Paper Summary:

This paper reviews the Heavily Indebted Poor Countries initiative (HIPC) and discusses whether or not the program is really working or, like so many other initiatives, is letting the developing world down. The paper concludes that, while far from perfect, the HIPC has worked exceptionally well in some nations and has given those countries at least a partial lease on their own futures.

From the Paper:

"Lastly, a few brief passages need to be devoted to a review of how HIPC, far from debilitating the nation of Senegal, may actually have saved it from further government sloth and irresponsibility. For example, the IMF announced in early 2005 that Senegal was finally employing macro-economic policies that offered better prospects for the future. To wit, the regional central bank's monetary polices were finally achieving price stability and "prudent" fiscal programs put in place by the government were belatedly resulting in greater efficiency (courtesy privatization) and in appreciable GDP growth. Before drawing this section of the paper to a close, it must also be pointed out that HIPC - and particularly the closely-watching eye of international organizations such as the IMF - seem to have encouraged a new age in political stability within Senegal, the sort of political stability that has sparked foreign investors to take a renewed interest in that land (Ford, 52-53). Much-maligned though it is, HIPC is certainly a means by which wayward states can be compelled to introduce much-needed reforms that better the lives of their citizens."

Sample of Sources Used:

• Asmah, George F. "Ghana: Highway to heaven?" New African Aug/Sept. 2004: 28-29.
• Christoff, Joseph A. Developing Countries: Achieving Poor Countries' Economic Growth and Debt Relief Targets Faces Significant Financing Challenges: GAO-04-405. Washington, DC: Government Accounting Office, 2005.
• "Country Risk Summary: GUYANA." Latin America Monitor: Caribbean Monitor, 21.2 (2004): 4.
• Ford, Neil. "Senegal." African Business, Jan. 2005: 52-53.
• Kamalakshi, Mehta. "Through African Eyes." World Link 14.2 (2001): 36-37.

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