The administration of debt relief by the international financial institutions a legal reconstruction of the HIPC initiative

Max-Planck-Institut für ausländisches öffentliches Recht und Völkerrecht Beiträge zum ausländischen öffentlichen Recht und Völkerrecht Begründet von Viktor Bruns Herausgegeben von Armin von Bogdandy · Rüdiger Wolfrum Band 202 Leonie F Guder The Administration of Debt Relief by the International Financial Institutions A Legal Reconstruction of the HIPC Initiative ISBN 978-3-540-88608-2 Springer Berlin · Heidelberg · New York e-ISBN 978-3-540-88609-9 DOI 10.1007/978-3-540-88609-9 Beiträge zum ausländischen öffentlichen Recht und Völkerrecht ISSN 0172-4770 Bibliografische Information der Deutschen Nationalbibliothek Die Deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar © by Max-Planck-Gesellschaft zur Fưrderung der Wissenschaften e.V., to be exercised by Max-PlanckInstitut für ausländisches öffentliches Recht und Völkerrecht, Heidelberg 2009 Dieses Werk ist urheberrechtlich geschützt Die dadurch begründeten Rechte, insbesondere die der Übersetzung, des Nachdrucks, des Vortrags, der Entnahme von Abbildungen und Tabellen, der Funksendung, der Mikroverfilmung oder der Vervielfältigung auf anderen Wegen und der Speicherung in Datenverarbeitungsanlagen, bleiben, auch bei nur auszugsweiser Verwertung, vorbehalten Eine Vervielfältigung dieses Werkes oder von Teilen dieses Werkes ist auch im Einzelfall nur in den Grenzen der gesetzlichen Bestimmungen des Urheberrechtsgesetzes der Bundesrepublik Deutschland vom September 1965 in der jeweils geltenden Fassung zulässig Sie ist grundsätzlich vergütungspflichtig Zuwiderhandlungen unterliegen den Strafbestimmungen des Urheberrechtsgesetzes Die Wiedergabe von Gebrauchsnamen, Handelsnamen, Warenbezeichnungen usw in diesem Werk berechtigt auch ohne besondere Kennzeichnung nicht zu der Annahme, dass solche Namen im Sinne der Warenzeichen- und Markenschutz-Gesetzgebung als frei zu betrachten wären und daher von jedermann benutzt werden dürften Einbandgestaltung: WMXDesign GmbH, Heidelberg Gedruckt auf säurefreiem Papier 987654321 springer.de Acknowledgements This study is the outcome of my PhD research which I conducted at the Max Planck Institute for Comparative Public and International Law in Heidelberg, Germany and which was accepted by the Law Faculty of the Johann Wolfgang Goethe-Universität in Frankfurt am Main in December 2007 I would like to thank my thesis advisor, Prof Dr Armin von Bogdandy, for his support of this research and the opportunity to publish it as part of the Max Planck Institute’s Beiträge zum ausländischen öffentlichen Recht und Völkerrecht Likewise, I would like to thank Prof Dr Stefan Kadelbach for writing the second opinion and my colleagues from the “Dienstagsrunde” at the Max Planck Institute for their remarks and helpful suggestions in the various phases of this work I also owe special thanks to the German Executive Director’s Office at the World Bank for hosting and supporting me in my research on HIPC during a two month research period at the World Bank in 2006 This stay was financially supported by a research scholarship of the DAAD, for which I am likewise grateful Most notably, I would like to thank my family and friends for their continuous support and encouragement Leonie F Guder Abstract This study addresses the mechanisms of debt relief for Heavily Indebted Poor Countries jointly coordinated by the International Monetary Fund and the World Bank under the HIPC Initiative Forty countries, most of them in Sub-Sahara Africa, have participated in the Initiative and pursued the Initiative’s reform agenda in exchange for debt relief Through the last decade since its inception, the HIPC program has not only become the linchpin for debt relief, addressing about one fourth of the