Report on first meeting of contact group of OAU current chairman on Africa's external indebtedness

Abstract

The meeting was opened by his excellency Dr.Kenneth D.Kaunda president of the republic of Zambia and current chairman of OAU in his address outlining the urgent need for holding the international conference and said that Africa was not seeking a confrontation but mutually agreed framework for resolving the debt crisis he also emphasized that without effective solution to the debt crisis African countries will find it extremely difficult to implement its recovery programme as stated in APPER and UN-PAAERD finally he reiterated the OAU stand that Africa’s debt represents an obligation which African countries are totally committed to honor however this would be very hard to achieve without the corresponding commitment and support from the development creditor countries international financial institutions and private commercial lenders