The Administration of Debt Relief by the International Financial Institutions: A Legal Reconstruction of the HIPC Initiative1. Objectives and Plan of the Study . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 2. Literature Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 3. Structure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 Part I. Multilateral Debt Relief for Heavily Indebted Poor Countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23 A. The Heavily Indebted Poor Countries Initiative (HIPC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26 1. Concessional Assistance to Low-Income Countries . . . . . . . . . . . . . . . . . . . . . . . 26 2. The HIPC Framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30 2. 1. The Heavily Indebted Poor Country Initiative of 1996 . . . . . . . . 33 2. 2. The Cologne G-8 Summit of 1999 and HIPC II. . . . . . . . . . . . . . . . . . . . 39 2. 3. Eligibility and Implementation under the Enhanced HIPC Framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 43 3. What kind of debt is addressed by HIPC? . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 4. HIPC Funding and Finances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 4. 1. The PRGF-HIPC Trust of the IMF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 4. 2. The World Bank HIPC Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57 4. 3. The IDA Debt Reduction Facility. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60 4. 4. HIPC Financing through Multilateral Creditors . . . . . . . . . . . . . . . . . . . 61 4. 5. Conclusion: Trust Fund Financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62 5. HIPC Proceedings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 B. Debt Relief under the G-8: The Multilateral Debt Relief Initiative (MDRI) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 1. MDRI as Operational Successor of HIPC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 69 2. Subsequent Changes in Lending Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 C. Case Study: The Contemporary History of Debt Relief in Ghana. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77 1. Ghana’s History with Economic Aid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80 2. Ghana’s Reform Process under HIPC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 86 X Table of Content 2. 1. Implementation of the HIPC Framework . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 89 2. 1. 1. Preliminary Documents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97 2. 1. 2. Ghana Poverty Reduction Strategy. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98 2. 1. 3. Decision Point Document . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 2. 1. 4. Ghana’s Completion Point . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 2. 2. Donor Coordination under the Multi Donor Budgetary Support (MDBS) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |
Contents
| 1 | |
Literature Review | 9 |
Structure | 20 |
A The Heavily Indebted Poor Countries Initiative | 26 |
What kind of debt is addressed by HIPC? | 48 |
HIPC Proceedings | 63 |
MDRI as Operational Successor of HIPC | 69 |
The Contemporary History | 77 |
Legal Relationship between the HIPC Debtor and nonParis | 180 |
Beyond the Radar Screen of International Law | 190 |
Global Governance | 196 |
A Global Administrative Law Perspective on HIPC | 205 |
HIPC as an Instrument of Global Governance | 229 |
Issues of Legitimacy | 237 |
Charter Based Legitimacy of the HIPC Program | 244 |
Issues of Sovereign Equality and SelfDetermination | 260 |
Ghanas Reform Process under HIPC | 86 |
Ghana beyond HIPC Completion | 111 |
Model Character and Comparability of Ghanas HIPC Process | 118 |
Findings | 128 |
The Legal Quality of the HIPC Program under the Law | 136 |
Legal Relationship Between the HIPC Debtor and | 150 |
Legal Relationship Between the HIPC Debtor and its Bi | 172 |
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Common terms and phrases
action activities adjustment administrative African agreed analysis approach approval areas assessment Bank’s basis Board Changing Chapter Committee Completion Point concept conditionality constitutes context creditors debt relief debtor decision Development Discussion documents donor economic effect Enhanced established Executive Directors existing framework Fund’s Ghana global Gold governance grant Group growth HIPC countries HIPC Initiative HIPC program Human IMF and World implementation institutional International Financial International Law International Monetary International Organizations interpretation issue Journal legitimacy lending loans means Meetings ment multilateral obligations Operational organizations Paris Club participation Point political Poor Poverty Reduction practice Press principle procedures PRSP question reference reform regard Report rescheduling respective Review role rules Shihata social sovereign staff standards Strategy structural tion tional trust fund voting World Bank
Bibliographic information
| Title | The Administration of Debt Relief by the International Financial Institutions: A Legal Reconstruction of the HIPC Initiative Volume 202 of Beiträge zum ausländischen öffentlichen Recht und Völkerrecht |
| Author | Leonie F. Guder |
| Edition | illustrated |
| Publisher | Springer Science & Business Media, 2008 |
| ISBN | 3540886095, 9783540886099 |
| Length | 355 pages |
| Subjects | › › Business & Economics / Development / Economic Development Business & Economics / Development / General Law / Commercial / International Trade Law / International |
| Export Citation | BiBTeX EndNote RefMan |