Delivering on Debt Relief

This study brings readers up to date on the complicated and controversial subject of debt relief for the poorest countries of the world. What has actually been achieved? Has debt relief provided truly additional resources to fight poverty? How will the design and timing of the "enhanced Highly Indebted Poor Country (HIPC) initiative" affect the development prospects of the world's poorest countries and their people?

The study then moves on to address several broader policy questions. Is debt relief a step toward more efficient and equitable government spending, building better institutions, and attracting productive private investment in the poorest countries? Who pays for debt relief? Is there a case for further relief? Most importantly, how can the case for debt relief be sustained in a broader effort to combat poverty in the poorest countries?

Foreword

ix

Preface

xi

Introduction

1

(12)

Group A versus Group B

1

(3)

Expanding Debt Relief

4

(2)

Reinventing the Aid Architecture

6

(2)

Ten Questions about Debt and Debt Relief

8

(5)

The HIPC Initiative: Background and Critiques

13

(28)

The Heavily Indebted Poor Countries

19

(2)

Recent Debt Relief Initiatives

21

(5)

The Enhanced HIPC Framework

26

(7)

Critiques of the Enhanced HIPC Initiative

33

(8)

The Case for More

41

(8)

Debt Sustainability

41

(3)

The Millennium Development Goals

44

(5)

What Form of More?

49

(30)

Political Resonance

50

(5)

Additionality

55

(6)

Redistribution

61

(5)

Efficiency

66

(9)

Country Selectivity

75

(3)

Summary

78

(1)

Deepening and Extending Debt Reduction

79

(22)

Deeper Relief

80

(6)

Making More Countries Eligible

86

(5)

A Contingency Facility

91

(2)

Financing More Debt Relief

93

(8)

A New Aid Architecture

101

(14)

The HIPC Procedure

102

(4)

Grants, Not Just Loans

106

(2)

Incremental Proposals to Increase Donor Accountability

108

(2)

Donor Incentives for Selectivity

110

(3)

Exploiting Multilateralism: The Common Pool

113

(1)

Sovereign Debt: Building on the HIPC Initiative

114

(1)

Conclusions

115

(4)

Whether to Extend More Debt Relief

116

(1)

How to Extend the HIPC Initiative

117

(1)

Cost of the Extensions

117

(1)

Toward a New Aid Architecture

118

(1)

Appendix A: Multilateral Institutions Participating in the HIPC Initiative

119

(2)

Appendix B: Countries Classified by income

121

(2)

Appendix C: Odious Debt

123

(24)

References

147

(4)

Glossary

151

(2)

Index

153

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Delivering on Debt Relief

Summary

Table of Contents

Supplemental Materials