IMF Country report No. 10/380 and World Bank Report No. 57893-GW.
Algeria, China and Cuba provided full debt cancellation.
Following debt relief at completion point, PPG external debt decreased from 121.9 percent of GDP in 2009 to 19.1 percent of GDP in 2010.
The most extreme shock is calibrated as export value growth at historical average minus two standard deviations in 2012–2013 or as a one-time 30 percent nominal currency depreciation relative to the baseline in 2012.
The results under the historical scenario (where key variables are held constant at their 10-year historical level) show much more rapid decrease in debt indicators than in other scenarios. However, these results are subject to considerable uncertainty, because the underlying data come from the post-conflict period and are not reliable.
Shock is calibrated as real GDP growth and the primary balance at their historical averages minus one half standard deviations.