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
Prepared
by the Staff of the Policy Development and Review Department
Approved by Timothy Geithner
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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