OED Review of the HIPC initiative
James Keough; Xiao Ye
The HIPCs' unmanageable debt is a symptom of deeper structural problems. While the HIPC initiative appears likely to provide much-needed respite from high debt service, debt relief is not a panacea for broader economic development problems, nor is a one-time debt reduction a guarantee that the problem will not re-emerge. In this OED Reach summary review four actions are recommended: a) Clarify the purpose and objectives of the initiative; b) Improve the transparency of the economic models and methodology underlying the debt projections and the realism of economic growth forecasts; c) Maintain the standards for policy performance. This would reduce the risks to achieving and maintaining the initiative's objectives; d) The performance criteria need to increase the focus on pro-poor growth. There should be a better balance between growth-enhancing and social expenditures.
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