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By United Nations

Within the context of the Millennium improvement pursuits (MDGs), the overseas neighborhood has set itself a aim of decreasing poverty via part by way of the yr 2015. Many observers have now come to the realization that, on current developments, there's little or no probability that this target may be accomplished at any time with regards to that date within the poorer international locations, together with in Africa. The continent’s debt difficulties and its source requisites are inextricably associated with the capability of African international locations to generate capital accumulation and development. the present examine questions Africa’s debt sustainability and attempts to place those and different similar concerns in point of view creating a variety of tips on tips on how to care for Africa’s debt overhang, both during the adoption of latest methods or an important revision and development of current debt reduction guidelines.

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Extra info for Economic Development in Africa: Debt Sustainability - Oasis or Mirage?

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Furthermore, ~~ there are about seven multilateral creditors that have not indicated their intention to provide debt relief under the Initiative (see table 5). Debt Sustainabitity: Oasis or Mirage? 9 Fondo Centroamericano de Estabilrzacion Monetaria (FOCEM) Fund for Solidarity and Economic Development (FSIDI 'otal Source: IMF and World Bank ITD03aJ. 0 26 Economic Development in Africa Although the overall share of these non-participating creditors in total HlPC debt relief costs is relatively small (at most 5 per cent), the costs to individual HlPCs could be high.

However, a major issue in very poor African countries, which are vulnerable to unremitting external shocks, is the extent to which the NPV of debt-to-export criterion, for example, realistically reflects sustainable debt levels, in particular considering that debt sustainability analysis is highly probabilistic and forwardlooking. Economic Development in Africa 46 4. Non-HIPC debt-distressed Africa n countries . * As indicated earlier, table 7 provides the data for six broadly available and broadly accepted debt indicators averaged over three years {2000-2002) for all African countries.

The indebtedness of Africa is examined based on these six indicators, the three-year averages (2000-2002) of which are presented in table 7. In accordance with the principles of the HlPC Initiative, debt and debt service is limited to public and publicly guaranteed external debt, although exports of goods and services include exports of factor services, and the three-year averages cover both numerators and denominators in all ratios. First, it is evident from table 7 that these six debt indicators reveal large differences in debt sustainability across countries.

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