There are growing concerns that 25 years after the launch of the HIPC debt relief initiative, many low-income countries are again facing high debt vulnerabilities. This paper compares debt vulnerabilities in LICs today versus those on the eve of the HIPC Initiative and examines challenges to a similarly designed debt-relief framework. While solvency and liquidity indicators in most LICs have steadily worsened in recent years, they remain substantially better on average than they were on the eve of HIPC in the mid-1990s. This said, if current trends persist, debt vulnerabilities in LICs could (but would not necessarily) reach levels comparable to the pre-HIPC era over the medium- to long-term. Today’s more complex creditor landscape makes coordination challenging. It is therefore essential for countries to reduce today’s debt burdens promptly through economic reform, lowering the cost of financing, and debt restructuring on a case-by-case basis. The international community should also step up efforts to improve debt restructuring processes, including the G20 Common Framework, to ensure that debt relief is delivered in a timely and efficient manner where it is needed.
Founded by French military entrepreneur Antoine Laumet de Lamothe Cadillac in 1701, colonial Detroit was occupied by thousands of French settlers who established deep roots on both sides of the river. The city's unmistakable French past, however, has been long neglected in the historiography of New France and French North America. Exploring the French colonial presence in Detroit, from its establishment to its dissolution in the early nineteenth century, Fruits of Perseverance explains how a society similar to the rural settlements of the Saint Lawrence valley developed in an isolated place and how it survived well beyond the fall of New France. As Guillaume Teasdale describes, between the 1730s and 1750s, French authorities played a significant role in promoting land occupation along the Detroit River by encouraging settlers to plant orchards and build farms and windmills. After New France's defeat in 1763, these settlers found themselves living under the British flag in an Aboriginal world shortly before the newly independent United States began its expansion west. Fruits of Perseverance offers a window into the development of a French community in the borderlands of New France, whose heritage is still celebrated today by tens of thousands of residents of southwest Ontario and southeast Michigan.
This book is a volume in the Penn Press Anniversary Collection. To mark its 125th anniversary in 2015, the University of Pennsylvania Press rereleased more than 1,100 titles from Penn Press's distinguished backlist from 1899-1999 that had fallen out of print. Spanning an entire century, the Anniversary Collection offers peer-reviewed scholarship in a wide range of subject areas.
There are growing concerns that 25 years after the launch of the HIPC debt relief initiative, many low-income countries are again facing high debt vulnerabilities. This paper compares debt vulnerabilities in LICs today versus those on the eve of the HIPC Initiative and examines challenges to a similarly designed debt-relief framework. While solvency and liquidity indicators in most LICs have steadily worsened in recent years, they remain substantially better on average than they were on the eve of HIPC in the mid-1990s. This said, if current trends persist, debt vulnerabilities in LICs could (but would not necessarily) reach levels comparable to the pre-HIPC era over the medium- to long-term. Today’s more complex creditor landscape makes coordination challenging. It is therefore essential for countries to reduce today’s debt burdens promptly through economic reform, lowering the cost of financing, and debt restructuring on a case-by-case basis. The international community should also step up efforts to improve debt restructuring processes, including the G20 Common Framework, to ensure that debt relief is delivered in a timely and efficient manner where it is needed.
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