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Borrowing is a critical source of financing for human and physical investment. Yet for developing countries borrowing presents unique financial challenges the investment it supports often has diffuse and long-term benefits. Going into the COVID-19 crisis, a growing number of developing countries were facing difficulties in managing their debt, which have been aggravated in the wake of the pandemic.
In this body of work, CGD experts address the following questions: How should borrowing be used to overcome the immediate crisis and relaunch a sustainable and resilient recovery? Can debt relief provide a short-term palliative? For how long? When should longer-term debt restructuring be considered? How can the global community deal help developing countries deal with private sector debt? What is the role of “new” official creditors that were not part of previous debt relief initiatives?
Nancy Birdsall gave the closing remarks at the 2004 Conference of the World Bank's Operations and Evaluations Department. The conference focused on the effectiveness of the Bank's policies and reforms. Birdsall discussed her views on reforming donor activities in order to improve foreign aid to poor countries.
On the eve of the London Summit, CGD president Nancy Birdsall discusses what the global development community might reasonably expect from a one-day meeting of the G-20 that is focused on addressing the global economic crisis. Will developing countries' needs be addressed?
CGD senior fellow Steve Radelet, co-chair of the Modernizing Foreign Assistance Network, shares a surprising new analysis of U.S. aid spending (it has fallen sharply in the past two years!) and explains how the next administration can bolster America’s security and reputation through better investments in reducing global poverty, fighting disease, and creating economic opportunity around the globe.
On April 21 Nigeria took final steps to pay off about $30 billion in accumulated debt for about $12 billion-an overall discount of about 60 percent-using foreign reserves from soaring oil prices. Nigeria had racked up arrears during decades of military rule and the debt was seen as a major barrier to President Obasanjo's reform efforts. CGD Research Fellow Todd Moss explains what the completed debt deal could mean for Nigeria's future--and how CGD research helped to make it possible.
Nigeria and the Paris Club of rich-country creditors have announced a deal that will relieve Africa's most populous country of about $18 billion in debt. The deal caps months of work by Nigerian and creditor nation officials. CGD analysis contributed to the outcome.
This week, Chad became the 36th poor country to benefit from the world’s collective response to the debt crises of the 1980s and 1990s. It took years to reach this point, but in the end, Chad received over one billion dollars in irrevocable debt relief under the Heavily Indebted Poor Country (HIPC) Initiative.
CGD President Nancy Birdsall testified before the U.S. Senate Foreign Relations Committee on Tuesday, May 17, 2005 on the Commission for Africa report initiated by Tony Blair. She suggested the U.S. should prepare a package of Africa-related initiatives for the UK-hosted G-8 Summit in July covering areas such as peace and security, advance market commitments for vaccines; debt relief, trade, and aid delivery. Sen. Lugar praised the proposal for an advance market commitment for vaccines. "This is an extraordinary idea and I thank you for bringing it to our attention," he said.
Nigeria and the Paris Club of rich-country creditors have announced a deal that will relieve Africa’s most populous country of about $18 billion in debt. The deal caps months of work by Nigerian and creditor nation officials. CGD analysis contributed to the outcome.