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The external debt difficulties of low income Africa

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  • Humphreys, Charles
  • Underwood, John

Abstract

Two debt crises affect developing countries. The more publicized crisis affects the middle income Baker Plan countries, including Nigeria and Cote d'Ivoire. The less well known crisis affects most of Africa's 34 low income countries. Poverty and economic rigidities in the African countries make it harder for them to grow out of their debt problems without special assistance. These countries are more dependent than the highly indebted countries on primary commodity exports, which often require long investment periods to increase production. Debtor countries must take the lead in establishing and maintaining workable medium term adjustment programs. Once adjustment is occuring, it is in the interests of donors and creditors to continue supporting recovery well into the 1990s.

Suggested Citation

  • Humphreys, Charles & Underwood, John, 1989. "The external debt difficulties of low income Africa," Policy Research Working Paper Series 255, The World Bank.
  • Handle: RePEc:wbk:wbrwps:255
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    References listed on IDEAS

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    1. W. Max Corden, 1988. "An International Debt Facility?," IMF Staff Papers, Palgrave Macmillan, vol. 35(3), pages 401-421, September.
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    Cited by:

    1. Takamasa Akiyama & Larson, Donald F., 1989. "Recent trends and prospects for agricultural commodity exports in sub-Saharan Africa," Policy Research Working Paper Series 348, The World Bank.
    2. Easterly, William, 2002. "How Did Heavily Indebted Poor Countries Become Heavily Indebted? Reviewing Two Decades of Debt Relief," World Development, Elsevier, vol. 30(10), pages 1677-1696, October.
    3. Fosu, Augustin Kwasi & Getachew, Yoseph Yilma & Ziesemer, Thomas H.W., 2016. "Optimal Public Investment, Growth, And Consumption: Evidence From African Countries," Macroeconomic Dynamics, Cambridge University Press, vol. 20(8), pages 1957-1986, December.
    4. David Black, 2020. "Development co‐operation and the partnership–ownership nexus: Lessons from the Canada–Ghana experience," Development Policy Review, Overseas Development Institute, vol. 38(S1), pages 112-132, May.
    5. Augustin Kwasi Fosu & Yoseph Getachew & Thomas H.W. Ziesemer, 2014. "Optimal Public Investment, Growth, and Consumption: Fresh Evidence from African Countries," Working Papers 201464, University of Pretoria, Department of Economics.

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