Management of Africa's external debt: an issues paper by ECA to the high-level UN advisory group on resource flows to Africa

Abstract

This paper focuses on management of Africa’s external debt. It’s an issues paper by ECA to the high-level UN advisory group on resource flows to Africa. A preliminary review of the implementation of the United Nations program of action for African economic recovery and development, 1986-1990(UN-PAAERD) has confirmed the view, long held by ECA, that African countries especially those in sub-Saharan Africa, will not be able to launch the desired economic recovery programmers’ if the issues of resource flows and external debt are not adequately resolved. The efforts towards the revival of economic growth, the removal of mass poverty and the improvement of living standards are being frustrated by the increasing debt servicing burdens, which for a large number of African countries absorb a substantial portion of their total export earnings.