Assessment of Debt Restructuring Operations in Commonwealth Small States
An increase in external shocks, international terrorism and natural disasters over the past two decades has led to unsustainable debt burdens in small and vulnerable states, resulting in debt restructuring programmes.
This paper highlights the concerns of Commonwealth small states about their growing debt burden and the emerging challenges to their overall debt sustainability. It pinpoints the factors that lead to debt, the hurdles involved with debt restructuring and the weaknesses involved in debt management. It offers key lessons learned based on the experiences of seven small Commonwealth countries that have restructured their debts: Antigua and Barbuda, Belize, Dominica, Grenada, Jamaica, St Kitts and Nevis, and Seychelles.
Contents
1. Overview of Debt Sustainability in Commonwealth Small States
2. Small States and the Problem of Public Debt
3. Debt Restructuring Operations in Highly Indebted Middle-Income Commonwealth Small States
4. Factors Leading to Debt Restructuring Operations in the Commonwealth-7
5. Review of Debt Restructuring Operations in Debt-Distressed Commonwealth Small States
6. The Current Debt Restructuring Architecture and Adequacy of Relief
7. Lessons Learned From Debt Restructuring Experiences
Appendix I. Small States Data
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