Abstract
Since the 2000s, a growing number of Small Island Developing States (SIDS) have undertaken debt restructuring in the face of high and increasingly unsustainable debt. This chapter examines the current debt restructuring mechanisms available to SIDS and the extent to which using these mechanisms has provided debt relief. The chapter focuses on SIDS that have undertaken comprehensive debt restructuring since the start of the 2000s and assesses whether debt restructuring has met their objective of placing their debt on a downward trajectory so as to restore debt sustainability over the medium term.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
African Development Bank. 2010. Approves USD 10 Million for Credit Guarantee Programme for the Seychelles. African Development Bank, February 17. http://www.afdb.org/en/news-and-events/article/approves-usd-10million-for-creditguarantee-programme-for-the-seychelles-6326/.
Government of Jamaica. 2010. “Jamaica Debt Exchange—Investor Presentation.” Ministry of Finance. January 14. http://www.mof.gov.jm/sites/default/files/JDX_Investor_Presentation.pdf.
International Monetary Fund (IMF). 2004a. Dominica: First Review under the Three-Year Arrangement Under the Poverty Reduction and Growth Facility and Financing Assurances Review Staff Report; Press Release; and Statement by the Executive Director. IMF Country Report, Washington, DC: International Monetary Fund.
—. 2004b. Progress Report to the International Monetary and Financial Committe on Crisis Resolution—April 2004. Report to the IMFC Committee, Washington, DC: International Monetary Fund.
—. 2005. Progress Report to the International Monetary and Financial Committee on Crisis Resolution—April 2005. Report to IMFC, Washington, DC: International Monetary Fund.
—. 2012a. St. Kitts and Nevis—First Review Under the Stand-By Arrangement and the Financing Assurances Review and Request for Waivers of Applicability and Modification of Performance Criterion—Staff Report and Press Release. IMF Country Report No. 12/51, Washington, DC: International Monetary Fund.
—. 2012b. St. Kitts and Nevis—Second Review under the Stand by Arrangement and the Financing Assurances Review, and Request for Waivers of Applicability—Staff Report and Press Release. IMF Country Report No. 12/196, Washington, DC: International Monetary Fund.
—. 2013. Regional Economic Outlook: Western Hemisphere—October2013. Washington, DC: International Monetary Fund.
—. 2014. World Economic Outlook. Washington, DC: International Monetary Fund.
Jamaica Observer. 2010. “Editorial—Support for the Debt Exchange.” Jamaica Observer, January 13. http://www.jamaicaobserver.com/editorial/Editorial-for-Jan-13_7323967.
Paris Club. 2009. Seychelles: Debt Treatment—April 16, 2009. http://www.club-deparis.org/sections/traitements/seychelles-20090416/viewLanguage/en.
—. 2010. Antigua and Barbuda: Debt Treatment—September 16, 2010. http://www.clubdeparis.org/sections/traitements/b-20100916/viewLanguage/en.
—. 2012. Saint Kitts and Nevis: Debt Treatment—May 24, 2012. http://www.clubdeparis.org/sections/traitements/saint-christophe-nieves/viewLanguage/en.
Robinson, Michele. 2013. “Assessment of Debt Restructuring Operations in Commonwealth Small States.” In Small States Digest, by Commonwealth Secretariat, 10–21. London: Commonwealth Secretariat.
Copyright information
© 2014 Damien King and David F. Tennant
About this chapter
Cite this chapter
Robinson, M. (2014). Does Debt Restructuring Work? An Assessment of Remedial Action in SIDS. In: Debt and Development in Small Island Developing States. Palgrave Macmillan, New York. https://doi.org/10.1057/9781137392787_9
Download citation
DOI: https://doi.org/10.1057/9781137392787_9
Publisher Name: Palgrave Macmillan, New York
Print ISBN: 978-1-349-48479-9
Online ISBN: 978-1-137-39278-7
eBook Packages: Palgrave Economics & Finance CollectionEconomics and Finance (R0)