Experts group meeting in Senegal concludes that Africa's external debt problem be put in wider context of financing development:

Abstract

An Expert Group meeting jointly organized by the Economic Commission for Africa (ECA) and the Republic of Senegal on 17-18 November 2003 in Dakar gathered about 70 experts from around the world, including the African Union, New Partnership for Africa's Development (NEPAD), various United Nations organizations, country authorities, the World Bank, International Monetary Fund, Paris Club and NGOs. They noted that debt relief is more predictable than bilateral aid; has a longer-term horizon; reduces the transactions costs of managing aid and acts as direct budget support therefore increasing recipient ownership. They strongly encouraged the international community to finance further debt relief as an important way to finance the Millennium Development Goals (MDGs) in Africa. A key recommendation of the meeting was that achieving Africa's development goals should be realized without running into future debt problems. The meeting emphasized that a lasting solution to Africa's external debt problem will require good economic governance and management on the part of African countries.