External Debt of Sub-Saharan Africa. Origins, Magnitude, and Implications for Action

摘要

The paper discusses the Sub-Saharan Africa external debt problem. While this paper offers no clear solutions, a discussion of the origin and development of the Africa debt problem points to some mistakes of the past that need to be avoided in the future. Nonetheless, implementation of policies based on these lessons are not sufficient to overcome the current debt service difficulties. To illustrate, the scheduled debt service for 1985-87 on debt outstanding at the end of 1983 is about double that actually met in the recent past, where the contrast is characteristic of almost all countries, not only for the few extreme cases. The final section of the paper presents implications for action on the part of creditors and debtors to enable a return to a more stable functioning of the external financing process. (Copyright (c) 1985, The International Bank for Reconstruction and Development/The World Bank.)