Developing Countries: Challenges Confronting Debt Relief and IMF Lending to Poor Countries

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Testimony issued by the General Accounting Office with an abstract that begins "The Heavily Indebted Poor Countries (HIPC) Initiative and the International Monetary Fund's concessional (below-market terms) lending facility--the Poverty Reduction and Growth Facility--are two multilateral programs intended to help spur economic growth and reduce poverty in low-income countries, most notably countries in sub-Saharan Africa. The HIPC Initiative represents a step forward in the international community's efforts to relieve poor countries of their heavy debt burdens. It does so by seeking to include all creditors and by providing significant debt relief to recipient countries. Unless strong, sustained economic growth is ... continued below

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United States. General Accounting Office. May 15, 2001.

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Testimony issued by the General Accounting Office with an abstract that begins "The Heavily Indebted Poor Countries (HIPC) Initiative and the International Monetary Fund's concessional (below-market terms) lending facility--the Poverty Reduction and Growth Facility--are two multilateral programs intended to help spur economic growth and reduce poverty in low-income countries, most notably countries in sub-Saharan Africa. The HIPC Initiative represents a step forward in the international community's efforts to relieve poor countries of their heavy debt burdens. It does so by seeking to include all creditors and by providing significant debt relief to recipient countries. Unless strong, sustained economic growth is achieved, however the initiative will not likely provide recipient countries with a lasting exit from their debt problems. Furthermore, as long as the initiative links debt relief to poverty reduction strategies, the tension between quick debt relief and comprehensive country-owned strategies is likely to persist. These issues should not be seen, however, as a reason to abandon efforts to provide debt relief to eligible countries. Heavily indebted poor countries continue to carry unsustainable debt burdens that are unlikely to be lessened without debt relief, but participants and observers need to be more realistic about what the initiative may ultimately achieve. This testimony summarizes two GAO reports--NSIAD-00-161 and GAO-01-581."

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Government Accountability Office Reports

The U.S. Government Accountability Office (GAO) is an independent, nonpartisan agency that works for the U.S. Congress investigating how the federal government spends taxpayers' money. Its goal is to increase accountability and improve the performance of the federal government. The Government Accountability Office Reports Collection consists of over 13,000 documents on a variety of topics ranging from fiscal issues to international affairs.

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  • May 15, 2001

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  • June 10, 2014, 6:42 a.m.

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United States. General Accounting Office. Developing Countries: Challenges Confronting Debt Relief and IMF Lending to Poor Countries, text, May 15, 2001; Washington D.C.. (digital.library.unt.edu/ark:/67531/metadc290359/: accessed September 21, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.