2/5 their balance sheets without complex restructurings; investors receive market returns while delivering social impact; and crisis-affected communities gain access to sustained, predictable funding for life-saving services."

3/5 There's actually a very important fourth dividend that too many analysts forget. All external inflows into a country (for very poor countries these typically come mostly from exports) must be recycled externally, in the form either of capital outflows (in this case, mainly

4/5 The less these very poor countries have to recycle their export earnings in the form of debt repayments, in other words, the more they will pay for imports, and ultimately the imports come directly or indirectly from the country that granted the debt relief.

5/5 In a world in which everyone is struggling to access greater demand, debt forgiveness is a way of creating additional demand from countries that need help the most, and this demand benefits workers, farmers and businesses in the debt-forgiving country.

@michaelxpettis @DMiliband @RESCUEorg @FT The alternative is the donor dependent could actually work for a living.