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This note links the relevance of debt relief to one of the great challenges of our time: achieving the Millennium Development Goals (MDGs). This is not a new point. Many have written, quite eloquently, on the importance of debt relief for the world’s poorest countries as a way to reduce poverty, end hunger, and improve health and education prospects for the world’s poorest people. In this note we emphasize the contribution that a more predictable, longer-term trajectory of debt relief could make for the poorest countries’ potential to achieve the MDGs.
CGD blog posts reflect the views of the authors, drawing on prior research and experience in their areas of expertise. CGD is a nonpartisan, independent organization and does not take institutional positions.
The world is in the throes of a health, economic, and social crisis due to the COVID-19 pandemic. Slower global growth has significantly worsened the economic prospects for all countries, including the poorest ones. Low-income countries (LICs) are also finding it more difficult to service their external debt as well as to access private capital—concessional and non-concessional