Read e-book online Debt Relief for the Poorest: An Evaluation Update of the PDF

By Shonar Lala

Long ago decade, debt reduction has turn into an more and more major motor vehicle for providing improvement reduction. This replace builds at the findings of the 2003 self reliant overview of the seriously Indebted terrible nations (HIPC) initiative. It reveals 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 international locations. yet in 8 of those nations, the ratios have come to once more exceed HIPC thresholds. Debt relief on my own isn't really a enough tool to impact the a number of drivers of debt sustainability. Sustained advancements in export diversification, monetary administration, the phrases of latest financing, and public debt administration also are wanted, measures that fall outdoors the ambit of the HIPC initiative. Debt reduction below HIPC has channeled extra improvement assets to qualifying international locations – those international locations have obtained an elevated proportion of total reduction transfers. HIPC nations that aren't but at of completion element face severe demanding situations in handling their economies. keeping coverage functionality is key for those international locations 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)

Sample text

Poverty Focus of National Strategies Has Improved, but Better Customization Is Needed Poverty-reduction strategies are relevant to the needs of low-income countries and have improved the poverty focus of national development strategies (OED 2004). Consultations undertaken for the povertyreduction strategy process have opened up the space for policy dialogue and provided a constructive framework for donors’ dialogues with governments. But poverty-reduction strategy processes and content need to be customized to country circumstances in order to support a balance in accountabilities between governments (to their domestic constituents for improved policies, governance, and development results) and donors (to provide more and better aid in ways that support, rather than detract from, domestic accountability), according to a joint Bank and IMF review of the poverty-reduction strategy approach (World Bank and IMF 2005b).

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. at completion point have weak and declining economic management and governance indicators. 26 Fiscal Conditions Waived. As an indicator of how the HIPC Initiative’s policy standards have been maintained, IEG tracked the waivers granted for completionpoint conditions, since a waiver represents a relaxation of requirements.

Even HIPCs with HIPC cannot ensure moderate risks of debt sustainable levels of debt, distress are vulnerable to regardless of the export shocks, and require highly concesthreshold. 2). The Bank is taking steps outside of the HIPC Initiative to address these issues, which affect the long-term debt sustainability of HIPC countries. Countries are still vulnerable to export shocks, and require highly concessional financing and sound debt management. Expanding and diversifying exports is discussed prominently as an objective of the Bank’s assistance strategy in half of the 18 post-completion-point countries, and lending programs in 13 countries do include specific measures to increase and diversify exports, ranging from support of trade facilitation to investment promotion and strategic export-sector reforms.

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