The debt burden of Developing Countries : the African perspective
Author(s)/Corporate Author (s)United Nations. Economic and Social Council;
United Nations. Economic Commission for Africa;
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The impact of the heavy external debt burden on the economies of developing countries, including those in Africa, has received extensive debate both in the media and other fora including the United Nations General Assembly. The debilitating impact of the debt burden on the performance of the economies of developing countries has also been at the center of discussions during meetings of the Group of Seven Major leading industrial countries as well as meetings of the Commonwealth Heads of State and Government. A general consensus has, therefore, emerged between African debtor countries and their creditors that the external debt overhang is an albatross weighing heavily on African economies and thereby making it virtually impossible for them to attain sustainable development unless the burden is significantly reduced. This has been the main argument African countries have been advancing under various fora including the adoption by the African Heads of state and Government of the African Common Position on Africa's External Debt Crisis.