Recent initiatives on developing country debt

Most developing countries had problems servicing their external debts in the 1980s. Over seventy countries had to delay repayments by rescheduling or incurring arrears, and many more imposed severe burdens on their economies in their efforts to meet their commitments. This paper analyses the initiatives launched since 1986 to deal with the debt difficulties of middle- and low-income debtor countries. It finds that, despite some advances, they fall well short of permitting a return to sustained economic growth.