Download or read book Fiscal Sustainability in African HIPC Countries written by Alina Kudina and published by International Monetary Fund. This book was released on 2003-09-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper looks at the link between fiscal policy and debt sustainability in a number of African countries participating in the Heavily Indebted Poor Countries (HIPC) Initiative. The paper finds that, on the basis of current fiscal policies, debt levels will remain unsustainable even after these countries graduate from the HIPC Initiative. This finding has important policy implications. By the very requirements of the HIPC Initiative, these countries are expected to increase significantly their poverty-reducing expenditure-possibly resulting in weaker fiscal primary balances and worsening debt sustainability outlook. As offsetting fiscal tightening may not be viable, ensuring debt sustainability may thus require increased availability of (nondebt-creating) grants. Otherwise, debt sustainability in HIPC countries may prove elusive in the long term.
Download or read book Long term Debt Sustainability in Low income Countries written by Andreas Antoniou and published by Commonwealth Secretariat. This book was released on 2004 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: The publication is a collection of papers on the theme of Long-term Debt Sustainability for HIPC Countries. The publication should prove useful to policy-makers in both advanced and low-income countries and students.
Download or read book Restoring Debt Sustainability in African Heavily Indebted Poor Countries written by and published by . This book was released on 2018 with total page 9 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Restoring Debt Sustainability in African Heavily Indebted Poor Countries written by and published by . This book was released on 2018 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: IMF and World Bank Debt Sustainability Framework The first development occurred in October 2017, when the IMF and the World Bank released the findings of their fourth major review of the LIC- DSF (IMF 2017b). [...] The review strengthens the tools used to diagnose LIC debt vulnerability and addresses several earlier critiques of the existing DSF framework, including its unduly complex and mechanical approach, the errors in estimating the impacts of fiscal adjustment and future growth and the framework's inflexibility to country-specific debt vulnerabilities, including exchange rate and export price volatilit [...] Recent DSAs macroeconomic impacts of debt accumulation have also increased their emphasis on longer- and on strengthening debt management, while term drivers of debt accumulation in African and downplaying the impacts of exogenous shocks, other LICs, a strong acknowledgement of some unpredictable aid flows and institutional, capacity of the structural factors that impede growth and and resource co [...] In São Tomé ignore the human dimension to development, which and Príncipe's case, the DSA recommends structural includes ensuring financing is available to provide reforms to improve the business environment to basic needs, such as food, health, education and support private sector-led growth and to attract shelter, when determining sustainability and the level private investment to broaden the ex [...] While causes differ, in recent to better connect risks to debt sustainability with DSAs the debt-to-export threshold is breached production and trade structure and include the under the baseline scenario for almost all African costs of financing infrastructure, the Sustainable HIPCs in, or at high risk of, debt distress, including Development Goals (SDGs) and integration of the Burundi, Cameroon.
Download or read book Somalia written by International Monetary Fund. Middle East and Central Asia Dept. and published by International Monetary Fund. This book was released on 2023-12-18 with total page 80 pages. Available in PDF, EPUB and Kindle. Book excerpt: Somalia has been rebuilding state institutions and the economy since the end of the devastating civil war, with strong support from the international community. The civil war led to complete state collapse, with tremendous loss of human and physical capital. Since the 2012 Provisional Constitution that created the Federal Government of Somalia (FGS) and the Federal Member States (FMS), Somalia has successfully undertaken three national elections, and Parliamentary and Presidential elections were completed in May 2022. With financial and capacity development support from international partners, Somalia has pursued wide-ranging reforms to help strengthen key economic and financial policy institutions as well as improve governance.
Download or read book Post HIPC Debt Sustainability and Commonwealth HIPCs written by Dinesh Dodhia and published by Commonwealth Secretariat. This book was released on 2003 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: The debt problem facing poor countries has been at the heart of Commonwealth concerns since the 1980s. The report presents the discussions held at the 2003 Dar es Salaam HIPC Ministerial Forum and calls for a number of actions to deal with both immediate concerns and the issues surrounding long-term debt sustainability in HIPCs.
Download or read book Guinea Bissau written by International Monetary Fund and published by International Monetary Fund. This book was released on 2010-12-22 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to IMF and IDA authorities, Guinea-Bissau had met the requirements for reaching the decision point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The authorities appreciated the country’s tremendous efforts to reestablish economic, social, and institutional stability. In view of this, in addition to debt relief agreed at the decision point under the Enhanced Initiative for HIPC, they also agreed to topping up assistance at the completion point.
Download or read book Guinea written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2012-10-31 with total page 73 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper was prepared by staffs of the International Monetary Fund and the World Bank in connection with the Executive Board’s consideration of Guinea’s Completion Point under the Enhanced Initiative for Heavily Indebted Poor Countries and debt relief under the Multilateral Debt Relief Initiative. It is based on the information available at the time it was completed on September 11, 2012. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of Guinea or the Executive Board of the IMF.
Download or read book Union of the Comoros written by International Monetary Fund. African Dept. and published by International Monetary Fund. This book was released on 2013-02-08 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: In June 2010, the International Development Association (IDA) and the IMF agreed that Comoros had met the requirements for reaching the decision point under the Enhanced Heavily Indebted Poor Countries (HIPC) Initiative. As a result of the debt reconciliation exercise for the completion point, the present value of eligible external debt at end-2009 has been revised upward. Full delivery of HIPC assistance together with additional bilateral assistance beyond HIPC and Multilateral Debt Relief Initiative (MDRI) debt relief at the completion point would reduce Comoros’ external debt burden significantly.
