This paper investigates whether, and to what extent, the uncertainty with respect to the annual debt service payments may adversely affect economic growth of the group of highly indebted poor countries (HIPCs). We find supportive evidence for this hypothesis. Based on these results, we conclude...

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.