Indonesia’s Debt-for-Development Swap Experience: Past, Present and Future

Dennis Essers, Danny Cassimon and Achmad Fauzi

No 2013.10, IOB Working Papers from Universiteit Antwerpen, Institute of Development Policy (IOB)

Abstract: This paper systematically reviews recent experience with debt-for-development swaps in Indonesia, the only debtor country where the number of such operations could warrant its qualification as a genuine government debt relief and development finance policy. First, we show that the 11 swaps Indonesia has signed with its bilateral creditors since 2002 perform rather erratically across four criteria: the increase of resources at the country and/or government budget level; the increase of resources for intended sector purposes; whether, taken together, these swaps ease debt burdens; and the extent of their alignment with government policy and systems. Second, the paper finds little evidence of learning on the Indonesian side. We believe Indonesia can take a more proactive stance in negotiating the economic terms underlying its debt swaps and suggest concrete ways to do so in future swap deals.

Keywords: external public debt; debt relief; debt swaps; development aid; Indonesia; aid (search for similar items in EconPapers)
JEL-codes: F34 F35 H63 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2013-10
New Economics Papers: this item is included in nep-sea
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Indonesia's Debt-for-Development Swaps: Past, Present, and Future (2014)
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Persistent link: https://EconPapers.repec.org/RePEc:iob:wpaper:2013010

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