Document Type

Conference Paper

Publication Date

9-1-1991

First Page

277

Last Page

292

Keywords

External finance, Sub-Saharan Africa, Debt management

Abstract / Description

The issue of external financing for Sub-Saharan Africa has no easy answers. The region's domestic macroeconomic policies, domestic savings, and efficiency of resource use - all generally poor - impinge heavily on the level, growth, and timing of external finance. The basic assumption for mobilizing external finance is that the structural adjustment efforts in most African countries will be intensified and strengthened. Macroeconomic imbalances and microeconomic distortions will be minimized if not completely eliminated. Trade, investment policies and regulatory framework will be streamlined. Private savings and investment will be encouraged through financial liberalization. Public investment programs will complement private sector initiative and concentrate on infrastructural deficiencies and human resource development. The Bank's report, From Crisis to Sustainable Growth, tackles these issues well and lays down the essential ingredients of a strategy for resuming growth.

Comments

Draft for discussion, document number GCA/AC.1/05/9/91, prepared by the Debt and International Finance Division, The World Bank. IH0297

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