Le surendettement nouveau et les pays africains « frontiere » face au mur de la dette
Marc Raffinot,
Babacar Sene and
Marin Ferry
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Babacar Sene: Université Cheikh Anta Diop de Dakar, LAFIDEV
No DT/2024/03, Working Papers from DIAL (Développement, Institutions et Mondialisation)
Abstract:
Since 1960, and up to the early 2000s, the financing of poor countries has been mostly based on grants, concessional loans (with conditions that are softer than the market), financing close to market finance but rationed and subject to conditions. Since 2007, a number of low-income and lower-middle-income African countries have sought to break out of this paradigm by borrowing on the international financial markets, notably in the form of Eurobonds. These countries are referred to as "frontier countries" because their access to the market is not well established yet. Such borrowing increases the risks, particularly in terms of refinancing, but * 1 Université Paris Dauphine, LEDA DIAL. 2 Université Cheikh Anta Diop de Dakar, LAFIDEV. 3Université Gustave Eiffel, UGE 1 can also tighten up budgetary discipline by imposing stronger constraints. From 2007 up to the mid-2010s, the economic climate was fairly favourable, before it turned around from 2019 onwards with the Covid pandemic, the tightening of monetary policy in the United States and then in Europe, and the invasion of Ukraine. Zambia and Ghana in particular have defaulted, and the restructuring of their debt keep posing a problem given the multiplicity of creditors, which renders the old practice centred on the Paris Club ineffective. The restructuring of Zambia's debt is the first test of the G20's new Common Framework, which has yet to demonstrate its ability to resolve debt problems to the satisfaction of all stakeholders.
Keywords: Dette publique; dette extérieure; pays frontière; prêts concessionnel; eurobonds; Club de Paris; Common Framework (search for similar items in EconPapers)
JEL-codes: F34 F53 F55 G15 H63 H81 O19 O23 (search for similar items in EconPapers)
Pages: 25 pages
Date: 2024-02
New Economics Papers: this item is included in nep-cis
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