international community and 725 million people in Sub-Sahara Africa, but has also created a new operational field of World Bank and IMF activity With regard to its funding and finances as well as its institutional practices, this new operational field deviates significantly from the traditional areas of IMF and World Bank engagement This study describes the content of the HIPC program and classifies it as a legally non-binding instrument under public international law A case study on Ghana further illustrates the reform process under the HIPC Initiative, sheds light on its implementation practice and provides some insight into the collaboration between the IMF, the World Bank and the respective HIPC member states As the study reveals, the Initiative’s soft-law character contrasts with its capacity to effectively integrate and coordinate other multilateral and bilateral creditors under the HIPC relief scheme and to prescribe to HIPC debtors a detailed reform program It is hence by means of a global governance perspective and global administrative law theory that the study demonstrates that design and sequencing of the HIPC Initiative create a regulatory space of coordinated creditor and debtor interaction in which the IMF and the World Bank assume a central position in the provision and coordination of debt relief Thus, for the specific category of heavily indebted and very poor member states, the IMF and World Bank succeeded to establish a sovereign state insolvency mechanism To this day, however, the long-term economic effectiveness of this mechanism remains disputed Table of Content Introduction 1 Objectives and Plan of the Study Literature Review Structure 20 Part I Multilateral Debt Relief for Heavily Indebted Poor Countries 23 A The Heavily Indebted Poor Countries Initiative (HIPC) 26 Concessional Assistance to Low-Income Countries 26 The HIPC Framework 30 2.1 The Heavily Indebted Poor Country Initiative of 1996 33 2.2 The Cologne G-8 Summit of 1999 and HIPC II 39 2.3 Eligibility and Implementation under the Enhanced HIPC Framework 43 What kind of debt is addressed by HIPC? 48 HIPC Funding and Finances 50 4.1 The PRGF-HIPC Trust of the IMF 51 4.2 The World Bank HIPC Trust Fund 57 4.3 The IDA Debt Reduction Facility 60 4.4 HIPC Financing through Multilateral Creditors 61 4.5 Conclusion: Trust Fund Financing 62 HIPC Proceedings 63 B Debt Relief under the G-8: The Multilateral Debt Relief Initiative (MDRI) 67 MDRI as Operational Successor of HIPC 69 Subsequent Changes in Lending Policies 74 C Case Study: The Contemporary History of Debt Relief in Ghana 77 Ghana’s History with Economic Aid 80 Ghana’s Reform Process under HIPC 86 Table of Content X 2.1 Implementation of the HIPC Framework 89 2.1.1 Preliminary Documents 97 2.1.2 Ghana Poverty Reduction Strategy 98 2.1.3 Decision Point Document 102 2.1.4 Ghana’s Completion Point 104 2.2 Donor Coordination under the Multi Donor Budgetary Support (MDBS) 106 2.3 Civil Society Participation 108 Ghana beyond HIPC Completion 111 Perception by the National and International Public 114 Model Character and Comparability of Ghana’s HIPC Process with other HIPC Countries 118 5.1 Prescribed Policy Reforms 119 5.2 PRSP Process 120 5.3 Implementation of HIPC Reforms 124 5.4 Board Approval 126 Findings 128 Part II Doctrinal Reconstruction of HIPC in a Public International Law Perspective 131 The Legal Quality of the HIPC Program under the Law of IMF and IDA 136 1.1 Decision-Making by the Board of Governors and the Executive Directors 137 1.2 Decision-Making by the Development Committee 140 1.3 Obligations of IMF and IDA Member States under the HIPC Program 141 1.4 Legal Effects of Board Decisions on the Domestic Law of Member States 145 1.5 Legal Effects of Decisions Interpreting the Articles of Agreement 146 1.6 Conclusion 148 Legal