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Views from the Center

CGD experts offer ideas and analysis to improve international development policy. Also check out our Global Health blog and US Development Policy blog.

 

Another Debt Crisis for Poor Countries?

When the world’s finance ministers and central bank governors assemble in Washington later this month. they would do well to focus on another looming debt crisis that could hit some of the poorest countries in the world, many of whom are also struggling with problems of conflict and fragility and none of which has the institutional capacity to cope with a major debt crisis without lasting damage to their already-challenged development prospects.

The Importance of Domestic Resource Mobilization for Debt Sustainability

Even for countries that are far away from graduating from foreign aid, the importance of domestic resource mobilization for maintaining macroeconomic stability and sustained economic growth is well documented. A look at the experience of countries that have received HIPC debt relief validates this point and underlines the need for attaching a high priority to tax policies and practices in international assistance programs for low income countries.

Complying with or Circumventing Conditionality: Two Cases of IMF and Sub-Saharan Africa Country Partnership

The purpose of this presentation was to use two cases of IMF-supported program conditionality to animate a discussion of the bridge between first-best policy advice and on-the-ground development policy in country-specific political economy contexts. Having been involved as Minister of Finance in the Liberia case, and as Director of the Fund’s African Department in the Mozambique case, I approach the issue from both an outside- and an inside-the-IMF perspective.

Moving from Rhetoric to Action to Improve Statistical Data in Africa

International Monetary Fund Deputy Chief Roberto Rosales announced Monday a plan to encourage more countries to publish their economic and financial data in a timely manner, addressing concerns that essential information in developing countries and emerging markets is inaccurate and out of date. The IMF would require countries that adhere to the less stringent of two IMF data-reporting standards to publish their data according to an advance release calendar, as countries on the more stringent standards do.

On Sudan Debt: Devil Is in the Details

This is a joint post with Wren Elhai.

What everyone was expecting is now official. On July 9th, South Sudan will become the world’s newest country. But while the date is certain, there are still plenty of details to be worked out. There is no deal as of yet on sharing Sudan’s oil wealth, or on its nearly $40 billion in external debt. Successful resolution of the debt issue acceptable to both north and south and the international community is crucial to the success of the new nation and to avoiding a resumption of the long and bloody civil war.

Liberia’s Debt Relief Party

This week, Liberians celebrated in the streets – faces painted, drums blaring, and dancing with abandon.  They’re not rejoicing over some recent triumph by the Liberian soccer team or a local festival.  The streets of Monrovia were overflowing because of debt relief.  That’s right, debt relief.  On Tuesday, Liberia secured nearly $5 billion in irrevocable debt relief from the World Bank, IMF, African Development Bank, and bilateral creditors.  It’s a massive sum

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