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Desire Vencatachellum - One of the best experts on this subject based on the ideXlab platform.
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Debt Relief and social services expenditure the african experience 1989 2003
African Development Review, 2007Co-Authors: Sylvain Dessy, Desire VencatachellumAbstract:Abstract: In June 2005 the G8 proposed the Multilateral Debt Relief Initiative (MDRI) with the goal of canceling all International Development Association (IDA), International Monetary Fund (IMF) and African Development Fund (ADF) Debt claims on countries that have reached, or will eventually reach, the completion point under the enhanced Highly InDebted Poor Countries (HIPC) initiative. The objective is to help HIPC make progress towards the Millennium Development Goals. The G8 initiative is worth $40 billion and would benefit 14 African countries immediately. It has the potential of freeing more resources than any past Debt Relief program. Between the 1988 Paris Club Debt Relief program up to 2003, Africa earned Debt Relief worth $65 billion. We take a critical look at the chances that the G8 initiative will reach its goals by empirically investigating the extent to which past Debt Relief granted to African countries did translate into a larger share of resources being allocated to social services expenditure. Our estimates indicate that Debt Relief provided to Africa between 1989 and 2003 had a positive impact on the share of a country's resources allocated either to public education or health in countries which have improved their institutions. Consequently, donors must address the need for institutional change as they grant Debt Relief to HIPC if the latter are to channel the freed-up resources to the social sector.
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Debt Relief and Social Services Expenditure: The African Experience, 1989–2003
African Development Review, 2007Co-Authors: Sylvain Dessy, Desire VencatachellumAbstract:Abstract: In June 2005 the G8 proposed the Multilateral Debt Relief Initiative (MDRI) with the goal of canceling all International Development Association (IDA), International Monetary Fund (IMF) and African Development Fund (ADF) Debt claims on countries that have reached, or will eventually reach, the completion point under the enhanced Highly InDebted Poor Countries (HIPC) initiative. The objective is to help HIPC make progress towards the Millennium Development Goals. The G8 initiative is worth $40 billion and would benefit 14 African countries immediately. It has the potential of freeing more resources than any past Debt Relief program. Between the 1988 Paris Club Debt Relief program up to 2003, Africa earned Debt Relief worth $65 billion. We take a critical look at the chances that the G8 initiative will reach its goals by empirically investigating the extent to which past Debt Relief granted to African countries did translate into a larger share of resources being allocated to social services expenditure. Our estimates indicate that Debt Relief provided to Africa between 1989 and 2003 had a positive impact on the share of a country's resources allocated either to public education or health in countries which have improved their institutions. Consequently, donors must address the need for institutional change as they grant Debt Relief to HIPC if the latter are to channel the freed-up resources to the social sector.
Martin A. Weiss - One of the best experts on this subject based on the ideXlab platform.
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The Paris Club and International Debt Relief
2013Co-Authors: Martin A. WeissAbstract:This report discusses the Paris Club, a voluntary, informal group of creditor nations who meet approximately 10 times per year and provide Debt Relief to developing countries. Members of the Paris Club agree to renegotiate and/or reduce official Debt owed to them on a case-by-case basis.
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The Multilateral Debt Relief Initiative
2012Co-Authors: Martin A. WeissAbstract:In Juen 2005, G8 finance ministers proposed the new Multilateral Debt Relief Initiative (MDRI). The MDRI proposes to cancel Debts of some of the world's poorest countries owed to the International Monetary Fund, World Bank, and African Development Bank. This report discusses MDRI's implementation and raises some issues regarding Debt Relief's effectiveness as a form of foreign assistance for possible congressional consideration.
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Iraq’s Debt Relief: Procedure and Potential Implications for International Debt Relief
2011Co-Authors: Martin A. WeissAbstract:Abstract : Following the ouster of the Saddam Hussein regime in spring 2003, Iraq's external Debt was estimated to be $125 billion. Reducing this Debt to a sustainable level has been a priority of the U.S. government. Since 2003, Debt Relief negotiations have taken place in a variety of fora and led to the cancellation of a significant amount of Iraq's external Debt. Iraq's external Debt comprised four components: Paris Club bilateral Debt ($37.15 billion), non-Paris Club bilateral Debt ($67.4 billion), commercial Debt ($20 billion) and multilateral Debt ($0.5 billion). Debt Relief negotiations first led to an 80% reduction of the Paris Club Debt. The Paris Club agreement also set the terms for non-Paris Club and commercial Debt cancellation levels. A provision of the Paris Club agreement is that Iraq cannot accept a Debt cancellation agreement with other creditors on less favorable terms than those reached with the Paris Club. Thus, Iraq is expected to receive no more than an 80% cancellation from all of its creditors. Negotiations with non-Paris Club creditors are ongoing, and resolution of the commercial Debt is largely complete.
