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Mr. Michael G. Kuhn

Abstract

The debt strategy has been successful in resolving the global debt crisis. Almost all of the major debtor countries have put their external debt problems behind them. They have regained access to normal international capital flows, and have returned to healthy rates of economic growth.

Mr. Jorge P. Guzmán and Mr. Michael G. Kuhn

Abstract

This paper reviews trends in official debt rescheduling and recent experience with debt renegotiations in the face of the persistent problems of heavily indebted developing countries.

Mr. Jorge P. Guzmán and Mr. Michael G. Kuhn

Abstract

This paper reviews recent developments in multilateral official debt restructuring during 1988 and 1989.1 This period was marked by two significant trends: debtor countries increasingly relied on debt reschedulings through the Paris Club and official creditors further adapted their policies in response to protracted problems in the most heavily indebted low-income countries.2

Mr. Jorge P. Guzmán and Mr. Michael G. Kuhn

Abstract

From 1976 through 1989, 50 debtor creditors concluded 150 multilateral rescheduling agreements with official creditors for a cumulative cash-flow relief of nearly $110 billion.4 During the first half of the 1980s, Paris Club creditors consolidated $19 billion in 46 reschedulings for 21 countries. Activity in the Paris Club more than doubled during the second half, as 45 debtor countries obtained 93 rescheduling agreements and the amount consolidated by official creditors more than quadrupled to $85 billion.

Mr. Jorge P. Guzmán and Mr. Michael G. Kuhn

Abstract

Official creditors have provided cash-flow relief to a large number of low-income countries through Paris Club reschedulings. SAF- and ESAF-eligible countries account for half of the Paris Club rescheduling countries but were involved in nearly two thirds of the reschedulings since 1976, as most of these countries had repeatedly sought relief from the Paris Club (Chart 6). Generally the reschedulings for these countries were more comprehensive in coverage and percentage of debts rescheduled than those for other creditors. However, given the protracted nature of their balance of payments problems, many of these countries experienced serious difficulties in adhering to the repayment schedules from previous agreements, largely because, as creditors recognized, the repeated application of standard terms over a long period had not provided an adequate response to the medium-term debt-servicing problems of the poorest and most heavily indebted countries.

Mr. Jorge P. Guzmán and Mr. Michael G. Kuhn

Abstract

Paris Club negotiations have always given special consideration to the principle that the debtor country should seek comparable treatment from its various creditors, and comparability has long been a standard feature in the Paris Club Agreed Minutes. Paris Club creditors expect a debtor to obtain comparable relief from all other creditor groups to which it has significant debt-service obligations with the notable exception of the multilateral institutions, whose preferential status has long been accepted by official creditors.

Mr. Christopher J. Jarvis, Mr. Balázs Horváth, and Mr. Michael G. Kuhn

Abstract

This study discusses the importance of export credits, their recent growth, and the trend toward more extensive reliance by official bilateral creditors on export credits as an instrument of financial support, and raises a number of issues regarding the role and limitations of export credit financing, espeically for economies in transition.

Mr. Christopher J. Jarvis, Mr. Balázs Horváth, and Mr. Michael G. Kuhn

Abstract

Export credit agencies play a critical role in financing for developing countries. Their primary objective is the promotion of national exports through insurance or direct extension of export credits, but their support for exporters also gives importers in developing countries access to finance in situations and on terms that are not available from private markets.

Mr. Christopher J. Jarvis, Mr. Balázs Horváth, and Mr. Michael G. Kuhn

Abstract

This chapter examines recent trends and developments in officially supported export credits. The basic features of official support for export credits and the institutional arrangements for providing official export credit support, which differ widely from country to country, are summarized in Boxes 1 and 2.2 Box 1 also contains background material on the basic principles underlying officially supported export credits, explanations of some of the key concepts used in the paper, and a description of the main instruments used by export credit agencies.