Toward an ultimate solution of sub-Saharan Africa's debt problem

Abstract

Despite some recent increases in productivity sub-Saharan Africa's progress toward real economic growth is blocked by serious social and economic problems. Among these is the crushing burden of external debt. Fortunately, these obligations are owed to of ficial rather than private creditors. Since the governmental and international agencies which loaned this money were seeking to further social and political goals rather than economic gain the importance of repayment is much less. Consequently, virtually all of this official debt should be forgiven thus relieving a major stumbling block to growth and rising living standards. Certain conditions should be attached to the forgiveness process. They should include making real progress in economic restructuring, liberal trade policies and in some instances cooperation in programs to achieve environmen tal goals. This content downloaded from 207.46.13.105 on Wed, 25 May 2016 06:44:25 UTC All use subject to http://about.jstor.org/terms

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