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Essay / Research Paper Abstract
This paper focuses on various ideas regarding foreign debt, including dealing with debt among low-income and middle-income countries, the IMF's HIPC Initiative and the concepts of debt overhang and sustainability. Bibliography lists 8 sources.
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8 pages (~225 words per page)
File: D0_MTdebtfo.rtf
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counterparts. The reason for these debt defaults are numerous, but the most compelling reason is that the countries simply cannot afford to replay their debts because of illness and resources
that need to be directed toward treating those illnesses - for example, AIDS is rife throughout the African continent; and financial resources, out of necessity, are being funneled toward research
and hopefully eradication of the disease. Other reasons for defaulting involve dictatorial governments and general poverty, not to mention mother nature. It
is, for example, tough to extract a debt from an agrarian country when that country has been struggling with drought problems, and therefore, reduced crop yield, for years. What, then,
should be done about this situation? Should debt continued to be assessed against these countries, or forgiven? This paper will explore various issues pertaining to this topic. An overview on
international debt No one indicator can provide a complete analysis of the debt situation of a particular country (Debt/Gross National Product, 2002).
That debt is one of the main stumbling blocks preventing Least Developed Countries - LDCs - from obtaining social and economic development goals cannot be disputed (Debt Reduction for Poverty
Eradication in the Least Developed Countries, 2002). Although the International Monetary Fund (IMF) and World Bank have developed the Heavily Indebted Poor Countries (HIPC) Initiative to help relieve some of
these LDCs of their debt burdens, there are other countries that dont meet the HIPC Initiative standards, yet have debt that exceeds their repayment capacity (Debt Reduction for Poverty Eradication
in the Least Developed Countries, 2002). These countries suffering from debt unsustainability - in other words, there is absolutely no chance that these countries will be able to pay off
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