The Administration of Debt Relief by the International Financial Institutions: A Legal Reconstruction of the HIPC Initiative

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Springer Science & Business Media, Nov 16, 2008 - Law - 355 pages
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1. 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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
 

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Contents

Introduction
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
2 The HIPC Framework
30
21 The Heavily Indebted Poor Country Initiative of 1996
33
22 The Cologne G8 Summit of 1999 and HIPC II
39
312 Legal Effects of Paris Club Reschedulings under the HIPC Program
176
32 G8 Commitments
179
4 Legal Relationship between the HIPC Debtor and non Paris Club and Commercial Creditors
180
42 HIPC Creditor Litigation
182
422 Commercial Creditor Litigation
185
423 Booker plc v Cooperative Republic of Guyana
187
424 Pari Passu Clause
188
Beyond the Radar Screen of International Law
190

23 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
41 The PRGFHIPC Trust of the IMF
51
42 The World Bank HIPC Trust Fund
57
43 The IDA Debt Reduction Facility
60
44 HIPC Financing through Multilateral Creditors
61
Trust Fund Financing
62
5 HIPC Proceedings
63
The Multilateral Debt Relief Initiative MDRI
67
1 MDRI as Operational Successor of HIPC
69
2 Subsequent Changes in Lending Policies
74
The Contemporary History of Debt Relief in Ghana
77
1 Ghanas History with Economic Aid
80
2 Ghanas Reform Process under HIPC
86
21 Implementation of the HIPC Framework
89
211 Preliminary Documents
97
212 Ghana Poverty Reduction Strategy
98
213 Decision Point Document
102
214 Ghanas Completion Point
104
22 Donor Coordination under the Multi Donor Budgetary Support MDBS
106
23 Civil Society Participation
108
3 Ghana beyond HIPC Completion
111
4 Perception by the National and International Public
114
5 Model Character and Comparability of Ghanas HIPC Process with other HIPC Countries
118
51 Prescribed Policy Reforms
119
52 PRSP Process
120
53 Implementation of HIPC Reforms
124
54 Board Approval
126
6 Findings
128
Part II Doctrinal Reconstruction of HIPC in a Public International Law Perspective
130
1 The Legal Quality of the HIPC Program under the Law of IMF and IDA
136
11 DecisionMaking by the Board of Governors and the Executive Directors
137
12 DecisionMaking by the Development Committee
140
13 Obligations of IMF and IDA Member States under the HIPC Program
141
14 Legal Effects of Board Decisions on the Domestic Law of Member States
145
15 Legal Effects of Decisions Interpreting the Articles of Agreement
146
16 Conclusion
148
2 Legal Relationship Between the HIPC Debtor and the International Financial Institutions
150
212 Relief Disbursements under the Trust Funds
154
213 HIPC Relevant Documents
155
22 Obligations under the IMF and World Banks Institutional Law
157
221 The IMFs Doctrine of Uniform Treatment
158
222 Equality of Treatment under the Bank Articles
160
23 International Obligations of the Fund and the Bank under the ICESCR and an Evolving International Development Agenda
161
24 Conclusion
171
3 Legal Relationship Between the HIPC Debtor and its Bi and Multilateral Creditors
172
311 Practices and Proceedings for Paris Club Debt Reschedulings
173
Part III Multilateral Debt Relief Under HIPC Global Governance Perspectives
195
1 Global Governance
196
2 A Global Administrative Law Perspective on HIPC
205
HIPC as a Global Administrative Law Phenomenon
207
22 Institutional Framework for Administrating Debt Relief
211
23 Substantive Requirements
212
24 Regulatory Procedure
215
25 Means of Regulation
217
26 Means of Enforcement
219
261 The Official Incentive Structure of the HIPC Program
220
263 The Role of Supplementary Financiers
221
264 The Signalling Effect of IMF and World Bank Participation
222
265 Interacting Creditor Fora
224
266 Naming and Shaming
225
HIPC as an Instrument of Global Governance
229
31 Specifications of the HIPC Programs Soft Law Nature
230
32 Global Governance Phenomena and the International Legal Order
233
Part IV Issues of Legitimacy
237
An Iridescent Concept
239
2 Charter Based Legitimacy of the HIPC Program
244
21 The Doctrine of ultra vires
245
22 Legal Analysis in the Light of the Bank and the Funds Mandate and Mission
247
23 Guiding Principles and Interpretative Methodology
251
24 Findings
259
3 Issues of Sovereign Equality and SelfDetermination
260
31 Institutional Ownership
262
32 Conditionality
263
33 Findings
264
4 Procedural Accountability
266
41 Systemic and Sound Rulemaking
267
412 The Decision Maker
268
413 DecisionMaking Standards and Procedures
269
42 Transparency Public Participation and the Right to Information
271
422 Access to Documents
273
424 Complaint Procedures
274
43 Power Sharing and Institutional Checks and Balances
275
432 Review of Board Decisions
277
44 Findings
278
5 Relief Achievements and Effectiveness of the HIPC Initiative
279
6 Findings and Recommendations
283
Part V Conclusions
289
1 HIPC as Role Model for an International Insolvency Procedure for States?
291
2 Soft Law versus Hard Law Soft Legal Regulation as Means for Institutional Adaptation and Development
299
3 Legal Research on IMF and World Bank
303
Bibliography
308
Index
351
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