Transcription of Background to the African Debt Crisis - FONDAD
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Background to the African Debt Crisis - FONDAD
,orperhapsmoreaccurately,debtcancer1that hasspreadacrossAfricainthelastdecade, ,consequencesandcosts- economic,social,humanandecological- ofthatafflictionandaboutthestructuraladj ustmentandeconomicreformmeasureswhichhav ebeentakentocopewithitona ,andwhichcausedit toballoonfrom$140billionwhenthecrisiseme rgedin1982toover$270billionin1990, tosaythatAfrica'sover-indebtednessisnota ttributable,asmanycreditorswouldhaveit,m erelytopoorgovernance,rapaciousandcorrup tleaderships,protractedcivilwarsintooman ycountriesonthecontinent;nodemocraticche cksandbalancesongovernmentborrowingandsp ending,excessivepopulationgrowth, cancerbecausethedebtdiseasehasspreadtovi rtuallyeverycornerofthecontinent;it hashada debilitatingeffectonthelifeofAfrica'seco nomies, detailedaccountofhowtheAfricandebtcrisis aroseanddevelopedreadersarereferredto:(1 )"AfricanDebt:TheCaseforReliefforsub-Sah aranAfrica" ,OxfordInternationalAssociates,1988;(2)" TheExternalDebtofsub-SaharanAfrica:Orig
Background to the African Debt Crisis 1.01 The debt crisis, or perhaps more accurately, debt cancer 1 that has spread across Africa in the last decade, needs little introduction.
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