GRANT ELEMENT AND OFFICIAL DEVELOPMENT ASSISTANCE NEXUS IN SUB-SAHARAN AFRICA: A REVIEW AND STATISTICS
Kata Kunci:
grant element, ODA, Sub-Saharan AfricaAbstrak
The main thrust of this paper is to examine the concept of grant element as applies in the development finance landscape. Statistical review showed that between 1985 and 2015, the average grant element from official creditors (multilateral and bilateral donors) to the Sub-Saharan Africa within this period is 58.54% and was highest at 73.48% in 2000. The lowest to the region over the same period was 38.00% in 2005. Typically, the underlying purpose of grant element and the concessionality associated with Official Development Assistance (ODA) is to facilitate economic development and improve social outcome of the recipient countries. This is for the reason that concessional funds mitigating the burden of debt services and enable help countries avoid excessive sovereign indebtedness.
JEL: H81; N17; N27
Referensi
Cordella, T., & Ulku, H. (2007). Grants vs. loans. IMF Staff Papers, 54(1), 139–162. http://doi.org/10.1057/palgrave.imfsp.9450002
Development Assistance Committee (DAC). (2016). Implementation of the HLM agreement on concessionality: Treatment of loans to multilateral institutions in DAC statistics. Room Document 1, DAC Meeting, (DCD/DAC/RD(2016)1/RD1), 1–4.
Development Assistance Committee (DAC). (2017). Summary Record of the 1025th DAC Meeting held on 9 March 2017 at the OECD Conference Centre, Paris, DCD/DAC/M. Retrieved from www.oecd.org/.../publicdisplaydocumentpdf/?cote=DCD/DAC/M(2017)2/FINAL...En.
International Development Association [IDA]. (2017). Grant element Calculations. Retrieved from www.ida.worldbank.org/financing/grant-element-calculations.
International Monetary Fund [IMF]. (2017). Recent developments and outlook. IMF, (May), 1–31.
Organisation for Economic Co-operation and Development [OECD]. (2014a). Background paper: The treatment of loan concessionality in DAC statistics. DAC High Level Meeting 15-16 December 2014, OECD Conference Centre, Paris Background, 1–3.
Organisation for Economic Co-operation and Development [OECD]. (2014b). Modernising official development assistance (ODA) concessional loans before and after the HLM (Following the OECD-DAC High Level Meeting of 15-16 December 2014). OECD, (December), 1–2.
Organisation for Economic Co-operation and Development [OECD]. (2015a). Modernising official development assistance (ODA): Concessional loans before and after the HLM (Following the OECD-DAC High Level Meeting of 15-16 December 2014). The Development Assistance Committee, (December). Retrieved from http://www.oecd.org/dac/stats/documentupload/ODA%20Before%20and%20After.pdf
Organisation for Economic Co-operation and Development [OECD]. (2015b). Why modernise official development assistance? (July). Retrieved from https://www.oecd.org/dac/financing-sustainable-development/Addis%20flyer%20-%20ODA.pdf
Organisation for Economic Co-operation and Development [OECD]. (2016). DAC High Level Meeting Communiqué, February 19, 2016, (February). Retrieved from https://www.oecd.org/dac/DAC-HLM-Communique-2016.pdf
Organisation for Economic Co-operation and Development [OECD]. (2017). DAC glossary of key terms and concepts. Retrieved from www.oecd.org/dac/dac-glossary.htm
Picarelli, M. O. (2016). Debt overhang and sovereign debt restructuring. Working Papers Series Dipartimento di Scienze Sociali Ed Economiche, (9), 1–29.
Puppetto, L. (2016). Concessional finance and ODA reporting of long-term financial instruments. Les Cahiers de La DG Trésor, (2016-01), 1–22.
Scott, S. (2017). The grant element method of measuring the concessionality of loans and debt relief. OECD Development Center, Working Paper, DEV/DOC/WK(339), 1–31.
Trésor Direction Generale. (2016). The new rules for official development assistance loans: what’s at stake? TRÉSOR-ECONOMICS, (161), 1–8.
