Towards a solution to Africa's debt problem

Abstract

This Report was presented at the fifth Afro-Latin American seminar on External Debt in Africa and Latin America on the, 2-3 August 1989, in Cairo, Arab Republic of Egypt. The report indicated that the debt and debt servicing problems of Africa had become intractable and were beyond the capacity of African countries to service, which resulted in continued deleterious effects on growth and development in the region. Special case for debt relief for Africa had established and the international community was starting to respond to these needs. However, the action so far, while promising, has not been adequate. The debt issue assumed a rather unique position of being a serious problem, yet a solution could be within grasp, if Africa’s partners were willing to exercise the needed political will. With the political will, current proposals could be similarly turned into the political realities of the future through patient and serious dialogue.