 CGD was founded in 2001 in part because of the concern our founding chairman, Edward W. Scott Jr., had about the debt burden of the poorest countries. We are uniquely positioned to work on both the intellectual underpinnings of debt relief and the implementation of specific policies. The Center’s first book,Delivering on Debt Relief, by Nancy Birdsall and John Williamson helped to frame the debate and contributed to the structure of the financing arrangements for the Heavily Indebted Poor Countries Initiative (HIPC). Despite the impressive successes of HIPC/MDRI (Multilateral Debt Relief Initiative) in reducing poor-country debt, the issue remains vitally important―and a key part of CGD’s work. CGD was founded in 2001 in part because of the concern our founding chairman, Edward W. Scott Jr., had about the debt burden of the poorest countries. We are uniquely positioned to work on both the intellectual underpinnings of debt relief and the implementation of specific policies. The Center’s first book,Delivering on Debt Relief, by Nancy Birdsall and John Williamson helped to frame the debate and contributed to the structure of the financing arrangements for the Heavily Indebted Poor Countries Initiative (HIPC). Despite the impressive successes of HIPC/MDRI (Multilateral Debt Relief Initiative) in reducing poor-country debt, the issue remains vitally important―and a key part of CGD’s work. Debt and difficult countries: Liberia, Nigeria, Zimbabwe The Center’s work contributed directly to deals for Liberia and Nigeria. In 2009, former senior fellow Steve Radelet played a central role in helping to shape the arrangements for debt relief forLiberia and helped the country reach both HIPC decision point and asuccessful commercial buyback of $1.2 billion in debt at a 97 percent discount. Senior fellow Todd Moss and president Nancy Birdsall provided a proposal and technical analysis that helped lead to a$30 billion debt relief deal for Nigeria. Several critical countries including Sudan, Zimbabwe, Burma, and Somalia remain outside the existing debt relief mechanisms, but are likely to soon demand the attention of the international community. Moss is currently working in support of Prime Minister Morgan Tsvangirai on adebt relief strategy for Zimbabwe. Debt sustainability and the lending policies of major creditors CGD is currently investigating the possibility of preventing future odious debt by convening aworking group led byJohn Williamson,Michael Kremer, and Seema Jayachandran. Under its innovative proposal, countries would refuse to recognize the enforcement of sovereign loans issued by regimes previously declared odious by an appropriate international body. CGD is also conducting analyses of the future lending practices of the donor community toward HIPCs, with an eye toward proposals for reform as part of the IDA-16 replenishment negotiations starting in early 2010. NewestPopularPublicationsExpertsInitiativesMultimedia Debt can bring about disaster, as in Greece or with your deadbeat son; but it can also be a the engine of growth and prosperity. In this paper CGD fellow Ben Leo contributes to ongoing discussions about the role of Sudan‘s $35 billion in external debt obligations – both for a unified Sudan and a possible Southern secession. The Prevention of Odious Debt Working Group proposes a new tool to alleviate the burden that unjust transactions impose on successor governments and their citizens. This short essay, prepared for the CGD event, “Whatever Happened to the Jubilee? A 10th Anniversary Assessment of the Debt Relief Movement,” provides a brief contextual overview of several recent debt agreements as well as the remaining challenges ahead. The Jubilee 2000 movement, which called for the cancellation of the foreign debts of the poorest nations, became one of the most successful international, nongovernmental movements in history. David Roodman provides thumbnail assessments of Jubilee 2000 from several perspectives, deemphasizing... Since 1995, 17 African countries have defied expectations and have launched a remarkable, if little-noticed, turnaround. Emerging Africa describes this revitalization and why it is likely to continue. In this essay Steven Radelet explains how since the mid 1990s seventeen Sub-Saharan African states have transcended the conflict and dictatorships of decades past to establish themselves as burgeoning world states. Approaching the discussion by delineating between cultural differences across the... As the International Development Association (IDA) pushes for more funding for the neediest and most vulnerable countries, visiting fellow Ben Leo examines whether IDA’s existing performance-based allocation system (PBA) gives the developing world its fair share of funds. He says the system... Benjamin Leo, formerly of the U.S. Treasury and National Security Council and a key behind-the-scenes player in the inception and implementation of Multilateral Debt Relief Initiatives, examines the potential risk of renewed debt re-accumulation by countries that have only recently completed the... Zimbabwe faces a daunting array of obstacles to full economic recovery, including a crippling external debt burden. Todd Moss and Benjamin Leo urge that the current government must address the legacy of debt arrears and manage external debt in order to generate opportunities for reconstruction and...
