Developing Countries: Debt Relief Initiative for Poor Countries Faces ChallengesDIANE Publishing, 2000 - 179 pages In 1996, the World Bank & the Internat. Monetary Fund (IMF) agreed to undertake a comprehensive approach, called the Heavily Indebted Poor Countries Initiative (HIPCI), for providing debt relief to the poorest & most indebted countries in the world. In Sept. 1999 the World Bank & the IMF agreed to enhance this initiative. This report: (1) assesses whether the enhanced HIPCI is likely to free up resources for poverty reduction & achieve the goal of debt sustainability; (2) describes the strategy to strengthen the link between debt relief & poverty reduction & how this strategy is to be implemented; & (3) describes the challenges creditors face in funding the 1999 initiative. Charts & tables. |
Common terms and phrases
Accounting for Debt additional African Development Bank Bank and IMF Bilateral and Multilateral bilateral creditors Bolivia borrowing budgetary Budgeting and Accounting civil society participation completion point concessional cost of debt Creditors Face Financing debt problems debt service debt sustainability decision point development assistance loans donor assistance eligible enhanced HIPC Initiative estimated Exit From Debt export earnings external Face Financing Challenges face value heavily indebted poor HIPC countries HIPC debt relief HIPC Trust Fund IMF staffs impact increase indebted poor countries interest rate International Development International Development Association International Monetary Fund Linking Debt Relief Methodologies for Budgeting million Mozambique Multilateral Creditors Face net present value Nicaragua non-official development assistance nonconcessional nongovernmental organizations official development assistance Paris Club percent poverty reduction strategy present value terms projected provide debt relief Quick Debt Relief recipient countries reduce poverty Relief and Poverty seven countries Six Industrial Countries Tanzania U.S. dollars Uganda World Bank
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Page 161 - UNTIED AID: OFFICIAL DEVELOPMENT ASSISTANCE (or OFFICIAL AID) for which the associated goods and services may be fully and freely procured in substantially all countries. VOLUME: Unless otherwise stated, data are expressed in current United States dollars. Data in national currencies are converted into dollars using annual average exchange rates. To give a truer idea of the volume of flows over time, some...
Page 7 - HOUSE OF REPRESENTATIVES, SUBCOMMITTEE ON DOMESTIC AND INTERNATIONAL MONETARY POLICY, COMMITTEE ON BANKING AND FINANCIAL SERVICES, Washington, DC. The subcommittee met, pursuant to notice, at 11:07 am, in room 2128, Rayburn House Office Building, Hon.
Page 65 - learning process" on participatory development, defined as "a process through which stakeholders influence and share control over development initiatives, and the decisions and resources which affect them".
Page 27 - Outlook is also used by the largest industrial countries (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) when their finance ministers and heads of state and government meet as the Group of Seven. The managing director also participates in deliberations of the Group of Seven. He addresses policies within and among these countries and calls attention to the interaction of these countries...
Page 94 - HDI measures the overall achievements in a country in three basic dimensions of human development: longevity, knowledge and a decent standard of living.
Page 98 - Official development assistance (ODA) consists of net disbursements of loans and grants made on concessional financial terms by official agencies of the members of the Development Assistance Committee (DAC) of the Organization for Economic Cooperation and Development (OECD) and members of the Organization of Petroleum Exporting Countries (OPEC) to promote economic development and welfare.
Page 33 - Club generally limits the debt that is eligible to be rescheduled to market-based debt, such as loans to support exports from the lending country and loans that were incurred before an agreed-upon cutoff date. This date corresponds to the first time that a country requests debt rescheduling/relief from the Paris Club. For many potential HIPC recipients, this date occurred...
Page 21 - The seven countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.
Page 23 - ... interests. We modified the text of the report to (1) clarify that the three categories of national interests defined by the National Security Strategy do not include the term "abiding" and (2) more fully describe "humanitarian and other
Page 145 - Group of seven leading industrial countries: Canada, France, Germany, Italy, Japan, United Kingdom, United States.