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 international locations. The Initiative used to be installed position by way of the realm financial institution and the overseas financial Fund (IMF) in 1996 and improved in 1999. The HIPC Debt Initiative addresses a key predicament to financial progress and poverty aid, however it additionally comprises a number of and overly-ambitious pursuits. This paintings is an self sustaining evaluate which assesses the development and customers of the HIPC Debt Initiative reaching its pursuits.
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Additional info for Debt Relief for the Poorest: An Oed Review of the Hipc Initiative
Jectives and intended outcomes? ence so far, is the HIPC Initiative achieving or likely to achieve its objectives, and to achieve them efficiently? * Sustainability:How resilient to risks are the expected outcomes of the HIPC Initiative? * Institutional development To what extent does the design of the initiative help build country capacity to ensure that the HIPC objectives are achieved and can be sustained? of the original and the enhanced HIPC frame- Coordination with the IMF works provide the basis for assessing whether the process being followed and the implementation of the initiative are consistent with its objectives and design.
4 Through the 1990s, both groups maintained levels unde- 150 percent, with IDA countries aver- demonstratc the difficulty in establishing a truly scicntific basis for aging 148 percent for 1998 and LNII countries averaging 135 percent. Thus there is some h,storical justification for the 150 percent target. such a number. To some extent, it is inevitable that such a threshold will be arh,trary. There is no particular level that can guarantee debt sustainability-which is a function not only of debt reduction, but also of the volume, pace, ancl termsofnewborrowings,aswellaseconomicancl An alternative measure of the debt burden is thc NPV of debt-to-GDP ratio.
2 percent. Evaluation Design In light of the increased interest in financing for development, as well as the impact of the recent global economic slowdown on the prospects for the sustainability of external debt of poor countries, this is an appropriate juncture to review the progress and prospects of the HIPC Initiative with a view to informing and, if necessary, strengthening its ongoing implementation. With 6 countries past their completion point, and another 20 past their decision point, increasing concerns are being voiced about, on the one hand, the pace at which the initiative is progressing, and, on the other, the likely outcomes of the initiative.
Debt Relief for the Poorest: An Oed Review of the Hipc Initiative by Madhur Gautam