Abstract
The external debt burden of many low- and middle-income developing countries has increased significantly since the 1980s.1 This prompted the multilateral Paris Club and other official bilateral and commercial creditors to design a framework in 1996 to provide special assistance for heavily indebted poor countries (HIPCs) for whom traditional debt relief mechanisms (provided under the Paris Club’s Naples terms) are not sufficient.2 In return, these countries agreed to pursue IMF- and World Bank-supported adjustment and reform programmes and meet specific policy and performance criteria.
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Chowdhury, A.R. (2004). External Debt, Growth and the HIPC Initiative: Is the Country Choice Too Narrow?. In: Addison, T., Hansen, H., Tarp, F. (eds) Debt Relief for Poor Countries. Studies in Development Economics and Policy. Palgrave Macmillan, London. https://doi.org/10.1057/9780230522329_8
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DOI: https://doi.org/10.1057/9780230522329_8
Publisher Name: Palgrave Macmillan, London
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