Definition: Debt-for-charity swap

External debt - IMF

The purchase by a nonprofit organization such as a nongovernmental organization (NGO) of the external debt of a country at a discount in the secondary market, which the NGO then exchanges for local currency to be used for philanthropic purposes.
Source:
International Monetary Fund (IMF), "External Debt Statistics: Guide for Compilers and Users; Appendix III. Glossary of External Debt Terms", Washington D.C., 2003
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