Press Release: IMF Soliciting Public Comment Related to the Design of an Operational Framework for Assessing Debt Sustainability in Low-Income Countries, July 15, 2003
Report on Joint Bank-Fund Workshop on Debt Sustainability in Low-Income Countries, Washington D.C., September 11-12, 2003
October 9, 2003
Debt Sustainability in Low-Income Countries - Report on Workshops in Paris, Berlin, and Accra - May/June 2003, July 9, 2003
Debt Initiative for the Heavily Indebted Poor Countries (HIPCs)
A Factsheet
Heavily Indebted Poor Countries (HIPCs)— Documents
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Debt Sustainability in Low-Income Countries—Towards
a Forward-Looking Strategy
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Prepared
by the Staff of the Policy Development and Review Department
![](/external/gifs/space.gif) Approved by Timothy Geithner
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May 23, 2003
Use the free Adobe Acrobat Reader to view
the full
text (324 kb pdf file)
Contents
Executive Summary
- Introduction
- Lessons from the Low-Income Country Debt Crisis
- Defining the Problem: Beneficial Financing Versus Burdensome Debt
- The Financing Gap Model and Its Caveats
- Why Are Low-Income Countries Different?
- A Framework for Debt Sustainability and Borrowing Policies in Low-Income Countries
- Criteria for Assessing Debt Sustainability
Flow vs. Stock Variables
NPV vs. Nominal Debt Stocks
Public vs. External Debt
Denominator
Vulnerability and Stress Testing
- Translating Debt Sustainability Into Borrowing Policies
- Conclusions and Next Steps
- Summary of Issues
Text Boxes
- Alternative Proposals for Defining Debt Sustainability
- NPV of Debt: Interpretation and Measurement
- Examining Debt Indicators: The Case of Bolivia
- Debt Dynamics in Low-Income Countries
- Enclave Projects
Figures
- HIPC Debt Burden Ratios and Per Capita Income, 1979-2001
- Projected and Actual External Debt Ratios in the Kyrgyz Republic, Ghana,
and Pakistan, 1995-2000
- Cameroon: Debt Sustainability Simulations, 2002-10
Tables
- Income and Debt Indicators for PRGF-Eligible Countries
Appendix
- Debt Dynamics in Low-Income Countries
References
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