02092cas a2200253 a 4500 AALejournalIMF014882 230101c9999 xx r poo 0 0eng d 5.00 USD 9781498369671 1018-5941 BD-DhAAL BD-DhAAL Marcelino, Sandra. Does Lower Debt Buy Higher Growth? : The Impact of Debt Relief Initiatives on Growth / Sandra Marcelino, Ivetta Hakobyan. Washington, D.C. : International Monetary Fund, 2014. 1 online resource (41 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students In 1996, the IMF and the World Bank introduced the Heavily Indebted Poor Countries Initiative-a comprehensive debt relief program aimed at reducing the external debt burden of eligible countries to sustainable levels, provided they carry out strong programs of macroeconomic adjustment and structural reforms designed to promote growth and reduce poverty. Now that the HIPC Initiative is nearly completed, this paper investigates whether the initiative managed to spur growth, either directly or indirectly through investment. In contrast to earlier studies, we conclude that there is some evidence of positive effects of the HIPC Initiative on growth. Such evidence suggests that the HIPC Initiative and MDRI have helped HIPC-eligible countries to reach higher growth, but it remains unclear whether this is through higher investment or another channel. Also, the analysis illustrates that it is hard to disentangle pure debt-relief effects from other concurrent factors. Mode of access: Internet Hakobyan, Ivetta. IMF Working Papers; Working Paper ; No. 2014/230 Full text available on IMF http://elibrary.imf.org/view/journals/001/2014/230/001.2014.issue-230-en.xml IMF e-Library