Introduction -- The origins of debt and an overview of debt relief -- The efficiency of debt relief -- The effectiveness of debt relief -- The relevance of debt relief -- The impact of debt relief since 2000 and prospects for the future.

This study evaluates progress under the HIPC initiative since IEG's 2003 evaluation. It finds that the Enhanced HIPC initiative cut debt ratios in half for 18 countries, but in eight of these countries, the ratios have come to once again exceed HIPC thresholds. Debt reduction alone is not a...