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Iraq: Paris Club Debt Relief
2004Co-Authors: Martin A. WeissAbstract:Iraq’s public Debt was estimated to be US$120.2 billion in nominal value as of the end of 2004. The Debt owed to Paris Club creditors as of December 31, 2004, was estimated to be US$38.9 billion. The U.S. share of this amount is around $4 billion. Non-Paris Club countries, mostly Persian Gulf countries, are owed around $60 - $65 billion. The remaining Debts are to private commercial creditors. Iraqi Debt Relief is a high priority for both the President and Congress (H.R. 2482). This report will discuss efforts to implement Iraqi Debt Relief and highlight some policy concerns.
Hassan A Saliu - One of the best experts on this subject based on the ideXlab platform.
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foreign aid Debt Relief and africa s development problems and prospects
South African Journal of International Affairs, 2009Co-Authors: Shola Omotola, Hassan A SaliuAbstract:In recent years, the Paris club granted a number of African countries, including Nigeria, Debt Relief. This elicited widespread celebration in the capital cities of affected countries, where it was portrayed as a veritable launch-pad to Africa's development. This paper takes a critical look at the Debt Relief, with emphasis on its problems and prospects for Africa's development. It is argued that while Debt Relief does offer some prospects for development, there is little or no evidence to suggest that such an outcome is automatic. The conditions that precipitated the Debt crisis in the first instance, including an inequitable international economic order and political conditions tied to aid, are still very present in the Debt Relief regime. Corruption of the foreign aid regime by both internal and external actors has been compounded by the recent global economic crisis, posing further constraints on the effectiveness of foreign aid in Africa. If Debt Relief must yield the desired result, it has to be acc...
Claudio E. Raddatz - One of the best experts on this subject based on the ideXlab platform.
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Multilateral Debt Relief Through The Eyes Of Financial Markets - Multilateral Debt Relief through the Eyes of Financial Markets
The Review of Economics and Statistics, 2009Co-Authors: Claudio E. RaddatzAbstract:The economic benefits of Debt Relief for recipient countries have been the subject of arduous debate, at least partly motivated by the difficulty of identifying the causal effect of Debt Relief on economic performance-given that performance itself may drive the decision to grant Relief. This paper conducts an event study to assess the economic consequences of multilateral Debt Relief for recipient countries that is robust to these reverse causality issues. It estimates the response of the stock prices of South African multinationals with subsidiaries in those countries to the announcement of Debt Relief initiatives, and shows that stock prices exhibit a significant increase above those of other firms, especially around the launching of the recent Multilateral Debt Relief Initiative. The improvement in financial markets'assessment of the value of these multinationals is consistent with lower expected levels of future taxation in the recipient countries. Overall, the results are consistent with the"Debt overhang"argument for Debt Relief.
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multilateral Debt Relief through the eyes of financial markets
The Review of Economics and Statistics, 2009Co-Authors: Claudio E. RaddatzAbstract:The economic benefits of Debt Relief for recipient countries have been the subject of arduous debate, at least partly motivated by the difficulty of identifying the causal effect of Debt Relief on economic performance-given that performance itself may drive the decision to grant Relief. This paper conducts an event study to assess the economic consequences of multilateral Debt Relief for recipient countries that is robust to these reverse causality issues. It estimates the response of the stock prices of South African multinationals with subsidiaries in those countries to the announcement of Debt Relief initiatives, and shows that stock prices exhibit a significant increase above those of other firms, especially around the launching of the recent Multilateral Debt Relief Initiative. The improvement in financial markets'assessment of the value of these multinationals is consistent with lower expected levels of future taxation in the recipient countries. Overall, the results are consistent with the"Debt overhang"argument for Debt Relief.
Alessandro Missale - One of the best experts on this subject based on the ideXlab platform.
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To Give or to Forgive? Aid versus Debt Relief - To Give or to Forgive? Aid Versus Debt Relief
Journal of International Money and Finance, 2011Co-Authors: Tito Cordella, Alessandro MissaleAbstract:Is generalized Debt Relief an effective development strategy, or should assistance be tailored to countries' characteristics? To answer this question, the authors build a simple model in which recipient governments reveal their creditworthiness if donors offer them to choose between aid and Debt Relief. Since offering such a menu is costly, it is preferred by donors only when the cost of assistance is low, and the probability that an inDebted country is creditworthy is high enough. For lower probabilities and higher costs of assistance, donors prefer a policy of only Debt Relief. Very limited aid is the preferred policy only for high costs of assistance, and low probabilities that the government is creditworthy.
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to give or to forgive aid versus Debt Relief
Journal of International Money and Finance, 2011Co-Authors: Tito Cordella, Alessandro MissaleAbstract:Is generalized Debt Relief an effective development strategy, or should assistance be tailored to countries' characteristics? To answer this question, the authors build a simple model in which recipient governments reveal their creditworthiness if donors offer them to choose between aid and Debt Relief. Since offering such a menu is costly, it is preferred by donors only when the cost of assistance is low, and the probability that an inDebted country is creditworthy is high enough. For lower probabilities and higher costs of assistance, donors prefer a policy of only Debt Relief. Very limited aid is the preferred policy only for high costs of assistance, and low probabilities that the government is creditworthy.
