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Delivering on Debt Relief: From IMF Gold to a New Aid Architecture
     

Delivering on Debt Relief: From IMF Gold to a New Aid Architecture

by Nancy Birdsall
 
This study brings readers up to date on the complicated and controversial subject of debt relief for the poorest countries of the world. What has actually been achieved? Has debt relief provided truly additional resources to fight poverty? How will the design and timing of the "enhanced Highly Indebted Poor Country (HIPC) initiative" affect the development

Overview

This study brings readers up to date on the complicated and controversial subject of debt relief for the poorest countries of the world. What has actually been achieved? Has debt relief provided truly additional resources to fight poverty? How will the design and timing of the "enhanced Highly Indebted Poor Country (HIPC) initiative" affect the development prospects of the world's poorest countries and their people?

The study then moves on to address several broader policy questions. Is debt relief a step toward more efficient and equitable government spending, building better institutions, and attracting productive private investment in the poorest countries? Who pays for debt relief? Is there a case for further relief? Most importantly, how can the case for debt relief be sustained in a broader effort to combat poverty in the poorest countries?

About the Authors

Nancy Birdsall is the founding President of the Center for Global Development. Prior to launching the center, Birdsall served for three years as Senior Associate and Director of the Economic Reform Project at the Carnegie Endowment for International Peace. Her work at Carnegie focused on issues of globalization and inequality, as well as on the reform of the international financial institutions. From 1993 to 1998, Birdsall was Executive Vice-President of the Inter-American Development Bank, the largest of the regional development banks, where she oversaw a $30 billion public and private loan portfolio. Before joining the Inter-American Development Bank, Birdsall spent 14 years in research, policy, and management positions at the World Bank, most recently as Director of the Policy Research Department. Birdsall is the author, co-author, or editor of more than a dozen books and monographs, including, most recently, Population Matters: Demographic Change, Economic Growth and Poverty in the Developing World , Washington Contentious: Economic Policies for Social Equity in Latin America , and New Markets, New Opportunities? Economic and Social Mobility in a Changing World . She has also written more than 75 articles for books and scholarly journals published in English and Spanish. Shorter pieces of her writing have appeared in dozens of U.S. and Latin American newspapers and periodicals.

Editorial Reviews

Booknews
The first study published by the Institute for the new Center for Global Development, founded in November of 2001. The authors examine the economics of foreign debt and make recommendations for expanding and improving the International Monetary Fund and World Bank endorsed HIPC (heavily indebted poor country) initiative. They argue that the current initiative perversely focuses on improving the performance of recipient countries, failing to address the political and bureaucratic incentives that led donors and creditors to provide unmanageable loans. They recommend expanding debt reduction if debt servicing exceeds two percent of a country's GNP, expanding eligibility for the HIPC Initiative to all low-income countries, and the creation of ten years insurance against being pushed into unsustainability by factors beyond their control. Annotation c. Book News, Inc., Portland, OR (booknews.com)
Dani Rodrik
A hard-headed analytical work that is sensitive to the needs of poor countries. The authors do a wonderful job of sorting their way through a confusing set of issues. Their answers are simple, compelling and powerful.

Gerry Flood
[E]stablishes a solid place for debt relief within the broader development agenda and highlights the role of the Center for Global Development in bridging the gap between campaigners and scholars in the development policy debate.

Product Details

ISBN-13:
9780881324457
Publisher:
Peterson Institute for International Economics
Publication date:
04/15/2002
Sold by:
Barnes & Noble
Format:
NOOK Book
File size:
2 MB

Meet the Author

Nancy Birdsall currently serves on the Institute's Board of Directors and is the founding president of the Center for Global Development (CGD) in Washington, DC, USA. She is also the former executive vice-president of the Inter-American Development Bank. She co-founded CGD in November 2001 with C. Fred Bergsten and Edward W. Scott, Jr. Prior to becoming the President of CGD, Birdsall served for three years as Senior Associate and Director of the Economic Reform Project at the Carnegie Endowment for International Peace.

John Williamson, senior fellow (retired), was associated with the Institute from 1981 to 2012.

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