First, it is important to look at what the HIPC Initiative is. The HIPC Initiative is a comprehensive approach to debt reduction for poor countries that requires the participation of all creditors. Its goal is to ensure that no poor country faces a debt burden it cannot manage. Central to the HIPC Initiative is each country’s continued effort toward macroeconomic adjustment and structural and social policy reforms. In addition, the initiative focuses on ensuring additional finance for social sector programs, primarily basic health and education. Following a comprehensive review of the HIPC Initiative, a number of modifications were approved in September 1999 to provide faster, deeper and broader debt relief and strengthen the links between debt relief, poverty reduction and social policies.
So, why was the HIPC Initiative created? It has been well recognized that the external debt... [continues]
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