Relationship Between the HIPC Debtor and the International Financial Institutions 150 2.1 Contractual Obligations 150 2.1.1 Letter of Intent under the Fund’s PRGF Arrangement 150 2.1.2 Relief Disbursements under the Trust Funds 154 2.1.3 HIPC (Relevant) Documents 155 2.2 Obligations under the IMF and World Bank’s Institutional Law 157 Table of Content XI 2.2.1 The IMF’s Doctrine of Uniform Treatment 158 2.2.2 Equality of Treatment under the Bank Articles 160 2.3 International Obligations of the Fund and the Bank under the ICESCR and an Evolving International Development Agenda 161 2.4 Conclusion 171 Legal Relationship Between the HIPC Debtor and its Bi- und Multilateral Creditors 172 3.1 Paris Club Commitments 172 3.1.1 Practices and Proceedings for Paris Club Debt Reschedulings 173 3.1.2 Legal Effects of Paris Club Reschedulings under the HIPC Program 176 3.2 G-8 Commitments 179 Legal Relationship between the HIPC Debtor and non-Paris Club and Commercial Creditors 180 4.1 The London Club 180 4.2 HIPC Creditor Litigation 182 4.2.1 Claims by Non-Paris Club Members 182 4.2.2 Commercial Creditor Litigation 185 4.2.3 Booker plc v Co-operative Republic of Guyana 187 4.2.4 Pari Passu Clause 188 Conclusion: “Beyond the Radar Screen of International Law” 190 Part III Multilateral Debt Relief Under HIPC 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Dietz, Bonn, 2004 Bibliography 349 Special thanks go to my interview partners: Ernest Ako-Adjei, Senior Advisor for Ghana in the office of the Algerian Executive Director at the World Bank, Washington, D.C Jerry Bedu-Addo, Verein zur Förderung von Entwicklungsprojekten in Ghana e.V (ASASE) Thomas Duvall, Chief Counsel in the Cofinancing and Project Financing unit of the World Bank’s Legal Vice Presidency, Washington, D.C Hartmut Krebs, Senior Advisor to the German Executive Director at the World Bank, Washington, D.C Judge Thomas Mensah, First President of the International Tribunal of the Law of the Sea, Hamburg Hannah Owuso Koranteng, Wassa Association of Communities Affected by Mining (WACAM) Jürgen Schmid, Advisor to the German Executive Director at the World Bank, Washington, D.C Index Accountability: 5, 8, 120, 196, 198, 202, 229, 238/9, 240, 242, 248, 266 et sqq., 271-3, 283, 285/6 African Development Bank, see Multilateral Development Banks: 48, 61/2, 113, 208 African Development Fund, see Multilateral Development Banks: 48, 68, 113 Arbitration, see creditor litigation: 186, 187/8, 296 Articles of Agreement, IBRD: 3, 17, 35/6, 50, 131/2, 146 et sqq., 157, 160, 162/3, 245 et sqq., 249, 251 et sqq., 259/60, 268/9, 275-77, 289, 304 – Amendments, see also interpretation and World Bank Group mandate: 38, 41, 170, 249/50, 257, 262, 284, 303 Articles of Agreement, IDA: 3, 17, 35/6, 40-2, 50, 73, 131/2, 137, 146 et sqq., 157, 160, 162/3, 245 et sqq., 249, 251 et sqq., 259/60, 268/9, 275-77, 289, 304 – Amendments, see also interpretation and World Bank Group mandate: 41, 73, 155, 249/50, 257, 262, 284, 303 Articles of Agreement, IMF: 35/6, 52, 74, 131-3, 138/9, 146 et sqq., 157, 162/3, 216, 245 et sqq., 251 et sqq., 259/60, 268/9, 275-77, 289, 304 – Amendments, see also interpretation and IMF mandate: 52, 73, 249/50, 257, 262, 284, 296, 299, 303 Asian Development Bank, see Multilateral Development Banks: 48, 61/2, 208 Bankruptcy: 180, 188 et sqq., 228, 291 et sqq Bilateral creditor, see also Paris Club: 30/1, 48/9, 90, 172, 180, 182, 209, 225 Brady Plan: 4, 23, 181, 189 Budget support: 101, 106 et sqq., 118 By-Laws, IBRD: 138/9, 269, 276 By-Laws, IDA: 138/9, 269, 276 By-Laws, IMF: 53, 138/9, 157, 246, 276 Commercial Creditor, see London Club: 48, 60, 90, 180 et sqq., 185 et sqq., 215, 225, 282 Completion Point triggers, see conditionality: 28/9, 40, 46, 93, 98, 102-5, 107, 120, 126-8, 154, 157, 177, 209, 217, 220/1, 230, 261, 