Debt Relief for the Poorest : An OED Review of the HIPC Initiative

The review by the Operations Evaluation Department finds the Heavily Indebted poor Countries (HIPC) initiative highly relevant in addressing a key obstacle facing many poor countries. If the anticipated debt relief is delivered in full, the initiat...

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Bibliographic Details
Main Author:	Gautam, Madhur
Format:	Publication
Language:	English en_US
Published:	Washington, DC: World Bank 2013
Subjects:	ACCOUNTABILITY AIC BENCHMARK CAPACITY BUILDING CAS CD CONDITIONALITY CREDITOR CREDITOR COUNTRIES CREDITORS DEBT DEBT BURDEN DEBT MANAGEMENT DEBT REDUCTION DEBT RELIEF DEBT RESCHEDULING DEBT SERVICE DEBT STOCKS DEBT SUSTAINABILITY DEBTOR COUNTRIES DEBTORS DEVELOPMENT ASSISTANCE DEVELOPMENT STRATEGY ECONOMIC FORECASTS ECONOMIC GROWTH ECONOMIC MODELS ECONOMIC PERFORMANCE ECONOMIC STABILITY EXPENDITURES EXPORT GROWTH EXPORTS EXTERNAL DEBT FINANCIAL INSTITUTIONS FLEXIBILITY GDP GROWTH PROJECTIONS HEAVILY INDEBTED POOR COUNTRIES HIPC IMPORTS INSTITUTIONAL DEVELOPMENT INVENTORY MACROECONOMIC POLICY MULTILATERAL DEBT NONGOVERNMENTAL ORGANIZATIONS POLICY CHANGES POLITICAL ECONOMY POVERTY REDUCTION PROGRAMS PUBLIC EXPENDITURE PUBLIC EXPENDITURES REPAYMENT RESOURCE ALLOCATION SOVEREIGN DEBT STRUCTURAL ADJUSTMENT SUBSIDIARY SUSTAINABILITY INDICATORS TRANSPARENCY POOR PEOPLE POVERTY REDUCTION STRATEGIES POLICY FRAMEWORK INSTITUTIONAL CAPACITY EVALUATION METHODOLOGY EXPORT PERFORMANCE GOVERNANCE INSTITUTIONAL FRAMEWORK BORROWING POLICY PLANNING
Online Access:	http://documents.worldbank.org/curated/en/2003/05/2360797/debt-relief-poorest-oed-review-hipc-initiative http://hdl.handle.net/10986/15164

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Summary:	The review by the Operations Evaluation Department finds the Heavily Indebted poor Countries (HIPC) initiative highly relevant in addressing a key obstacle facing many poor countries. If the anticipated debt relief is delivered in full, the initiative will succeed in substantially achieving its fundamental goal of reducing the excessive debt burden of the qualifying countries. But the legitimizing process that helped make the initiative a reality has also expanded its objectives. The initiative seeks to provide a "permanent" exit from debt rescheduling, promote growth, and release resources for social expenditures targeted at poverty reduction. Achieving these objectives will require actions by donors and the HIPC governments that are beyond the scope and means of the initiative. Unmanageable debt is a problem that needs to be effectively dealt with, but it is also a result of economic and political factors constraining growth and poverty reduction. The HIPC Initiative is thus an important but small part of the overall development assistance framework. Having provided the HIPCs with an opportunity for a "fresh start," the international community still faces a challenge in helping these countries set out on a sustainable path for growth and poverty reduction.

Debt Relief for the Poorest : An OED Review of the HIPC Initiative

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