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The Debt Sustainability Framework sets out a proposal by the World Bank for identifying countries in actual or potential debt distress situations leading to a formula for determining grant eligibility within the amounts to be allocated during the Fourteenth Replenishment of IDA. It attempts to classify countries based on the performance of their institutions and policies and determine thresholds for selected debt indicators for each country grouping and then estimate the level of debt distress as measured by the forecast levels of the selected indicators from the country DSAs. This leads to a formula for determining grant eligibility within the. | DEBT SUSTAINABILITY FRAMEWORK FOR LOW INCOME COUNTRIES POLICY AND RESOURCE IMPLICATIONS Paper submitted for the G-24 Technical Group Meeting Washington D.C. September 27-28 2004 Part 1 Nihal Kappagoda Research Associate The North-South Institute Nancy C. Alexander Director Citizen s Network on Essential Services CONTENTS Executive Summary Introduction 1 Debt Sustainability and Debt Indicators 2 Debt Sustainability Framework 6 Debt Distress 7 Performance Based Allocation System 10 Allocation of Grants 14 Financing of Grants 15 Concerns and Issues 16 Debt Sustainability Framework 16 The PBA System 17 Other Issues 18 Conclusions and Recommendations 18 CPIA 20 Debt Thresholds and Indicators 21 Annexes 1. Debt Indicators 23 2. Country Performance Ratings for 2003 25 3. List of References 32 ABBREVIATIONS CPIA Country Policy and Institutional Assessment DSA Debt Sustainability Analysis DSF Debt Sustainability Framework GDP Gross Dome stic Product GNI Gross National Income HIPC Highly Indebted Poor Countries IDA International Development Association ICP IDA Country Performance IMF International Monetary Fund IFI International Financial .