270 Concessional finance: 25, 26 et sqq., 32, 34, 43 et sqq., 150, 171, 208 Concordat on Bank-Fund Collaboration: 32 Conditionality: 28/9, 32, 65, 82, 102, 121, 153, 174, 198, 352 209, 214, 217, 220 et sqq., 23133, 263/4, 297, 302 Country Assistance Strategy: 65, 93, 101, 155/6, 216, 218 Creditor litigation: 182 et sqq., 231 – Booker plc v Co-operative Republic of Guyana, see ICSID – Donegal International Limited v Republic of Zambia: 298 – Kensington International Ltd v Republic of the Congo: 189/90 Debt relief, see also Brady Plan, HIPC Initiative, MDRI, SDRM: 1/2, 7/8, 23/4, 154 Debt Sustainability Analysis (DSA): 43, 45, 47, 75-77, 97/8, 104, 215, 293 Development Committee: 3335, 39, 69, 71, 136/7, 140 et sqq., 212, 300 Due process: 210, 226, 279, 303 Enhanced Heavily Indebted Poor Countries Initiative, see HIPC Initiative: 8, 32, 39/40, 42/3, 46, 61/2, 70, 89, 93, 141, 161, 183, 187, 212, 217, 306 Enhanced Structural Adustment Facility (ESAF): 5, 27, 34, 41, 97, 121, 149, 1535, 166, 212, 245 G-8: 4, 39 et sqq., 61, 67/8, 69 et sqq., 79, 143, 179/80, 202, 212, 225, 227, 238, 263, 268/9, 284, 301 Index Global Administrative Law: 19, 21, 195/6, 204, 205 et sqq., 233, 237, 278 Global governance: 196 et sqq., 233 et sqq., 240, 267, 285, 301 Good governance: 5, 6, 10, 29, 40, 76, 83, 85, 99, 113, 119/20, 198, 224, 250, 254 Heavily Indebted Poor Countries (HIPC) Initiative, see also debt relief: 30-67 HIPC Completion Point: 30/1, ,42/3, 46/7, 54, 68, 72, 77, 93, 97/8, 102/3, 104-6, 113, 119/20, 126-28, 154-7, 180, 209, 211, 216/7, 220/1, 224, 226, 263/4, 274, 276, 293 HIPC Decision Point: 30/1, 39, 43, 45/6, 54, 59, 65/6, 97/8, 102-4, 119, 126, 154-7, 180, 187, 209, 211, 215/6, 220/1, 224, 226, 263/4, 274, 276, 293 ICJ Statute – Art 38: 192-4, 195, 305 Insolvency, see bankruptcy Inter-American Development Bank, see Multilateral Development Banks: 48, 61 International Bank for Reconstruction and Development (IBRD), see Articles of Agreement and World Bank Group: 24, 26, 50 International Center for the Settlement of Investment Disputes (ICSID): 3, 187/88 – Booker plc v Co-operative Republic of Guyana: 187/88 Index International Court of Justice (ICJ) – Advisory Opinions – – Certain Expenses of the United Nations: 142/3, 176, 256/7 – – Interpretation of the Agreement of 25 March 1951 between the WHO and Egypt: 162, 165 – – Legal Consequences for States of the Continued Presence of South Africa in Namibia (South West Africa): 142 – – Reparations for Injuries Suffered in the Service of the United Nations: 161/2 – Judgments – – Case Concerning Military and Paramilitary Activities in and against Nicaragua (Nicaragua v United States of America): 261 – – Case Concerning Rights of Nationals of the United States of America in Morocco (France v United States of America): 146/7 – – Nuclear Test Case (Australia v France): 151, 154 International Covenant on Economic, Social and Cultural Rights: 124, 161164 International Development Association (IDA), see Articles of Agreement and World Bank Group: 3, 24, 26, 50, 252 353 International Finance Corporation (IFC): 2, 24 International Monetary and Financial Committee: 39, 69, 136, 227, 268 International Monetary Fund (IMF) – Annual Meetings: 33-5, 39/40, 69, 135, 140/1, 148, 184, 212, 268 – Board of Executive Directors: 137 et sqq., 226, 288 – Board of Governors: 137 et sqq – Decision Making: 53, 137 et sqq., 140 et sqq., 145, 213, 268/9 – Delegation: 138, 231, 275 et sqq – Disclosure Policy: 8/9, 273, 304 – Doctrine of uniform treatment: 158 et sqq – Mandate: 73, 163/4, 213, 247 et sqq., 253, 255-7, 289, 299, 301, 303/4 – Membership: 24, 141, 149, 165 211, 219, 228, 243, 262, 265 – Spring Meetings: 33/4, 300 – Voting: 53, 138, 140, 213, 232, 250, 262/3, 265, 288 Interpretation: 17/8, 35-8, 402, 73, 133/4, 137, 146-8, 159, 162, 170, 188/9, 