Long-term debt sustainability in low-income countries : the HIPC initiative revisited

Foreword 1. Introduction 2. Long-term Debt Sustainability in Developing Countries H.K.R. Amani 2.1 Introduction 2.2 An Overview of Debt and Debt Sustainability 2.3 Domestic Debt Issues 2.4 Debt Sustainability Measures 2.5 The HIPC Initiative and Debt Sustainability 2.6 Conclusion 3. Long-term Debt Sustainability of Public Debt in Sub-Saharan Africa Njuguna S. Ndung'u 3.1 Introduction 3.2 The Magnitude of the Debt Problem in Sub-Saharan Africa 3.3 Sustainability of Public Debt 3.4 Conclusion 4. Life After Debt Relief: Sustainable Debt and Poverty Alleviation Matthew Odedokun 4.1 Introduction 4.2 Evolution of the Concept of Debt Sustainability and Literature Review 4.3 Overview of the Debt Sustainability Situation after the HIPC Completion Point 4.4 The Existing Stock and Composition of Debt at the Completion of Debt Relief and Post-Completion Point Sustainability 4.5 Domestic Economic Performance and Fiscal-cum-External Payment Capacity after Debt Relief and Post-Relief Debt Sustainability 4.6 Growth, Composition and Terms of New External Finance, and Post-HIPC Completion Point Sustainability 4.7 Summary and Conclusion 5. Realignment of Debt Service Obligations and Ability to Pay in Concessional Lending: Feasibility and Modalities Christopher L. Gilbert and Alexandra Tabova 5.1 Introduction 5.2 Structure 5.3 Commodity Swaps and Swaptions 5.4 The Hedge Ratio 5.5 Welfare Analysis 5.6 Simulations 5.7 Discussion of the Results 5.8 Conclusion Appendix 5.1: Country Studies 6. Sustainable Debt: What Lessons Can be Learnt from the Current HIPC Initiative? Anna Msutze 6.1 Introduction 6.2 The Stated Objective of the Enhanced HIPC Initiative 6.3 The HIPC Initiative and Resources for Social Sector Expenditure 6.4 Delivery of the HIPC Debt Relief