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Debt and conditionality : multilateral debt relief initiative and opportunities for expanding policy space
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Tan, Celine (2007) Debt and conditionality : multilateral debt relief initiative and opportunities for expanding policy space. Discussion Paper. Penang: Third World Network. TWN Global Economy Series (9).
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Official URL: http://www.twn.my/title2/ge/GE09.pdf
Abstract
The Multilateral Debt Relief Initiative (MDRI) was introduced in September 2005 to operationalise the political outcome of deliberations at the G8 summit in Gleneagles in July 2005. The MDRI is to provide 100% cancellation of eligible debt stock owed by eligible countries to four multilateral financial institutions – the International Development Association (IDA), the concessional lending arm of the World Bank, the International Monetary Fund (IMF), the African Development Fund (ADF) and the Inter-American Development Bank (IDB)1 – and is separate from but linked operationally to the enhanced Heavily Indebted Poor Countries initiative (HIPC-I).
This debt reduction is additional to the debt relief granted under the HIPC-I and taken together, it is expected that an estimated 40 eligible countries have already been or will be relieved of a significant amount of debt stock in the near future. The World Bank and the IMF estimate that both the HIPC-I and the MDRI will clear a total of close to US$90 billion in debt owed by developing countries to bilateral and multilateral creditors (Eurodad, 2006; IDA and IMF, 2006: paras 27-32). Twenty-one countries have already had their eligible debt from the IDA and the IMF written off and nine other countries are expected to complete the process in the near future. A further 10 countries have met the eligibility criteria for HIPC and are potentially eligible for MDRI relief in the future.
| Item Type: | Working or Discussion Paper (Discussion Paper) | ||||
|---|---|---|---|---|---|
| Divisions: | Faculty of Social Sciences > School of Law | ||||
| Series Name: | TWN Global Economy Series | ||||
| Publisher: | Third World Network | ||||
| Place of Publication: | Penang | ||||
| ISBN: | 9789832729853 | ||||
| Official Date: | 2007 | ||||
| Dates: |
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| Number: | 9 | ||||
| Status: | Peer Reviewed | ||||
| Publication Status: | Published | ||||
| Access rights to Published version: | Open Access (Creative Commons) |
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