Since 1995, 17 African countries have defied expectations and have launched a remarkable, if little-noticed, turnaround. Emerging Africa describes this revitalization and why it is likely to continue. In this paper CGD fellow Ben Leo contributes to ongoing discussions about the role of Sudan‘s $35 billion in external debt obligations – both for a unified Sudan and a possible Southern secession. The White House and the World: A Global Development Agenda for the Next U.S. President shows how modest changes in U.S. policies could greatly improve the lives of poor people in developing countries, thus fostering greater stability, security, and prosperity globally and at home. Center for Global... In this essay Steven Radelet explains how since the mid 1990s seventeen Sub-Saharan African states have transcended the conflict and dictatorships of decades past to establish themselves as burgeoning world states. Approaching the discussion by delineating between cultural differences across the... Director of the Center for Public Leadership at the John F. Kennedy School of Government at Harvard University, editor-at-large at U.S. News & World Report, and a senior political analyst for CNN, David Gergen joined CGD president Nancy Birdsall, and CGD senior fellows who authored essays in our... Debt can bring about disaster, as in Greece or with your deadbeat son; but it can also be a the engine of growth and prosperity. The international goal for rich countries to devote 0.7% of their national income to development assistance has become a cause célèbre for aid activists and has been accepted in many official quarters as the legitimate target for aid budgets. The origins of the target, however, raise serious... Nigeria has $33 billion in external debt. The government has been trying unsuccessfully for years to cut a deal with creditors to reduce its external obligations but to date has only managed to gain non-concessional restructuring. The major creditors also have good reasons for wanting to seek a... The Prevention of Odious Debt Working Group proposes a new tool to alleviate the burden that unjust transactions impose on successor governments and their citizens. This study brings readers up to date on the complicated and controversial subject of debt relief for the poorest countries of the world.
Nancy Birdsall, President An internationally recognized expert on the impact of rich-country policies on poor people in developing countries, Nancy Birdsall is the author, co-author, or editor of more than a dozen books and over 100 articles in scholarly journals and monographs, published in English and Spanish. She is the... William R. Cline, Senior Fellow William R. Cline is a senior fellow jointly at the Peter G. Peterson Institute for International Economics and the Center for Global Development. His research focuses on finance, capital flows, trade and development; currently he is investigating the differential impact of global warming on... Ben Leo, Research Fellow Ben Leo focuses on African financial issues, including external and domestic debt markets and private capital flows. On September 19, Leo will leave CGD to become the global policy director at ONE, where he will lead efforts to shape their development-focused policy and advocacy agenda across... Todd Moss, Vice President for Programs and Senior Fellow Todd Moss works on U.S.-Africa relations and financial issues facing sub-Saharan Africa, including policies that affect private capital flows, natural resource management, debt, and aid. Todd oversees the Center’s fundraising efforts and relations with external partners. Steve Radelet, Former Senior Fellow Steve Radelet works on issues related to foreign aid, developing country debt, economic growth, and trade between rich and poor countries. He also leads CGD's Modernizing U.S. Foreign Assistance and MCA Monitor initiatives.
