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External Debt Histories of Ten Low-Income Developing Countries: Lessons from Their Experience
Author:
Mr. Kevin Ross
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Mr. R. Brooks
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Mr. Robert Powell
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Ms. Ydahlia A. Metzgen Quemarez
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Ms. Doris C Ross
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Mr. Mariano Cortes
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Saqib Rizavi null

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Benoit Ketchekmen null

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Ms. Francesca Fornasari
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Series:
IMF Working Papers
Volume/Issue:
Volume 1998: Issue 072
Language:
English
Publication Date:
01 May 1998
DOI:
https://doi.org/10.5089/9781451849318.001
ISBN:
9781451849318
ISSN:
1018-5941
Pages:
140
Keywords:
WP; debt; export; price; Niger; Zambia; External Debt; HIPCs; Low-Income Countries; export base; debt-servicing capacity; export receipt; export concentration; debt problem; Bolivia's export earnings; world oil price projection; oil price projection; concessional terms; commodity price projection; financing needs; prudent debt strategy; Export performance; Debt burden; Exports; Agricultural commodities; Global
Legal-disclaimer:
IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.
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The external debt burden of many low-income developing countries has increased significantly since the 1970s. Developments in a sample of ten countries show that the main factors behind the buildup of debt were (1) exogenous (adverse terms of trade shocks or weather), (2) a lack of sustained macroeconomic adjustment and structural reforms, (3) nonconcessional lending arid refinancing policies of creditors, (4) inadequate debt management, and (5) political factors (civil war and social strife). Future policies should limit the need for external financing and create an environment conducive to diversifying export growth, managing debt more prudently, and basing economic projections on more cautious assumptions.
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Cover IMF Working Papers
IMF Working Papers
ISSN:
1018-5941
Publisher:
International Monetary Fund