Multilateral Debt: An Emerging Crisis?

Author: Percy Mistry


This study is the first in-depth analysis of a problem which is of growing concern to world financial policymakers. While most attention has been focused on the attempts to alleviate the burdens of both commercial and official bilateral debt of the countries affected, a new problem has emerged: the pyramiding of multilateral debt.


Preface by Jan Joost Teunissen

I Introduction

Is There Still a Debt Crisis?; The Accumulation of Debt Through the 1980s; The Particular Problem of Multilateral Debt

II How Has the Multilateral Debt Problem Arisen?

III Countries Most Troubled by Multilateral Debt

IV Effects of the Pyramiding of Multilateral Debt

A Build-Up ofArrears to Other Creditors; The Reduction of Net Transfers to Developing Countries; Trends in the Accumulation of Multilateral Debt

V The Scope for Multilateral Debt Relief

Issues Raised by the Multilateral Debt Problem; Approaches and S&utions to the Multilateral Debt Problem; Redistributing Donor Resources Among Multilaterals

VI Prospects for Multilateral Debt Relief

The International Monetary Fund; The World Bank; The Regional Development Banks; Other Multilateral Tnstitutions

VII The Urgent Problem of Clearing Existing

Multilateral Arrears; Improving the Rights Approach in the IMF; Hidden Rescheduling and Refinancing; Lack of Action on Clearing Arrears

VIII Conclusions

 Annex I, Bibliography 

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February 1994
ISBN-10: 90-74208-04-5

76 pages

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