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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Africa's debt: the appeal of repudiation
Author:Anyemedu, Kwasi
Year:1988
Periodical:Research Review
Volume:4
Issue:1
Pages:19-27
Language:English
Geographic term:Subsaharan Africa
Subject:external debt
Abstract:For sub-Saharan Africa, the debt burden is a major constraint to economic development and the alleviation of poverty. Moreover, the capacity of sub-Saharan Africa to repay its debt, now and in the foreseeable future, is low. Indeed, a convincing case can be made for debt repudiation, for the present value of any realistic estimates of expected future loans which will be put at risk by debt repudiation is likely to be lower than the value of the existing debt. Nonetheless, debt repudiation is not recommended, mainly because it is possible to obtain, through negotiated debt cancellation, the benefits of debt repudiation without its potential costs. The author urges the IMF, the World Bank and the regional development banks to forego their special creditor status - whereby their debt is not open to renegotiation - and take a lead in debt cancellation to the countries of sub-Saharan Africa. App., notes, ref.
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