Debt
sustainability. A country may be considered to achieve external debt
sustainability when it is able to
meet
its current and future external debt-service obligations in full, without
recourse to debt relief,
rescheduling,
or the accumulation of arrears. Sustainable debt levels under the
Initiative are defined on a
case-by-case
basis as: the net present value of public and publicly guaranteed external
debt in percent of
exports
within the range of 200–250 percent; the ratio of external debt service
to exports within the range
of
20–25 percent; or for very open economies with a heavy fiscal debt
burden, despite strong efforts to
generate
fiscal revenue, a net present value of the debt-to-export ratio below 200
percent and a net present value of the debt-to-fiscal revenue ratio no
higher than 280 percent.