Resolving Africa's Multilateral Debt Problem: A Response to the IMF and the World Bank

Author: Percy Mistry

Since 1993, public concern about the problem of the growing multilateral debt overhang of poor countries has increased. While the IMF and the World Bank have proposed a special debt initiative for the heavily-indebted poor countries, Percy Mistry argues that a different approach is needed. He suggests compelling arguments for a new strategy to resolve the multilateral debt problem of poor countries in Africa (and elsewhere) and spells out a set of alternative principles and measures on which a new strategy should be based.

Contents, Author, Abbreviations

Preface by Jan Joost Teunissen

I The Multilateral Debt Crisis of the 1990s

The IMF/World Bank Response
The Need for an Alternative Approach

II Overall Dimensions of Sub-Saharan Africa's Multilateral Debt Problem

Growth in Official Debt
Growth in Private Debt
Growth in Arrears
Growth in Multilateral Debt Service
The Concessionality of Africa's Multilateral Debt
The Exchange Rate Effect

III The Composition and Characteristics of Multilateral Debt in Sub-Saharan Africa

The Principal Multilateral Creditors
The World Bank Group
The International Monetary Fund
The African Bank Group
Other Multilateral Institutions

IV Options for Debt Reduction and the Selection of Countries

Existing Instruments
Alternative Options
The Selection of Countries

V A New Approach to the Multilateral Debt Overhang

Alternative principles and measures

Annexes and Bibliography

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September 1996
ISBN-10: 90-74208-09-6

70 pages

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