scholarly journals An Analysis of Puerto Rico's Debt Relief Needs to Restore Debt Sustainability

2018 ◽  
Author(s):  
Pablo Gluzmann ◽  
Martin Guzman ◽  
Joseph Stiglitz
Keyword(s):  
Debt Relief ◽  
Debt Sustainability

scholarly journals Somalia

2020 ◽  
Vol 20 (86) ◽  
Author(s):  
Keyword(s):  
Low Income ◽  
Net Present Value ◽  
Debt Relief ◽  
Debt Management ◽  
Policy Framework ◽  
Low Income Countries ◽  
Debt Sustainability ◽  
Poor Countries ◽  
Heavily Indebted Poor Countries ◽  
Hipc Initiative

This paper presents an assessment of Somalia’s eligibility for assistance under the enhanced Heavily Indebted Poor Countries (HIPC) Initiative. The macroeconomic framework reflects the policy framework underlying the proposed three-year Fund-supported program. The debt relief analysis (DRA) remains largely unchanged, but some of the underlying debt data has been updated to reflect new information from creditors. In addition, this paper presents an assessment of debt management capacity in Somalia and a full Debt Sustainability Analysis under the Debt Sustainability Framework for Low-Income Countries. The DRA reveals that, after traditional debt relief mechanisms are applied, Somalia’s debt burden expressed as the net present value of debt-to-exports ratio is 344.2 percent at the end of December 2018—significantly above the HIPC Initiative threshold. Despite the challenging environment, progress on reform and policy implementation has been good and sustained reforms have translated into economic results. In addition to the coordinated support from the World Bank and the IMF, reforms have been supported by other development partners.

Cross-Country Experience with Restructuring of Sovereign Debt and Restoring Debt Sustainability

Policy Papers ◽  
2006 ◽  
Vol 2006 (49) ◽  
Author(s):  
Keyword(s):  
Sovereign Debt ◽  
Debt Relief ◽  
Economic Conditions ◽  
Stress Tests ◽  
Debt Sustainability ◽  
Cross Country

The paper is organized as follows: Section II provides a cross-country overview of the economic conditions, including the composition of sovereign debt and its dynamics prevailing prior to the debt operations, and a discussion of the scope and outcomes—in terms of the debt relief provided by creditors—of the debt restructurings. Section III analyzes the debt profile, liquidity position, DSAs and accompanying stress tests, and an EWS to assess whether debt sustainability has been restored in each country case. Conclusions are set out in Section IV.

The Multilateral Debt Relief Initiative (G-8 Proposal) and Its Implications for the Fund - Further Considerations - Supplemental Information

Policy Papers ◽  
2005 ◽  
Vol 2005 (12) ◽  
Author(s):  
Keyword(s):  
Millennium Development Goals ◽  
Debt Relief ◽  
Executive Board ◽  
Debt Sustainability ◽  
Development Goals

The Executive Board held an informal seminar on September 21, 2005 to discuss possible implementation modalities for the G-8 debt relief proposal. On September 24, 2005, the International Monetary and Financial Committee supported providing 100 percent cancellation of debt owed by HIPCs to the Fund, and considered that this would provide significant additional resources for countries’ efforts to reach the Millennium Development Goals and reinforce long-term debt sustainability.

Staff Guidance Note on the Application of the Joint Fund-Bank Debt Sustainability Framework for Low-Income Countries

Policy Papers ◽  
2008 ◽  
Vol 2008 (3) ◽  
Author(s):  
Keyword(s):  
Low Income ◽  
Debt Relief ◽  
Low Income Countries ◽  
Bank Debt ◽  
Debt Sustainability ◽  
Poor Countries ◽  
Guidance Note ◽  
Heavily Indebted Poor Countries ◽  
Alternative Scenarios ◽  
Sustainability Framework

The objective of the joint Fund-Bank debt sustainability framework for low-income countries is to support LICs in their efforts to achieve their development goals without creating future debt problems. Countries that have received debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) need to be kept on a sustainable track. Under the framework, country DSAs are prepared jointly by Bank and Fund staff, with close collaboration between the two staffs on the design of the macroeconomic baseline, alternative scenarios, the debt distress rating, and the drafting of the write-up.

Greece 2012 and Cyprus 2013

2017 ◽  
Author(s):  
C. Randall Henning
Keyword(s):  
Private Sector ◽  
Euro Area ◽  
Banking System ◽  
Debt Relief ◽  
Debt Restructuring ◽  
Debt Sustainability ◽  
Sustainability Analysis ◽  
Regime Complex ◽  
Private Sector Involvement ◽  
The Imf

Greece posed the greatest challenge among the program countries, while Cyprus, linked to Greece through the banking system and debt restructuring, was the smallest of the country programs. The second Greek program was accompanied by substantial debt relief, but the process of granting it exposed sharp disagreements within the regime complex for crisis finance. The IMF and some euro-area member states advocated private-sector involvement, but split on the sustainability of the remaining official claims on Greece, with the Fund using its debt sustainability analysis as leverage. The case of Cyprus demonstrates that the IMF can be influential even if it contributes a relatively small share of the financing, when it is backed by key creditor states. In both cases, despite substantive conflict, key European creditors adhered faithfully to including the IMF and mediated among the institutions when they became deadlocked.

Staff Guidance Note on the Application of the Joint Fund-Bank Debt Sustainability Framework for Low-Income Countries

Policy Papers ◽  
2010 ◽  
Vol 2010 (06) ◽  
Author(s):  
Keyword(s):  
Low Income ◽  
Debt Relief ◽  
Low Income Countries ◽  
Bank Debt ◽  
Debt Sustainability ◽  
Poor Countries ◽  
Guidance Note ◽  
Heavily Indebted Poor Countries ◽  
Alternative Scenarios ◽  
Sustainability Framework

The objective of the joint Bank-Fund debt sustainability framework for low-income countries is to support LICs in their efforts to achieve their development goals without creating future debt problems. Countries that have received debt relief under the Heavily Indebted Poor Countries (HIPC) Initiative and the Multilateral Debt Relief Initiative (MDRI) need to be kept on a sustainable track. Under the framework, country DSAs are prepared jointly by Bank and Fund staff, with close collaboration between the two staffs on the design of the macroeconomic baseline, alternative scenarios, the debt distress rating, and the drafting of the write-up

Review of Low-Income Country Debt Sustainability Framework and Implications of the Multilateral Debt Relief Initiative (MDRI)

Policy Papers ◽  
2006 ◽  
Vol 2006 (13) ◽  
Author(s):  
Keyword(s):  
World Bank ◽  
Low Income ◽  
Debt Relief ◽  
Income Country ◽  
Low Income Countries ◽  
Bank Debt ◽  
Debt Sustainability ◽  
Low Income Country ◽  
Sustainability Framework

This paper reviews the experience with the joint IMF-World Bank Debt Sustainability Framework for low-income countries, including cooperation between the staffs, and highlights the implications of the Multilateral Debt Relief Initiative.

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