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Policy and Critique

The Debt Architecture – Part 5: The Architecture of Escape

Uganda reduced its debt-to-GDP ratio from 96% to 28% after HIPC completion and has kept it there for twenty years. Botswana has never been in debt distress despite being a resource economy. Ecuador's 2023 Galápagos debt-for-nature swap saved $390 million in interest payments while funding marine conservation. The countries that escaped the debt architecture share five characteristics. None of them is luck.