RG

IN CONTEXT

FOCUS

Growth and development

KEY THINKER

Jeffrey Sachs (1954–)

BEFORE

1956 The Paris Club, a grouping of creditor nations, was established to facilitate debt relief between individual countries.

AFTER

1996 The IMF and World Bank launch the Heavily Indebted Poor Countries (HIPC) initiative to give debt relief and initiate policy reform in poor countries.

2002 Seema Jayachandran and Michael Kremer argue that countries may not be legally liable for “odious” debts incurred by corrupt regimes.

2005 G8 countries agree to write off $40 billion of debt under the Multilateral Debt Relief Initiative (MDRI) as part of the Gleneagles summit.

In the last few ...

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