Developing Countries: Status of the Heavily Indebted Poor Countries Hipc Debt Relief Initiative
DIANE Publishing, Jun 1, 1998 - 87 pages
In 1996 the World Bank and the International Monetary Fund, in response to a call from the leaders of the major industrial nations for a comprehensive approach to the debt problems of the poorest countries, proposed the Heavily Indebted Poor Countries (HIPC) Debt Initiative. The initiative reflects concerns of creditors, including the U.S., that, even after receiving debt relief through existing mechanisms, some poor countries will have debt burdens that remain too large relative to their ability to pay. This report: (1) describes the implementation of the HIPC initiative and (2) assesses the initiative's potential to achieve its stated goal. Charts and tables.
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200 percent 40 HIPCs According to hipc African Development Bank amount of debt amount of relief Bank and imf bilateral and commercial bilateral creditors Bolivia Burkina Faso commercial creditors completion point Cote d'lvoire debt burdens debt management debt owed debt payments debt reduction debt relief mechanisms debt service payments debt sustainability debt-to-export ratios economic eligible debt esaf estimates export growth external debt financing Future Debt Problems governments Guyana heavily indebted poor Help Countries hipc countries hipc debt relief hipc documents hipc framework hipc initiative's hipc recipients hipc relief hipc Trust Fund ibrd implementation increased indebted poor countries Initiative Reflects Compromise Initiative Will Help International Monetary Fund million Mozambique multilateral creditors multilateral development banks Naples terms Paris Club preferred creditor present value terms programs projected provide debt relief provide relief recipient countries relief amounts Remain Vulnerable rescheduling debt six countries Somalia Uganda unctad value of debt Vulnerable to Future World Bank
Page 81 - Elmer B. Staats Comptroller General General Accounting Office 441 G Street, NW Washington, DC 20548 Dear Mr. Staats: Thank you for the opportunity to review the draft report analyzing the feasibility of the District's Civic Center proposal.
Page 24 - The poorest countries, those that are only eligible for highly concessional assistance from the International Development Association (IDA) — the part of the World Bank that lends on highly concessional terms — and from the IMF's Poverty Reduction and Growth Facility (previously the Enhanced Structural Adjustment Facility).
Page 85 - US SENATE, SUBCOMMITTEE ON INTERNATIONAL ECONOMIC POLICY, EXPORT AND TRADE PROMOTION, COMMITTEE ON FOREIGN RELATIONS, Washington, DC. The subcommittee met, pursuant to notice, at 2:35 pm in Room SD-419, Dirksen Senate Office Building, Hon.
Page 1 - ... the President of the World Bank, the Managing Director of the International Monetary Fund, and by our many friends among the Delegations here.
Page 31 - Effective Exchange Rate* 93.1 84.2 83.2 84.8 100.8111.7117.3 128.7 •These composites are averages of individual country average rates, weighted for each year in proportion to the US dollar values of the respective GNPs in the preceding three years. The seven countries are Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. ••Excess of nominal rate over expected inflation. Expected inflation is proxied by a weighted average of the rate of inflation in the current...
Page 20 - Bank promotes economic growth and the development of market economies by providing financing on reasonable terms to countries that have difficulty obtaining capital. The Bank is the world's single largest official source of investment capital for developing countries.
Page 2 - Paris Club is an informal group of creditor countries that meets, as needed, to negotiate debt rescheduling and relief efforts for public or publicly guaranteed loans. In addition to the 18 countries that regularly participate in the Paris Club, other countries are invited to the negotiations on an ad hoc basis if they hold a significant share of the debt being discussed...
Page 3 - Countries eligible for these concessional loans are among the poorest in the world, with many classified by the United Nations as being in its lowest category of human development, based on life expectancy, literacy, and annual per capita income. Many depend on development assistance from governments, multilateral organizations, and nongovernmental organizations and have significant development needs.
Page 30 - Five of the 24 executive directors are appointed by the 5 member governments having the largest number of shares (France, Germany, Japan, the United Kingdom, and the United States).
Page 1 - ... request. This report was prepared under the direction of Harold J. Johnson, Associate Director, International Relations and Trade Issues, who may be contacted on (202) 512-4128 if you or your staff have any questions about this report. Major contributors to the report are listed in appendix IX.