An untold number of debt relief initiatives have failed to help developing countries carry their financial burden. The schemes, well-meaning in nature, follow a predetermined script: the debtor nation promises reforms, the implementation of sound governance practices, and fiscal prudence.
However, once creditors and debtors have reached an amicable agreement, the script goes awry. Promises are instantly forgotten and reform plans put on ice. Apart from perhaps a few cosmetic touch ups, governance remains as dismal as before.