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Financial crises. --- Debts, External. --- Capital market. --- International Monetary Fund.

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Capitalism --- Debts, External --- Economic development --- Economic history --- Globalization --- Income distribution --- Poverty --- History --- Environmental aspects. --- Political aspects.

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Social policy --- Development aid. Development cooperation --- Third World: economic development problems --- World Bank --- Developing countries --- Debts, External --- Debt relief

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This paper looks at the link between fiscal policy and debt sustainability in a number of African countries participating in the Heavily Indebted Poor Countries (HIPC) Initiative. The paper finds that, on the basis of current fiscal policies, debt levels will remain unsustainable even after these countries graduate from the HIPC Initiative. This finding has important policy implications. By the very requirements of the HIPC Initiative, these countries are expected to increase significantly their poverty-reducing expenditure-possibly resulting in weaker fiscal primary balances and worsening debt sustainability outlook. As offsetting fiscal tightening may not be viable, ensuring debt sustainability may thus require increased availability of (nondebt-creating) grants. Otherwise, debt sustainability in HIPC countries may prove elusive in the long term.

Exports and Imports --- Foreign Exchange --- Macroeconomics --- Public Finance --- International Lending and Debt Problems --- Foreign Aid --- Fiscal Policy --- International economics --- Currency --- Foreign exchange --- Debt sustainability --- External debt --- Fiscal stance --- Fiscal policy --- Exchange rate adjustments --- Debts, External --- Mozambique, Republic of

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"When developing countries began experiencing debt problems in the late 1960s, the Paris Club took shape as "ad hoc machinery" to restructure debt from export credit agencies. A decade later the London Club process emerged to handle workouts of commercial bank debt. Restructuring debt in the form of bonds became an issue in the late 1990s in Argentina and several other nations, and the International Monetary Fund recently proposed a permanent mechanism to deal with that challenge."

International finance --- Developing countries --- Debt relief --- Loans, Foreign --- Debts, External --- Dettes --- Prêts étrangers --- Dettes extérieures --- -Loans, Foreign --- -Debts, External --- -336.36 --- Debts, Foreign --- Debts, International --- External debts --- Foreign debts --- International debts --- Debt --- Investments, Foreign --- Foreign loans --- International loans --- Loans, International --- Loans --- Conditionality (International relations) --- Foreign loan insurance --- Debt renegotiation --- Debt rescheduling --- Debt restructuring --- Relief, Debt --- Renegotiation, Debt --- Rescheduling, Debt --- Restructuring, Debt --- Debtor and creditor --- Law and legislation --- Prêts étrangers --- Dettes extérieures