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External Debt Service, Growth and Equity in Sub-Saharan Africa: The Triad Plan

In: Issues in Contemporary Economics

Author

Listed:
  • Bingu Wa Mutharika

    (United Nations Economic Commission for Africa (UNECA))

Abstract

The challenge facing Sub-Saharan Africa (SSA) and the international community in the 1990s is how to service external debt while resuming growth with equity so as to avert an impending human catas-trophy. However, the balance between growth resumption and external debt servicing financing has become the most intractable problem facing SSA. These countries had an estimated total debt, including arrears, of some US$144 billion at the end of 1988 and a corresponding annual debt service obligation of some US$15 billion, representing over 70 per cent of GDP and in some cases over 300 per cent of exports. The debt burden has thwarted the growth process and abject poverty is spreading. Africa has no choice but to resume growth; however, there is evidence to suggest that this cannot be achieved in SSA without significant debt relief.

Suggested Citation

  • Bingu Wa Mutharika, 1991. "External Debt Service, Growth and Equity in Sub-Saharan Africa: The Triad Plan," International Economic Association Series, in: Partha Dasgupta (ed.), Issues in Contemporary Economics, chapter 14, pages 312-331, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-11579-2_14
    DOI: 10.1007/978-1-349-11579-2_14
    as

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