The Arc of the Jubilee - Oct 26, 2010The Jubilee 2000 movement, which called for the cancellation of the foreign debts of the poorest nations, became one of the most successful international, nongovernmental movements in history. David Roodman provides thumbnail assessments of Jubilee 2000 from several perspectives, deemphasizing... Emerging Africa: How 17 Countries Are Leading the Way - Sep 16, 2010Since 1995, 17 African countries have defied expectations and have launched a remarkable, if little-noticed, turnaround. Emerging Africa describes this revitalization and why it is likely to continue. Emerging Africa: How 17 Countries Are Leading the Way (brief) - Sep 9, 2010In this essay Steven Radelet explains how since the mid 1990s seventeen Sub-Saharan African states have transcended the conflict and dictatorships of decades past to establish themselves as burgeoning world states. Approaching the discussion by delineating between cultural differences across the... U.S. Assistance to Africa and the World: What Do the Numbers Say? - Feb 19, 2008With President Bush's trip to Africa making headlines this week, CGD senior fellow Steve Radelet and research assistant Sami Bazzi offer a close look at the latest U.S. foreign assistance numbers. Bottom line: although America's aid has more than doubled since 2000, the new money went mostly to... Liberia's External Debt: Moving Towards Comprehensive Debt Relief - Apr 16, 2007In this essay, CGD senior fellow Steve Radelet describes Liberia's debt situation and the key issues in moving forward on debt relief with the IMF, World Bank, African Development Bank and bilateral creditors. He explains why it is important for Liberia's recovery that the international community... China's Export-Import Bank and Africa: New Lending, New Challenges - Nov 6, 2006China's bid for a leading role in Africa gained sudden visibility on the weekend with an unprecedented gathering of leaders from 48 African countries in Beijing. Chinese president Hu Jintao pledged to double aid and to offer $5 billion in loans by 2009. China's newly high-profile overtures... U.S. Pledges of Aid to Africa: Let's Do the Numbers - Jul 19, 2005Before the G-8 Summit, President Bush said that U.S. aid to Africa had tripled since he took office and would double again by 2010. CGD’s Steve Radelet and Bilal Siddiqi find that total U.S. aid to the region has doubled, but not tripled, since 2000, continuing an upward trend that began in 1996.... Ten Myths of the International Finance Facility -
Working Paper 60 - May 24, 2005The British proposal to create an International Finance Facility in order to 'frontload' $50 billion in aid per year until 2015 has generated a lot of attention and will likely be a major topic at the G8 meeting this July. But the IFF has also been shrouded in confusion and misconceptions. This... Reflections on "Our Common Interest," The Report of the Commission on Africa - May 17, 2005CGD 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... Resolving Nigeria's Debt Through a Discounted Buyback - Apr 1, 2005Nigeria has $33 billion in external debt. The government has been trying unsuccessfully for years to cut a deal with creditors to reduce its external obligations but to date has only managed to gain non-concessional restructuring. The major creditors also have good reasons for wanting to seek a... Gold for Debt: What's New and What Next? - Apr 1, 2005This new CGD Note by Center for Global Development President Nancy Birdsall and Institute for International Economics Senior Fellow John Williamson argues that sale of a portion of IMF gold makes sense as a way to create a more transparent institution and use a global resource for debt relief for... Overcoming Stagnation in Aid-Dependent Countries - Brief - Mar 23, 2005Traditional economic theory predicts that capital mobility and international trade will push the world's national economies to one income level. As poorer nations race ahead, richer ones should slow down. Eventually, theory says, national economies would reach equilibrium. The reality of the last... Double Standards on IDA and Debt: The Case for Reclassifying Nigeria - Mar 1, 2005Although nearly all poor countries are classified by the World Bank as IDA-only, Nigeria stands out as a notable exception. Indeed, Africa’s most populous country is the poorest country in the world that is not classified as IDA-only. Under the World Bank’s own criteria, however, Nigeria has a... Financing Development: The Power of Regionalism - Oct 1, 2004The historic 2002 United Nations Conference on Financing for Development in Monterrey, Mexico, overlooked a crucial question: regionalism. Financing Development: The Power of Regionalism is designed to correct this omission. Delivering on Debt Relief - Apr 1, 2002Over the last several years, the United States and other major donor countries have supported a historic initiative to write down the official debts of a group of heavily indebted poor countries, or HIPCs. Donor countries had two primary goals in supporting debt relief: to reduce countries' debt...
Nigerian Debt ReliefNigeria, home to one in five Africans, has been the continent's most indebted nation. CGD began working on Nigerian debt issues in early 2004 to provide analytical support to Nigeria's ongoing efforts to persuade its creditors to agree to an appropriate debt relief package. In October 2005, Nigeria... Preventing Odious ObligationsCurrently, when an illegitimate regime contracts with foreign actors and, in essence, mortgages the country’s future, successor regimes and innocent citizens are expected to pay back that mortgage, saddling the citizens with unjust contracts from which they did not benefit and burdening the...
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