries. Since non-HIPC countries do not have access to these resources, donors will need to ensure that the resulting pattern of resource allocation rewards better performers overall.
Debt Relief for the Poorest: An Evaluation Update of the HIPC Initiative (Operations Evaluation Studies) by Shonar Lala