Sudan’s exchange rate reform opens path to debt relief

Hipc Initiative ◽

The Cost

Significance The move opens the door to expanded international aid and debt relief under the Heavily Indebted Poor Countries (HIPC) initiative, but at the cost of increased economic pressures over the short term. Impacts Prices for imported goods will rise further, fuelling inflation over the short term and likely prompting new protests. Donor support coupled with an improved trade balance should augment foreign exchange reserves. Further reform challenges await, including improving management of state-owned enterprises and tackling corruption.

Heavily Indebted Poor Countries Initiative and Multilateral Debt Relief Initiative - Statistical Update

Policy Papers ◽

10.5089/9781498342032.007 ◽

2013 ◽

Vol 2013 (86) ◽

Cited By ~ 17

Author(s):

Keyword(s):

Debt Relief ◽

Cost Of Debt ◽

Participation Rates ◽

Poor Countries ◽

The Past ◽

The Status ◽

Hipc Initiative ◽

The Cost ◽

The Imf

This report provides an update on the status of implementation of the HIPC Initiative and the MDRI over the past year. Given that most HIPCs have reached the completion point, in November 2011, the IMF and IDA Boards2 endorsed staff’s proposal to further streamline reporting of progress under the HIPC Initiative and MDRI. It was agreed that the annual HIPC Initiative/MDRI status of implementation report will be discontinued, while the core information—on debt service and poverty reducing expenditure, the cost of debt relief, creditor participation rates, and litigation against HIPCs—should continue to be made available and updated regularly on the IMF and World Bank websites.

Caribbean debt initiatives highlight disaster impact

Emerald Expert Briefings ◽

10.1108/oxan-db202806 ◽

2015 ◽

Keyword(s):

Debt Relief ◽

Caribbean Island ◽

Content Type ◽

Poor Countries ◽

Island States ◽

Finance Minister ◽

Economic Commission ◽

The Caribbean ◽

Subject Multilateral debt relief options. Significance At the Third International Conference on Financing for Development, the UN Economic Commission for Latin America and the Caribbean (ECLAC) presented a proposal for multilateral debt relief for Caribbean island states. Barbados's finance minister, Chris Sinckler, has since called for the region to be granted no less favourable debt relief than that made available under the Heavily Indebted Poor Countries (HIPC) Initiative in the 1990s. Impacts Caribbean countries cite debt reduction as indispensable to tackle both socioeconomic stability and global risks such as climate change. However, securing broad support for debt reduction will be difficult. The question of conditionality will be a vexed one.

Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI)—Statistical Update

Policy Papers ◽

10.5089/9781513510095.007 ◽

2019 ◽

Vol 19 (28) ◽

Author(s):

◽

Keyword(s):

Debt Relief ◽

Debt Service ◽

Cost Of Debt ◽

Participation Rates ◽

Poor Countries ◽

Hipc Initiative ◽

The Cost

This report reviews developments in the implementation of the Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI). It also provides updates on debt service and poverty-reducing expenditure by beneficiary countries, as well as on the cost of debt relief, creditor participation rates, and litigation against HIPCs.

Somalia

IMF Staff Country Reports ◽

10.5089/9781513538327.002 ◽

2020 ◽

Vol 20 (86) ◽

Author(s):

Keyword(s):

Low Income ◽

Net Present Value ◽

Debt Relief ◽

Debt Management ◽

Policy Framework ◽

Low Income Countries ◽

Debt Sustainability ◽

Poor Countries ◽

This paper presents an assessment of Somalia’s eligibility for assistance under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The macroeconomic framework reflects the policy framework underlying the proposed three-year Fund-supported program. The debt relief analysis (DRA) remains largely unchanged, but some of the underlying debt data has been updated to reflect new information from creditors. In addition, this paper presents an assessment of debt management capacity in Somalia and a full Debt Sustainability Analysis under the Debt Sustainability Framework for Low-Income Countries. The DRA reveals that, after traditional debt relief mechanisms are applied, Somalia’s debt burden expressed as the net present value of debt-to-exports ratio is 344.2 percent at the end of December 2018—significantly above the HIPC Initiative threshold. Despite the challenging environment, progress on reform and policy implementation has been good and sustained reforms have translated into economic results. In addition to the coordinated support from the World Bank and the IMF, reforms have been supported by other development partners.

Enhanced Heavily Indebted Poor Countries Initiative - Status of Non-Paris Club Official Bilateral Creditor Participation

Policy Papers ◽

10.5089/9781498333351.007 ◽

2007 ◽

Vol 2007 (38) ◽

Author(s):

Keyword(s):

Response Rate ◽

Debt Relief ◽

Poor Countries ◽

Hipc Initiative ◽

Paris Club

This paper provides an update on the delivery of HIPC Initiative debt relief by non- Paris Club official bilateral creditors and proposes measures to increase their participation. It finds that non-Paris Club creditors have provided about one third of the total HIPC Initiative debt relief expected from them, with significant variations among creditors. Although the response rate to the survey sent by staffs of the Bank and the Fund to creditors was higher than in previous years, the information received is still limited and partial, and the estimate of debt relief delivered remains preliminary.

Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI) - Status of Implementation

Policy Papers ◽

10.5089/9781498333283.007 ◽

2007 ◽

Vol 2007 (40) ◽

Author(s):

Keyword(s):

Poor Country ◽

Debt Relief ◽

Poor Countries ◽

The Status ◽

This report provides an update on the status of implementation, impact and costs of the enhanced Heavily Indebted Poor Country (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) since mid-2006. It also discusses the status of creditor participation in both initiatives and the issue of litigation of commercial creditors against HIPCs.

Initiative for Heavily Indebted Poor Countries (HIPC) and Multilateral Debt Relief Initiative (MDRI) - Status of Implementation

Policy Papers ◽

10.5089/9781498332293.007 ◽

2006 ◽

Vol 2006 (48) ◽

Cited By ~ 2

Author(s):

Keyword(s):

Poverty Reduction ◽

Debt Relief ◽

Debt Service ◽

Poor Countries ◽

The Status ◽

Hipc Initiative ◽

Paris Club ◽

The Imf

This report reviews progress and issues in implementing the enhanced Heavily Indebted Poor Countries (HIPC) Initiative and reports on the implementation of the Multilateral Debt Relief Initiative (MDRI) by IDA, the IMF, and AfDF. It concludes that the volume of debt relief has increased significantly since the inception of the HIPC Initiative in 1996, thereby reducing HIPCs’ debt service burdens and allowing them to finance increased poverty reduction efforts. It also provides updated information on the costs of debt relief under the HIPC Initiative and the MDRI. Finally, it reviews the status of creditor participation and delivery of debt relief under the two initiatives, highlighting the challenges to increase the participation by non–Paris Club official bilateral and commercial creditors in the HIPC Initiative.

Heavily Indebted Poor Countries (HIPC) Initiative and Multilateral Debt Relief Initiative (MDRI) - Status of Implementation 2008

Policy Papers ◽

10.5089/9781498334174.007 ◽

2008 ◽

Vol 2008 (71) ◽

Cited By ~ 1

Author(s):

Keyword(s):

Recent Progress ◽

Poor Country ◽

External Debt ◽

Debt Relief ◽

Poor Countries ◽

Consensus Recommendations ◽

The Status ◽

This report provides an update on the status of implementation, impact and costs of the Enhanced Heavily Indebted Poor Country (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI). With a view to the upcoming Financing for Development meetings in Doha, the report not only reports on recent progress since mid-2007, but also on developments since the Monterrey Consensus recommendations on external debt relief.

Heavily Indebted Poor Countries Initiative and Multilateral Debt Relief Initiative—Statistical Update

Policy Papers ◽

10.5089/9781498345873.007 ◽

2016 ◽

Vol 16 (19) ◽

Author(s):

Keyword(s):

Debt Relief ◽

Cost Of Debt ◽

Present Value ◽

Total Cost ◽

Poor Countries ◽

Percentage Points ◽

Hipc Initiative ◽

Paris Club

The HIPC Initiative and MDRI are nearly complete, with 36 countries having already reached the completion point under the HIPC Initiative. Chad, in April 2015, is the latest country to reach the completion point. Debt relief under the Initiative has alleviated debt burdens substantially in recipient countries and has enabled them to increase their poverty-reducing expenditure by over one and a half percentage points of GDP between 2001 and 2014. Creditor participation in the HIPC Initiative has been strong amongst the multilateral and Paris Club creditors; however participation from other creditor groups still needs to be strengthened. The total cost of debt relief to creditors under the HIPC Initiative is currently estimated to be US$74.8 billion, while the costs to the four multilateral creditors providing relief under the MDRI is estimated at US$41.6 billion in end-2014 present value terms.

Heavily Indebted Poor Countries Initiative - Status of Implementation

Policy Papers ◽

10.5089/9781498331210.007 ◽

2005 ◽

Vol 2005 (61) ◽

Author(s):

Keyword(s):

Debt Relief ◽

Eligibility Criterion ◽

Poor Countries ◽

Hipc Initiative ◽

Paris Club

This report reviews progress and issues in implementing the enhanced HIPC Initiative. In addition to updating information on the delivery of HIPC debt relief and its estimated costs, it discusses two particular issues: the decline in the participation of commercial and non-Paris Club bilateral creditors to the Initiative; and the preliminary list of countries that satisfy the indebtedness eligibility criterion under the extended HIPC sunset clause.