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Jie Yang and Dan Nyberg
Despite substantial debt relief to HIPC Initiative completion point countries, long-term debt sustainability remains a challenge. This paper examines a number of structural factors affecting external debt sustainability. It shows that in HIPC completion point countries (i) the export base broadly remains narrow; (ii) fiscal revenue mobilization lags behind in some countries; and (iii) policy and institutional frameworks are still relatively weak. Achieving and maintaining longterm debt sustainability in completion point countries will require continued structural reforms, timely donor support, and close monitoring of new non-concessional borrowing.
Jie Yang and Dan Nyberg

Early 1990s Mid 2000s Number of Percent Number of Percent HIPC CP countries Highly Specialized 8 40 5 25 More Specialized 12 60 14 70 Less Diversified - - 1 5 Highly Diversified - - - - Total 20 100 20 20 Other HIPCs Highly Specialized 3 23 4 31 More Specialized 9 69 7 54 Less Diversified 1 8 2 15 Highly Diversified

International Monetary Fund

FDI and portfolio investments reach the upper bound of low middle-income countries in the medium term (this is very plausible if FDI flows maintain their recent trend in the region); the debt level is kept at the end-2008 level (while Cote d’Ivoire, the largest country in the region, is expected to reduce its debt when it reaches the HIPC completion point (CP), other post- HIPC CP countries are projected to increase their external debt); and reserves are kept around 5 months of imports. Under this alternative scenario, the WAEMU region’s NFA position will be -55

International Monetary Fund
In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.