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There were several stages of strategies to slow and end the crisis. The IMF moved to restructure the payments and reduce government spending in debtor countries. [11] Later it and the World Bank encouraged open markets. [12] [13] Finally, the US and the IMF pushed for debt relief, recognizing that countries could not fully repay the large sums ...
The heavily indebted poor countries (HIPC) are a group of 39 developing countries with high levels of poverty and debt overhang. Because of these factors, the International Monetary Fund (IMF) and the World Bank have classified them as eligible for special assistance. The HIPC Initiative was initiated by the International Monetary Fund and the ...
American economist William Easterly, sceptical of the IMF's methods, had initially warned that "debt relief would simply encourage more reckless borrowing by crooked governments unless it was accompanied by reforms to speed up economic growth and improve governance", according to The Economist. [153]
The IMF expects US public debt to continue rising, helping drive government debt worldwide to close to 100% of global gross domestic product by 2029, from 93% last year.
Poverty Reduction Strategy Papers (PRSPs) are documents required by the International Monetary Fund (IMF) and World Bank before a country can be considered for debt relief within the Heavily Indebted Poor Countries (HIPC) initiative. [1][2] PRSPs are also required before low-income countries can receive aid from most major donors and lenders. [2]
Total debt relief [1] provided by IMF through MDRI lied around US$3.4 billion, in nominal terms. Besides IMF granted Liberia a debt relief of US$172 million as June 30, 2010. "26 HIPC countries that had reached the completion point as of June 2009 will receive $29 billion (in end-2008 net present value terms) in debt relief under the MDRI."
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