DEBT SUSTAINABILITY FRAMEWORK FOR LOW INCOME COUNTRIES : POLICY AND RESOURCE IMPLICATIONS - Part 2

Chia sẻ: Nguyen Nhi | Ngày: | Loại File: PDF | Số trang:12

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DEBT SUSTAINABILITY FRAMEWORK FOR LOW INCOME COUNTRIES : POLICY AND RESOURCE IMPLICATIONS - Part 2

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The Thirteenth Replenishment Agreement of the World Bank’s International Development Association (IDA), covering the period 2003-5 inclusive, introduced grant financing for the first time in IDA’s 40-year history. The Agreement recognized that unsustainable levels of debt should be a criterion for eligibility of grants for low-income borrowers, along with criteria such as the exigencies of natural disasters, conflict and the HIV/AIDS pandemic. In IDA 13, each borrower was subject to a cap of grant funding equivalent to 40 percent of its total IDA allocation. The exact percentage depended on the criteria used to determine grant eligibility such as unsustainable...

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