The African Debt CrisisAssessing both the macro- and micro-economic levels of the contemporary African Debt Crisis, this book, first published in 1989, begins by looking at the origins of the world debt crisis, and then looks closely at the problem as it affects Sub-Saharan Africa. The effects of debt on Africa’s position in international relations are considered, and the roles played by organisations such as the International Monetary Fund and the World Bank are assessed. The authors also examine the local effects in a series of case studies of various states including Nigeria, Ghana and Sierra Leone, the Francophone States and Zaire. |
Contents
Introduction | 1 |
1 The nature of African debt | 14 |
2 The politics of external policy direction | 27 |
the circuitous path to stabilization? | 48 |
debt in an absolutist kleptocracy | 75 |
indebtedness recovery and the IMF 197787 | 99 |
debt and the fiscal crisis of the state | 126 |
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Common terms and phrases
African countries African debt agreement agricultural argued austerity programme Babangida Baker Plan balance of payments budget Buhari capital cent clientelist cocoa commodity corruption creditors debt crisis debt problems debt service debtor default deficit devaluation developing countries disbursed dollar domestic donors Economist Intelligence Unit effects exchange rate expenditure export receipts external debt factors finance foreign exchange Francophone Fund Ghana growth IMF's imports increased indebtedness industrial inflation initiative interest rates investment Ivorian Ivory Coast Joseph Momoh Leone's Lever and Huhne loans major measures million Mobutu naira neopatrimonial Nigeria official parastatals Paris Club PNDC political producer prices production public sector recovery reduced reform regime repayments rescheduling rise rural SFEM short-term Siaka Stevens Sierra Leone stabilization programmes strategy subsidies substantial suggested Third World trade urban wage whilst World Bank World debt Zaire Zaire's Zairean Zambia