Commodity Prices and the Debt Relief Initiative
This chapter reviews the HIPC debt relief initiative to suggest that unless the commodity price shocks are taken into consideration, many of the beneficiaries may not exit the debt tap. The chapter presents approximate costs of expanding the HIPC Initiative to include all LDCs and SVS, and for considering the declining commodity prices, emphasizing that a permanent solution to the problem of debt crisis lies in the structural shift in composition of the export basket of these countries.
Keywords: commodity price shocks, structural shift, debt tap, debt crisis
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