Download or read book Economic Development in Africa written by United Nations Conference on Trade and Development and published by New York : United Nations conference on trade and development. This book was released on 2004 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: Africa's debt problems and its resource requirements are inextricably linked to the capacity of African countries to generate capital accumulation and growth. This publication explores the continent's debt crisis and the issue of debt sustainability, in the context of the Heavily Indebted Poor Countries (HIPC) Initiative and the poverty reduction targets set out in the Millennium Development Goals (MDGs). The study considers new approaches to debt relief policies and topics discussed include: issues arising from the implementation of the enhanced HIPC Initiative, eligibility criteria, non-HIPC debt-distressed African countries, post-HIPC debt sustainability, debt service payments, resource requirements, and specific design problems in the HIPC Initiative.
Download or read book Public Debt Sustainability in the West African Monetary Zone written by Ngozi E. Egbuna and published by . This book was released on 2019 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: WAMZ countries have accumulated high levels of public debt less than two decades after the massive debt forgiveness effected under the Highly Indebted Poor Countries (HIPC) initiative. This has raised sustainability concerns as rising debt levels have the potential to create negative spillover effects and derail the macroeconomic convergence process in the Zone. This study examines the response of WAMZ countries to increases in public debt levels. Utilizing pooled OLS and panel fixed effects (FE) on annual data covering the period 2000 - 2018, the study shows positive response of primary balance to changes in the debt to output ratio across WAMZ countries, indicating that public debt were sustainable during the period. Results from the Panel Smooth Transition Regression (PSTR) model indicate significant positive non-linear response of primary balance to increases in the debt ratio below a threshold debt-to-GDP ratio of 90 percent. The study recommends the continuation of fiscal consolidation efforts aimed at enhancing revenue and rationalizing unproductive expenditures in all Member States.
Download or read book Public Financial Management and Fiscal Outcomes in Sub Saharan African Heavily Indebted Poor Countries written by Ezequiel Cabezon and published by International Monetary Fund. This book was released on 2008-09 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Many empirical studies of banking crises have employed "banking crisis" (BC) indicators constructedusing primarily information on government actions undertaken in response to bank distress. Weformulate a simple theoretical model of a banking industry which we use to identify and constructtheory-based measures of systemic bank shocks (SBS). Using both country-level and firm-level samples, we show that SBS indicators consistently predict BC indicators based on four major BCseries that have appeared in the literature. Therefore, BC indicatorsactually measure lagged government responses to systemic bank shocks, rather than the occurrence of crises per se. We re-examine the separate impact of macroeconomic factors, bank market structure, deposit insurance, andexternal shocks on the probability of a systemic bank shocks and on the probability of governmentresponses to bank distress. The impact of these variables on the likelihood of a government responseto bank distress is totally different from that on the likelihood of a systemic bank shock.Disentangling the effects of systemic bank shocks and government responses turns out to be crucial inunderstanding the roots of bank fragility. Many findings of a large empirical literature need to be re-assessed and/or re-interpreted.
Download or read book Debt Relief and the HIPC Initiative in African Countries written by and published by . This book was released on 2002 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The Sustainability of African Debt written by Daniel Cohen and published by World Bank Publications. This book was released on 1999 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: July 1996 The role of debt forgiveness is to alleviate what is known as debt overhang. This concept is the core idea of the Brady deals, and it now comes to the African debt crisis. How can one gauge the hypothesis of the debt overhang? To what extent can one attribute the growth slowdown of the 1990s to the debt crisis of the 1980s? Using data from the past decade, the author finds that debt variables play a significant role in that slowdown. In one exercise, he finds that more than half the growth slowdown of the large debtor countries in the 1980s could be attributed to the debt crisis. To what reasonable debt ratio should African debt be written down? Most exercises set the threshold of sustainability of debt at about 200 percent. The easiest way to rationalize such a threshold is first to measure the average value of debt-to-export ratios reached at the time of the first rescheduling of debt in a given country. Using Latin America as a benchmark, one finds an average threshold of 248 percent. However short-sighted such a ratio might be, it goes a long way toward rationalizing the view that a debt-to-export ratio between 200 and 300 percent is a strong signal of a forthcoming crisis. This naive approach takes no account of the changing environment (growth and interest rates) a country must confront. A more subtle approach should allow for the prospect of a country's growth to assess the sustainability of the debt it inherits. With the author's formula for so doing, Africa's debt-to-export ratio should be brought to 198 percent. Another way to assess the sustainability of debt is to look at the secondary market, which allows one to estimate the prospect of repayment expected by market participants. Few African debts are actually quoted on secondary markets, but the author presents a formula for reconstructing estimates of repayment prospects econometrically. By that method, Africa's debt-to-export ratio should be 210 percent, suggesting that a threshold between 200 and 250 percent is about right.
Download or read book Public Finance for Poverty Reduction written by Quentin Wodon and published by World Bank Publications. This book was released on 2007-11-06 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents some basic theoretical concepts of public finance with a particular emphasis on its impact poverty reduction. Eight case studies from Latin America and Africa illustrate how these concepts are applied in practice and the implementation issues that emerge.
Download or read book Analytical Aspects of the Debt Problems of Heavily Indebted Poor Countries written by Stijn Claessens and published by World Bank Publications. This book was released on 1996 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Debt Relief for Low Income Countries written by Anthony R. Boote and published by International Monetary Fund. This book was released on 1997 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper describes the Heavily Indebted Poor Countries (HIPC) Initiative and suggests that it should enable HIPCs to exit from the debt-rescheduling process. It argues that implementation of the Initiative should eliminate debt as an impediment to economic development and growth and enable HIPC governments to focus on the difficult policies and reforms required to remove the remaining impediments to achieving sustainable development. The paper describes the implementation of the Initiative through the end of September 1998.
