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International debt contracts can incorporate—at least implicitly—contingencies governing debt reduction. This paper examines a series of debt contracts that allow for the possibility of rescheduling, forgiveness, and rescheduling with forgiveness. The contract with both rescheduling and forgiveness permits a higher credit ceiling than other types of debt contracts, and contains features found in the HIPC and other recent debt reduction initiatives. If an adverse state of nature occurs, some of the debt is forgiven, a portion is rescheduled, and the remainder is repaid. At the same time, the debtor country is a net recipient of new loans.

Financial Risk Management --- Investments: General --- Industries: Financial Services --- International Lending and Debt Problems --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Debt --- Debt Management --- Sovereign Debt --- Investment --- Capital --- Intangible Capital --- Capacity --- Finance --- Macroeconomics --- Loans --- Debt reduction --- Return on investment --- Debt rescheduling --- Debt relief --- Debts, External --- Saving and investment

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Edited by Zubair Iqbal and Ravi Kanbur, this volume consists of papers presented at a joint IMF and World Bank conference on external financing for low-income countries. The primary focus was on the impact of external indebtedness on low-income countries, mainly in sub-Saharan Africa, the HIPC Debt initiative, the determinants and role of private capital flow, policies that could be implemented to catalyze private capital flows, and the appropriate role for official finance in the period ahead.

Banks and Banking --- Exports and Imports --- Financial Risk Management --- Foreign Exchange --- Investments: General --- Econometrics --- International Lending and Debt Problems --- International Investment --- Long-term Capital Movements --- Debt --- Debt Management --- Sovereign Debt --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Investment --- Capital --- Intangible Capital --- Capacity --- International economics --- Finance --- Banking --- Macroeconomics --- Currency --- Foreign exchange --- Econometrics & economic statistics --- External debt --- Capital outflows --- Debt burden --- Debt relief --- Debt service --- Balance of payments --- Asset and liability management --- Debt reduction --- Debts, External --- Capital movements --- Investments, Foreign --- Banks and banking --- Saving and investment --- South Africa