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PostHIPC Debt Sustainability and Commonwealth HIPCs

image of PostHIPC Debt Sustainability and Commonwealth HIPCs
The debt problem facing poor countries has been at the heart of Commonwealth concerns since the 1980s. The Heavily Indebted Poor Countries (HIPC) Initiative has made important strides in providing comprehensive debt relief to the world’s poorest, most heavily indebted countries, cutting the total external debt of 26 out of the 42 eligible countries by twothirds.



The report presents discussions held at the 2003 Dar es Salaam HIPC Ministerial Forum and calls for a number of actions to deal with both immediate concerns and the issues surrounding longterm debt sustainability in HIPCs.

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Participation of Smaller Creditors

Of the total cost of providing HIPC debt relief, the share of the larger creditors – Paris Club, World Bank Group, IMF, African Development Bank and Inter-American Development Bank – is estimated at $20.4 billion for 26 decision point countries and $29.6 billion for 34 projected countries. These larger creditors are providing HIPC relief. However, securing the participation of the smaller creditors, whose share accounts for about 20 per cent of the total, has proved difficult.

English

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