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He argues that speculation and development have enhanced in HIPCs since the initiation of the HIPC plan, and it have been also observed that basic health care and primary education enrolment found some progress in countries that had accomplished HIPC plan.
Also as countries in the region attain HIPC completion it greatly increases GDP, assumed to be due to a decrease in debt service obligations.
enacting permanent legislation before the sunset date because the evidence suggested that there was a benefit for HIPCs with no adverse effects).
To deal with what they see as the potential problem of vulture investors, the Paris Club has acted to attempt to hold its claims off the market: "In particular, consistent with the Paris Club principle of comparability of treatment and taking stock of the harmful consequences of litigation for HIPC countries, Paris Club creditors confirm that they are committed to avoid selling their claims on HIPC countries to other creditors who do not intend to provide debt relief under the HIPC initiative, and urge other creditors to follow suit.
But one reason why there are so many defenses, and such complicated defenses, is that the HIPCs had such a long, rich history of failure.
Since fiscal year 2007, the Export-Import Bank has added to the debt levels of 20 of the 39 countries listed in some phase of the HIPC Initiative's debt management process.
Looking at several studies of the effectiveness of the HIPC program
This led to alterations of HIPC I and a number of supposed post-SAPs came into being, amongst others the Enhanced HIPC initiative (HIPC II) and Poverty Reduction Strategy Papers (PRSPs).
Donegal was very much aware of Zambia's likely participation in the Heavily Indebted Poor Countries (HIPC) Initiative (5) and pitched its offer to Romania slightly above the amount that Romania would recover assuming Romania provided HIPC debt relief to Zambia.
The HIPCs are a group of poor countries that were identified in the early 1990s as having excessive levels of external debt (for a listing of HIPCs see Table 7).
So, one-fifth of all countries (41 out of 208) are HIPCs, but only one-eighth of small states (5 out of 41) are in this category.