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Debt Relief Delivery and MDB Lending to LICs

Debt Relief Delivery and MDB Lending to LICs. Thor-Jürgen Greve Løberg MDB Meeting on Debt Issues July 9 & 10, 2008. Rationale and purpose. The HIPC Initiative creates need for mechanism to collect comprehensive info on provision of MDB debt relief

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Debt Relief Delivery and MDB Lending to LICs

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  1. Debt Relief Delivery and MDB Lending to LICs Thor-Jürgen Greve Løberg MDB Meeting on Debt Issues July 9 & 10, 2008

  2. Rationale and purpose • The HIPC Initiative creates need for mechanism to collect comprehensive info on provision of MDB debt relief • Commitments by multilateral institutions to provide proportionate share of debt relief • Improved access to reliable MDB debt data • Facilitates effective and transparent monitoring of debt relief delivery • Captures the evolution of the debt situation in HIPCs • Serves as a foundation for the analysis of debt-related issues, e.g. debt sustainability analyses

  3. Brief history • Decision to develop system made in June 2003 • Reporting template piloted in December 2005 • Adopted for use in June 2006 • Submission deadline extended 3 times to early 2007 • Total of 5 MDBs reported

  4. Possible factors • Original template too detailed • Capacity or willingness issues

  5. Proposal for new approach to address the possible factors • Simplified reporting template for debt relief • Lower level of detail • While retaining ability to evaluate impact of HIPC/MDRI debt relief • Separate reporting template for new flows • Bank/Fund division of labour • Prototype of simplified reporting template for debt relief on basis of existing data sources

  6. Original objectives still valid • Easily accessible data for all on debt relief delivered • Ability to monitor evolution of the debt situation

  7. Key elements of new approach I • Simplified approach • Aggregated data on a country basis • In accordance with currency and/or instrument • Simplified input sheet • Focus on before- and after-HIPC (excludes intermediate stages) & maximum use of automation • Captures essential information • Flows before & after HIPC/MDRI • NPV of debt & stock of debt in nominal terms • Arrears

  8. Key elements of new approach II • Reduced data entry burden for MDBs • Maximum use of existing sources (e.g. prior reporting from compliant MDBs & HIPC DSAs) • Publication of information • HIPC/MDRI progress report (by extension IMF and WB websites) • Strict publication deadlines

  9. Next steps • Input for the “HIPC/MDRI Status of Implementation Report” for 2009 • Implies that end-2008 data must be submitted by April 2009

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