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Towards HIPC 2.0? Lessons from Past Debt Relief Initiatives for Addressing Current Debt Problems

  • Dennis Essers EMAIL logo and Danny Cassimon
Published/Copyright: September 14, 2022
Journal of Globalization and Development
From the journal Journal of Globalization and Development Volume 13 Issue 2

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. While the HIPC initiative appears to have been a qualified success, its replication in the current context would be infeasible and undesirable. Creditor base heterogeneity justifies a more flexible, differentiated approach to debt restructuring. Yet, the HIPC experience holds valuable lessons. “Delay and replay” tendencies should be avoided. Involving commercial creditors is a real challenge, requiring carrots and sticks. And imposing extra conditionality on debt relief proceeds could be helpful but should not be overdone. Even if the Common Framework is unlikely to suffice in case of a systemic debt crisis, its inter-creditor dialogue could perhaps serve as the basis for a more inclusive advisory body or forum for debt restructuring.

Keywords: public debt; debt relief; Heavily Indebted Poor Countries initiative; Debt Service Suspension Initiative; G20 Common Framework
Corresponding author: Dennis Essers, Economics and Research Department, National Bank of Belgium, 1000 Brussel, Belgium, E-mail:

Acknowledgements

The views expressed in this paper are those of the authors and do not necessarily reflect the views of the National Bank of Belgium or the Eurosystem. We thank Ugo Panizza and Andrea Presbitero for inviting us to write this paper and are grateful to an anonymous referee, our discussant Silvia Marchesi and other JGD workshop participants for very useful comments and suggestions.

Appendix
Figure A1: Evolution of key variables for the group of non-HIPC DSSI-eligible countries: Public external debt-to-GDP ratio. (A), share of external debt owed to official and non-official Chinese creditors (B), share of external debt owed to commercial creditors (C), external debt service-to-revenue ratio (D), real GDP growth (E), and overall CPIA scores (F). Sources: IMF, World Bank, authors’ calculations.
Figure A1:

Evolution of key variables for the group of non-HIPC DSSI-eligible countries: Public external debt-to-GDP ratio. (A), share of external debt owed to official and non-official Chinese creditors (B), share of external debt owed to commercial creditors (C), external debt service-to-revenue ratio (D), real GDP growth (E), and overall CPIA scores (F).

Sources: IMF, World Bank, authors’ calculations.

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Received: 2021-07-05
Accepted: 2022-04-27
Published Online: 2022-09-14

© 2022 Walter de Gruyter GmbH, Berlin/Boston

Articles in the same Issue

  1. Frontmatter
  2. Symposia_Articles
  3. Towards HIPC 2.0? Lessons from Past Debt Relief Initiatives for Addressing Current Debt Problems
  4. A Mountain of Debt: Navigating the Legacy of the Pandemic
  5. Policy Analysis
  6. Debt Dynamics in Emerging and Developing Economies: Is R − G a Red Herring?
  7. Symposia_Article
  8. The Political Economy of Bilateral Lending from Emerging Creditors
  9. Research Foundation
  10. The Odious Haitian Independence Debt
  11. Policy Analysis
  12. On the Potential of Sovereign State-Contingent Debt in Contributing to Better Public Debt Management and Enhancing Sustainability Outcomes
  13. Symposia_Article
  14. Overcoming Original Sin
  15. Symposium
  16. Sovereign Debt Restructuring: The Way Forward
https://doi.org/10.1515/jgd-2021-0051
Keywords for this article
public debt; debt relief; Heavily Indebted Poor Countries initiative; Debt Service Suspension Initiative; G20 Common Framework

Articles in the same Issue

  1. Frontmatter
  2. Symposia_Articles
  3. Towards HIPC 2.0? Lessons from Past Debt Relief Initiatives for Addressing Current Debt Problems
  4. A Mountain of Debt: Navigating the Legacy of the Pandemic
  5. Policy Analysis
  6. Debt Dynamics in Emerging and Developing Economies: Is R − G a Red Herring?
  7. Symposia_Article
  8. The Political Economy of Bilateral Lending from Emerging Creditors
  9. Research Foundation
  10. The Odious Haitian Independence Debt
  11. Policy Analysis
  12. On the Potential of Sovereign State-Contingent Debt in Contributing to Better Public Debt Management and Enhancing Sustainability Outcomes
  13. Symposia_Article
  14. Overcoming Original Sin
  15. Symposium
  16. Sovereign Debt Restructuring: The Way Forward
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