The main purpose of this study is to review the recently established Koeln Debt Initiative and to draw policy implications for the Korean government. The Koeln Debt Initiative, initiated by the G-7 in June 1999, extends and deepens in many important respects the HIPC (Heavily Indebted Poor Countries) Debt Initiative launched by the Bretton Woods institutions, the World Bank and IMF, in 1994. The Koeln Initiative is very likely to be a main framework for future debt relief mechanism of the Paris Club.

Under the Koeln Initiative, Korea would share the burden of debt relief in accordance with the amount of previous lending to the eligible poor countries. According to our estimates, the total amount of debt relief expected by Korea under the Initiative would amount to at most US$ 6 million in net present value terms. In addition to the burden, Korea has pledged to contribute US$ 20 million to the HIPC Trust Fund at the World Bank and to the special account at the IMF. Although, depending on possible change in cut-off dates for eligible debts, the amount of Korea's burden may change, it should not be too much for the world's 12th biggest economy to pay for good reason.

The study concludes that rather than passively following or seeking to evade the international trend of alleviating debt burden of heavily indebted poor countries, the Korean government should proactively approach the issue. It should actively consider participating in the Paris Club on a permanent basis.

Ⅰ. 서언

Ⅱ. Koln Debt Initiative의 주요 내용
1. 重채무국(HIPC)에 대한 외채경감 확대
2. 파리클럽의 외채경감폭 확대
3. 공적개발원조(ODA) 채무에 대한 탕감 촉구
4. 외채상환능력 평가기준의 하향 조정
5. HIPC Initiative 기간단축
6. 재원조달 및 운영비용
7. 수혜적격국 확대

Ⅲ. 파리클럽의 채무재조정 메커니즘
1. 운영
2. 회원국
3. 채무재조정 대상 채무
4. 채무재조정 협상 절차
5. 채무재조정 조건

Ⅳ. 한국의 대응방안
1. Koln Initiative에 따른 우리나라의 對HIPC 외채경감 추정액
2. 기산일(cut-off date) 변경에 따른 잠재적 외채경감액 및 기타 고려사항
3. 파리클럽의 동등대우 조항의 적용문제
4. 파리클럽 참가문제

參考文獻

Executive Summary