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Towards HIPC 2.0? Lessons from past debt relief initiatives for addressing current debt problems

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  • Essers, Dennis
  • Cassimon, Danny

Abstract

When the COVID-19 pandemic added to already elevated debt vulnerabilities in low-income countries, the G20 launched the Debt Service Suspension Initiative (DSSI) and the Common Framework for Debt Treatments beyond the DSSI, which have provided limited relief so far. For several countries, deeper and more wide-ranging debt treatments will likely be needed to secure future debt sustainability. This paper looks at the Heavily Indebted Poor Countries (HIPC) initiative, the largest and most comprehensive debt relief effort for low-income countries to date, as a potential reference point for the 2020s.

Suggested Citation

  • Essers, Dennis & Cassimon, Danny, 2021. "Towards HIPC 2.0? Lessons from past debt relief initiatives for addressing current debt problems," IOB Working Papers 2021.02, Universiteit Antwerpen, Institute of Development Policy (IOB).
    • Handle: RePEc:iob:wpaper:2021.02
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    File URL: https://medialibrary.uantwerpen.be/files/8518/b0137847-90ae-4e31-92c8-d170f2551fd5.pdf
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    Cited by:

    1. Silvia Marchesi & Tania Masi & Pietro Bomprezzi, 2024. "Is to Forgive to Forget? Sovereign Risk in the Aftermath of Private or Official Debt Restructurings," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(1), pages 292-334, March.
    2. Raffaele De Marchi, 2022. "Public debt in low-income countries: current state, restructuring challenges and lessons from the past," Questioni di Economia e Finanza (Occasional Papers) 739, Bank of Italy, Economic Research and International Relations Area.

    More about this item

    Keywords

    public debt; debt relief; Heavily Indebted Poor Countries initiative; Debt Service Suspension Initiative; G20 Common Framework; real options;
    All these keywords.

    JEL classification:

    • F34 - International Economics - - International Finance - - - International Lending and Debt Problems
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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