The Implications of the Global Financial Crisis for Low-Income Countries—An Update
September 28, 2009
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Summary
Countries are using fiscal and other policies to respond to the crisis and should continue to do so, where appropriate, until the economic recovery is clearly underway. However, the risks to debt sustainability are rising and countries should begin preparing to realign policies toward medium-term sustainability once the recovery is clearly on the move. Additional highly concessional donor support is needed to ensure that countries are not forced to make these adjustments prematurely, and to facilitate a smooth return to a sustainable debt path, with strong growth, over the medium term.
Subject: Commodity prices, Debt sustainability, Economic growth, Exchange rate policy, External financing, Financial crisis, Fiscal policy, Global Financial Crisis 2008-2009, Low-income developing countries, Monetary policy
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