Lending Policies of the IMF: HIPC and Debt Relief in Africa
By Nancy Dubosse, AFRODAD
As the issue of aid effectiveness takes centre stage in the context of the looming deadline of the Millennium Development Goals, a spotlight shines on the International Monetary Fund (IMF) lending practices to low-income countries; particularly those in Africa.
This paper provides a brief survey of Africa’s indebtedness and the Highly Indebted Poor Countries (HIPC) programme and an identification of the main conceptual points of disagreement with the Poverty Reduction and Growth Strategy (PRGF) programme, which is a requirement of HIPC, demonstrated with country examples, and recommendations.
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