Can debt relief boost growth in poor countries? / Benedict Clements, Rina Bhattacharya, Toan Quoc Nguyen.

Title from title screen (viewed February 13, 2006).

"Published April 2005."

" ... this pamphlet is based [on] "External Debt, Public Investment, and Growth in Low-Income Countries" (IMF Working Paper No. 03/249, December 2003) ... The paper also appeared as a chapter in a book published by the IMF in 2004, Helping Countries Develop: The Role of Fiscal Policy, edited by Sanjeev Gupta, Benedict Clements, and Gabriela Inchauste."

The Heavily Indebted Poor Countries (HIPC) Initiative, launched in 1999 by the IMF and the World Bank, was the first coordinated effort by the international financial community to reduce the foreign debt of the world's poorest countries. It was based on the theory that economic growth in heavily indebted poor countries was being stifled by heavy debt burdens, making it virtually impossible for these countries to escape poverty. However, most of the empirical research on the effects of debt on growth has lumped together a diverse group of countries, and the literature on the countries' impact of debt on poor is scant. This pamphlet presents the findings of the authors' empirical research into the subject, analyzing the channels through which debt affects growth in low-income countries.

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