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Dealing with one exogenous adverse external shock at a time is generally a difficult challenge for heavily indebted poor countries, because of limited fiscal space, few policy options and scarce debt management capacity. The current financial crisis, because of its unprecedented severity and global scale, forces poor countries to deal with multiple exogenous shocks simultaneously: Mitigating the effects of a reduction in trade, capital inflows and foreign assistance is going to be a very hard task and to require a massive intervention by donors and by the International Financial Institutions, in order to avoid to jeopardize the progresses done so far by debt relief initiatives. The paper tries to spell out the way in which the global economic-financial crisis has affected and still weighs on Low-Income Countries, focusing on overall debt sustainability.

The 2008-2009 Financial Crisis and the HIPCs: Another Debt Crisis?