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Overcoming Developing Country Debt Crises$
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Barry Herman, José Antonio Ocampo, and Shari Spiegel

Print publication date: 2010

Print ISBN-13: 9780199578788

Published to Oxford Scholarship Online: May 2010

DOI: 10.1093/acprof:oso/9780199578788.001.0001

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Ethiopian Debt Policy

Ethiopian Debt Policy

The Long Road from Paris Club to the MDGs

(p.277) 10 Ethiopian Debt Policy
Overcoming Developing Country Debt Crises

Matthew Martin

Oxford University Press

This chapter takes us through the revealing case in point of how Ethiopia's debt burden was lifted. It traces the laborious process that the government underwent in eight separate debt renegotiation rounds in the Club from 1992 to 2004, four of them before the HIPC Initiative was launched and four as part of the Initiative. The final decision on HIPC relief for Ethiopia was then followed by a further reduction in debt under the MDRI, which cancelled almost all of Ethiopia's remaining external debt. Within the context of the donors' slow recognition of the need for deeper relief, the chapter emphasizes how important it was that the Ethiopian debt management team gained the capacity and confidence to independently make its own debt sustainability assessments. Ethiopia thus became better able to advocate for itself in negotiations in the Bretton Woods institutions and with its government creditors on how much relief it required.

Keywords:   Ethiopia, debt, relief, Millennium Development Goals, heavily indebted poor countries, Multilateral Debt Relief Initiative

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