A Matter of Life and Debt

New Approach ◽

Poor Countries ◽

Economic Framework ◽

The International Monetary Fund

The first of these case study chapters in chapter 5 draws parallels between the economic framework designed by Treasury officials at home and ‘the new international economic architecture’ that Gordon Brown was keen to pursue abroad. This would provide the basis for a new approach to debt relief to reform the Heavily Indebted Poor Countries initiative. The new Multilateral Debt Relief Initiative would be conditional upon recipient countries meeting their obligations towards this new economic architecture, designed by Brown and based upon the principles of the ‘post-Washington Consensus’. This approach however, ran counter to many within civil society who viewed the issue of debt relief in ‘moral’ rather than simply ‘economic’ terms. In meeting with these different faith groups, NGOs and other debt activists, Brown certainly appeared sympathetic to such claims but the biblical language of forgiveness, justice and redemption that he used in speaking to these audiences differed from when he spoke in altogether more punitive terms to the international financial institutions. Here Brown spoke of the need for greater stability, demanded that indebted countries recognise their financial obligations, and urged greater surveillance by the International Monetary Fund of these countries national accounts.

Debt relief and institutional reform: a focus on Heavily Indebted Poor Countries

The Quarterly Review of Economics and Finance ◽

10.1016/s1062-9769(03)00038-3 ◽

2003 ◽

Vol 43 (4) ◽

pp. 614-626 ◽

Cited By ~ 21

Author(s):

Elizabeth Asiedu

Keyword(s):

Institutional Reform ◽

Debt Relief ◽

Poor Countries ◽

Heavily Indebted Poor Countries

The Ethical Foundations of Aid

The Oxford Handbook of International Political Theory ◽

10.1093/oxfordhb/9780198746928.013.40 ◽

2018 ◽

pp. 545-558

Author(s):

Paul Collier

Keyword(s):

Financial Institutions ◽

Poverty Reduction ◽

Development Assistance ◽

Humanitarian Aid ◽

Mutual Benefit ◽

Poor Countries ◽

Ethical Rationale ◽

The Common

Despite its long history, aid for poor countries has never had a secure ethical rationale. “Poverty reduction” is inadequate: I show that people who are equally poor, but in countries with different circumstances, should not be equally eligible. I ground the rationale for aid in two psychologically instinctive duties of rescue: for humanitarian aid the rescue is from catastrophe, for development assistance it is from mass despair. I argue that the common practice of making aid conditional upon policy—whether economic, as developed by the International Financial Institutions, or social and environmental as required by NGOs—is both unethical and counterproductive. Instead, I develop the advantages and limitations of aid for mutual benefit.

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 ◽

Hipc Initiative

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.

Sovereign Debt Crises

Sovereign Debt and Human Rights ◽

10.1093/oso/9780198810445.003.0003 ◽

2018 ◽

pp. 28-44

Author(s):

Rosa María Lastra ◽

Vassilis Paliouras

Keyword(s):

Financial Institutions ◽

Sovereign Debt ◽

Debt Relief ◽

Debt Management ◽

Economic Adjustment ◽

Underlying Causes ◽

Debt Crises ◽

Debt Repayment

Creditor responses to sovereign debt crises suggest that they view such crises as problems of debt management on the part of the countries facing debt repayment difficulties. Thus, for example, debt relief and restructuring mechanisms coordinated by the international financial institutions place emphasis on correcting perceived imprudent debt management through a series of economic adjustment measures. Little attention, if any, is paid to addressing the underlying causes of the debt crises. This chapter examines the various causes of sovereign debt crises and the role that debt management plays in their eruption or in addressing them in a sustainable manner.

Indigenous Rights, Resistance, and the Law: Lessons from a Guatemalan Mine

Latin American Politics and Society ◽

10.1111/j.1548-2456.2008.00031.x ◽

2008 ◽

Vol 50 (4) ◽

pp. 91-121 ◽

Cited By ~ 43

Author(s):

Amanda M. Fulmer ◽

Angelina Snodgrass Godoy ◽

Philip Neff

Keyword(s):

Corporate Social Responsibility ◽

International Law ◽

Financial Institutions ◽

Large Scale ◽

Indigenous Rights ◽

Democratic Governance ◽

Extractive Industry ◽

Corporate Social

AbstractUsing a case study of a controversial mine in an indigenous area of Guatemala, this article explores the transnational dynamics of development and regulation of large-scale extractive industry projects in the developing world. It examines the roles played in the Marlin mine dispute by national law, international law, international financial institutions, and corporate social responsibility. It concludes that these legal regimes have a role in protecting human rights but have not addressed the fundamental questions of democratic governance raised by this case.

The Gambia: Enhanced Heavily Indebted Poor Countries Initiative: Completion Point Document and Multilateral Debt Relief Initiative

IMF Staff Country Reports ◽

10.5089/9781451815603.002 ◽

2008 ◽

Vol 08 (109) ◽

pp. 1 ◽

Cited By ~ 2

Author(s):

International Monetary Fund

Keyword(s):

Debt Relief ◽

The Gambia ◽

Poor Countries ◽

Heavily Indebted Poor Countries

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.

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 ◽

Hipc Initiative

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.

Staff Guidance Note on the Application of the Joint Fund-Bank Debt Sustainability Framework for Low-Income Countries

Policy Papers ◽

10.5089/9781498334051.007 ◽

2008 ◽

Vol 2008 (3) ◽

Author(s):

Keyword(s):

Low Income ◽

Debt Relief ◽

Low Income Countries ◽

Bank Debt ◽

Debt Sustainability ◽

Poor Countries ◽

Guidance Note ◽

Alternative Scenarios ◽

Sustainability Framework

The objective of the joint Fund-Bank debt sustainability framework for low-income countries is to support LICs in their efforts to achieve their development goals without creating future debt problems. Countries that have received debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) need to be kept on a sustainable track. Under the framework, country DSAs are prepared jointly by Bank and Fund staff, with close collaboration between the two staffs on the design of the macroeconomic baseline, alternative scenarios, the debt distress rating, and the drafting of the write-up.