External Debt Service, Growth and Equity in Sub-Saharan Africa: The Triad Plan

Bingu Wa Mutharika
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Bingu Wa Mutharika: United Nations Economic Commission for Africa (UNECA)

Chapter 14 in Issues in Contemporary Economics, 1991, pp 312-331 from Palgrave Macmillan

Abstract: Abstract The challenge facing Sub-Saharan Africa (SSA) and the international community in the 1990s is how to service external debt while resuming growth with equity so as to avert an impending human catas-trophy. However, the balance between growth resumption and external debt servicing financing has become the most intractable problem facing SSA. These countries had an estimated total debt, including arrears, of some US$144 billion at the end of 1988 and a corresponding annual debt service obligation of some US$15 billion, representing over 70 per cent of GDP and in some cases over 300 per cent of exports. The debt burden has thwarted the growth process and abject poverty is spreading. Africa has no choice but to resume growth; however, there is evidence to suggest that this cannot be achieved in SSA without significant debt relief.

Keywords: International Monetary Fund; Trade Policy; External Debt; Debt Service; Trade Sector (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:intecp:978-1-349-11579-2_14

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DOI: 10.1007/978-1-349-11579-2_14

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