A Proposal for Co-operative Relief of Debt in Africa (CORDA)

Jacques Dreze, Albert Kervyn, Jean-Philippe Platteau and Paul Reding

Chapter 12 in Evolution of the International and Regional Monetary Systems, 1991, pp 170-197 from Palgrave Macmillan

Abstract: Abstract For the last 15 years the economic situation in sub-Saharan African countries has undergone continuous deterioration, and has reached the point where not only their prospects of future development but also their ability to maintain reasonable living standards for a large fraction of the population are seriously compromised. During the years 1973–80 the Gross Domestic Product of this region grew, in constant prices, at the low annual rate of 3.2 per cent, exactly half of the growth rate during the years 1965–73 (6.4 per cent); this is barely greater than the mean annual rate of population growth. The situation in Africa has further deteriorated during the 1980s as, for most of these years, real Gross Domestic Product growth has been negative.2 On the other hand, per capita investment in 1987 was below what it was in the mid-1960s while, as measured against its 1980 level, it has gone down by one-third. According to the World Bank, the chronic debt problems of Africa justify today the term ‘crisis’: ‘the development process in these countries has stalled. The effects will be measured not simply in terms of falling average living standards but of the relapse into poverty of large sections of the populations.’3

Keywords: Secondary Market; External Debt; Foreign Debt; Private Creditor; Multilateral Organisation (search for similar items in EconPapers)
Date: 1991
References: Add references at CitEc
Citations: View citations in EconPapers (1)

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Working Paper: A Proposal for ''COoperative Relief of Debt in Africa'' (CORDA) (1989)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-11061-2_12

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349110612

DOI: 10.1007/978-1-349-11061-2_12

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().