Developing countries : the United States has not fully funded its share of debt relief, and the impact of debt relief on countries' poverty-reducing spending is unknown : report to congressional requesters.

In 1996, the Heavily Indebted Poor Countries (HIPC) Initiative was created to provide debt relief to poor countries that had reached unsustainable levels of debt. In 2005, the Multilateral Debt Relief Initiative (MDRI) expanded upon the HIPC Initiative by eliminating additional debt owed to four int...

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Bibliographic Details
Corporate Author:	United States. Government Accountability Office
Other Authors:	Melito, Thomas
Format:	Government Document eBook
Language:	English
Published:	[Washington, D.C.] : U.S. Govt. Accountability Office, [2009]
Subjects:	United States. > Department of the Treasury > Rules and practice > Evaluation. World Bank. International Monetary Fund. Debt relief > Developing countries. Debts, External > Developing countries. Economic assistance, American > Developing countries.
Online Access:	https://purl.fdlp.gov/GPO/LPS112076

Description
Summary:	In 1996, the Heavily Indebted Poor Countries (HIPC) Initiative was created to provide debt relief to poor countries that had reached unsustainable levels of debt. In 2005, the Multilateral Debt Relief Initiative (MDRI) expanded upon the HIPC Initiative by eliminating additional debt owed to four international financial institutions (IFI): the International Monetary Fund (IMF), World Bank's International Development Association (IDA), African Development Fund (ADF), and Inter-American Development Bank (IaDB). These four IFIs are projected to provide $58 billion in total debt relief to 41 countries. GAO (1) analyzed the U.S. financing approach for debt relief efforts; (2) reviewed the extent to which MDRI might affect resources available to countries for poverty-reducing activities; and (3) assessed revisions to the analyses conducted by the World Bank and IMF to review and promote future debt sustainability. GAO analyzed Treasury, IFI, and country documents and data, and interviewed officials at Treasury and the four IFIs. To address limitations in the U.S. approach for financing MDRI, GAO recommends that the Secretary of the Treasury consider the use of different funding options, such as requesting separate appropriations from Congress. Treasury responded that it is open to considering alternative MDRI funding approaches in the future.
Item Description:	Title from title screen (viewed on Mar. 2, 2009). "GAO contact, Thomas Melito" -- P. 78. "January 2009." "GAO-09-162." Electronic resource.
Physical Description:	iv, 79 pages : digital, PDF file.
Format:	System requirements: Adobe Acrobat Reader. Mode of access: Internet from GAO web site. Address as of 3/2/2009: http://www.gao.gov/new.items/d09162.pdf ; current access available via PURL.
Bibliography:	Includes bibliographical references.