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...

The perennial lamentation since the inception of the aid business has been fragmentation: too many donors carrying relatively small amounts of money to too many different interventions in too many different countries (Easterly and Pfutze 2008: 2; Acharya et al. 2006; Frot and Santiso 2010, 2011)....

Since the turn of the millennium the aid business has witnessed an important shift in the conceptualization and practice of aid delivery. The move towards harmonized and aligned approaches, including the need to make aid more predictable and flexible, introduced the budget support modality....