213, 231/2, 245/6, 248-50, 251 et sqq., 259/60, 277, 284, 289, 303/4 Islamic Development Bank, see Multilateral Development Banks: 48, 62 354 Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries, see Development Committee Legitimacy: 108, 178, 196, 201, 203/4, 239 et sqq., 244-246, 251, 258, 261/2, 266/7, 271, 275, 280, 283-7, 290 Lending – Development Policy Lending: 12/3, 24/5, 27, 158 – Structural Adjustment Lending, see ESAF: 2, 5, 7, 12, 28/9, 80/1, 97, 121, 166, 198, 265 Letter of Intent: 64, 92, 111/2, 150/1 London Club: 7, 180/181, 223 Millennium Development Goals: 1, 8, 68, 98, 104, 112, 114, 134, 166/7, 171 Monterrey Consensus: 2, 163, 167/8 Multilateral creditor, see also IDA, IMF and Multilateral Development Banks: 23, 42, 46, 48/49, 57-9, 61 et sqq., 90, 144, 172 et sqq., 177, 183, 190, 209, 222, 227, 292 Multilateral Debt Relief Initiative (MDRI): 67-75, 103/4, 112, 143/4, 149, 158, 177, 232, 251, 260, 269, 280, 289, 297/8, 301/2 Multilateral Development Banks: 48, 58, 61/62, 68, 113, 144, 158, 208 Index Multilateral Investment Guarantee Agency (MIGA): Negative pledge clause: 49, 222 Non-Paris Club creditor, see also bilateral creditor: 180, 182 et sqq., 198/9, 208, 227 Ownership: 8, 29, 65, 78/9, 92/3, 100, 110, 115, 117/8, 121/2, 124, 238, 262 et sqq., 265, 287 Pari passu clause: 188 et sqq., 221 Paris Club: 7, 13, 23, 30, 44, 46, 48, 50, 61, 87, 172 et sqq., 176 et sqq., 179-82, 190, 202, 20815, 220-32, 267, 282, 294, 297 Poverty Reduction and Growth Facility: 8/9, 27, 32, 41, 43 et sqq., 50, 51 et sqq., 63, 65, 71, 74, 91/2, 97, 105, 111-3, 150 et sqq., 154, 212, 299 Poverty Reduction Strategy Paper (PRSP): 7/8, 42, 45/6, 51, 54, 65-7, 91-5, 98 et sqq., 102/3, 106, 108-10, 119, 120 et sqq., 128/9, 155 et sqq., 164, 209, 211, 217 et sqq., 229, 257, 261/2, 265, 274, 280-82, 287, 300 Preferred creditor status, see negative pledge clause Private creditor, see commercial creditor Rule of Law: 5, 134, 191, 193, 198, 226, 243, 250, 279 Soft Law: 152, 190 et sqq., 195/6, 204, 230 et sqq., 299 et sqq., 305 Index Sovereign Debt Restructuring Mechanism (SDRM): 292-6 Structural Adjustment, see lending Trust fund(s): 49, 62/3, 142, 149, 152-4, 158, 160/1, 213/4, 228, 269, 299, 306/7 – IDA Debt Reduction Facility: 60, 222 – PRGF-HIPC Trust Fund: 51 et sqq., 212 – World Bank HIPC Trust Fund: 57 et sqq Ultra vires: 148, 244, 245 et sqq., 260 Vienna Convention of the Law of Treaties: 251/2, 258 Washington Consensus: 1, 5, 82, 129 World Bank Group – Annual Meetings: 33-5, 39/40, 69, 135, 140/1, 148, 184, 212, 268 355 – Board of Executive Directors: 137 et sqq., 226, 269, 288 – Board of Governors: 137 et sqq – Decision Making: 53, 137 et sqq., 140 et sqq., 268/9 – Delegation: 138, 231, 275 et sqq – Disclosure Policy: 8, 15, 17, 41, 79, 273, 304 – Mandate: 36, 40/1, 73, 133, 137, 163/4, 170, 213, 247 et sqq., 252, 255-7, 289, 301, 303/4 – Membership: 3, 24, 141, 149, 211, 219, 226, 228, 243, 262, 265 – Procedures and Operational Policies: 12, 25, 157 et sqq., 207, 273/4 – Spring Meetings: 33/4, 300 – Voting: 3, 53, 138, 232, 250, 262/3, 265, 288 Max-Planck-Institut für ausländisches öffentliches Recht und Völkerrecht Beiträge zum ausländischen öffentlichen Recht und Völkerrecht Hrsg.: A von Bogdandy, R Wolfrum Bde 27–59 erschienen im Carl Heymanns Verlag KG Köln, Berlin (Bestellung an: Max-Planck-Institut für Völkerrecht, Im Neuenheimer Feld 535, 69120 Heidelberg); ab Band 60 im Springer-Verlag Berlin, Heidelberg, New York, London, Paris, Tokyo, Hong Kong, Barcelona 202 Leonie F Guder: The Administration of Debt Relief 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HIPC and the legal relationship between the participating countries in the Enhanced HIPC Initiative and the International Financial Institutions At its core is a legal reconstruction of the internal