Debt Relief for Poor Countries


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Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative

A substantial number of potential HIPC countries, however, have yet to qualify for relief. But extension is not sufficient. The program must be strengthened.

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This highlights the importance of deep debt relief to provide a cushion against the inevitable external shocks. These results are not just about statistics. They are about people, their lives and well-being. Our brother bishops in Africa and Latin America tell us that debt payments are draining resources badly needed for health, education and other essential investments. They know that debt relief is not a panacea. Combating poverty requires action on many fronts by governments and people working together for the common good.

Yet they also know that support from the wealthier countries is essential and that deeper debt relief must be part of the solution. We believe that implementation of the debt-relief provisions included in the U.


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It is also necessary that the substantial number of highly indebted poor countries not currently eligible for the HIPC program be considered for deep debt reduction. One aspect behind the failure, according to the Nigerien journalist Moussa Tchangari:.

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The criteria used for country selection excluded the mostly highly populated developing countries for example, Nigeria — million inhabitants — which was on the very first list in and kept only small countries that are both very poor and heavily indebted The countries where the majority of the world's poor people live are not included: China, India, Indonesia, Brazil, Argentina, Mexico, the Philippines, Pakistan, Nigeria, and the like.

In fact, the initiative concerns only 11 percent of the total population of developing countries This document must indicate the use that will be made of the resources made available by this initiative, and contain a certain number of commitments relating to the implementation of classical structural adjustment measures: privatisation if public companies, reduction of the salaried workforce, reduction of grants, elimination of government subsidies, deregulation of the labour market.

In other words, the whole arsenal of ultra-liberal mesaures which have contributed to the impoverishmnet of African populations, to the degradation of social services, to fall in life expectancy of over seven years, to the return of diseases we had thought eradicated, to increased unempoyment for young graduates, to setting back industrialisation, and to the creation of chronic food shortages.

HIPC addressed its shortcomings by expanding its definition of unsustainable debts, making greater relief available to more countries, and by making relief available sooner. These revisions modified HIPC's threshold requirements. Today, HIPC defines three minimum requirements for participation in the program.

Debt Relief for Poorer Countries - Revision Presentation

Lastly, the country must establish a track record of reforms to help prevent future debt crises. In addition to the modified threshold requirements, the revisions introduced several other changes. First, the six-year structure was abandoned and replaced by a "floating completion point" that allows countries to progress towards completion in less than six years. Second, the revised HIPC allows for interim debt relief so that countries begin to see partial relief before reaching the completion point.

One of PRGF's goals is to ensure that impoverished nations re-channel the government funds freed from debt repayment into poverty-reduction programs. PRSPs describe the macroeconomic, structural, and social programs that a country will follow to promote economic growth and reduce poverty. A broad range of government, NGO, and civil-society groups must participate in the development of the PRSP to ensure the plan has local support.

The country then reaches its completion point once it has implemented and followed its PRSP for at least one year and has demonstrated macroeconomic stability. Under the new practice of "topping up," countries that unexpectedly suffer economic setbacks after the decision point due to external factors, such as rising interest rates or falling commodity prices, are eligible for increased debt forgiveness above the decision-point level.

Debt relief and public health spending in heavily indebted poor countries.

Nine additional countries have passed the decision point and are working toward completion. Ten other countries carry unsustainable debts according to HIPC standards, but they have yet to reach the decision point. From Wikipedia, the free encyclopedia. Countries qualifying for full HIPC relief. Countries qualifying for partial HIPC relief.

Countries eligible for HIPC relief but not yet meeting the necessary conditions.

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Accessed: April 17, Carrasco, C. Monthly Review Press U. Financial Times. Retrieved South—South cooperation and Third Worldism. Landlocked developing countries Least Developed Countries Heavily indebted poor countries. Emerging markets Newly industrialized country Transition economy.


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