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Debt and Structural Adjustment in Africa: Realities and Possibilities

Published online by Cambridge University Press:  13 August 2021

Thomas M. Callaghy
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Extract

Since the middle of the 1970s Sub-Saharan African states have focused increasingly on their severe economic and fiscal crises. These involve wrestling with the burdens of debt service and the rigors of rescheduling, conducting difficult negotiations with bilateral and private creditors, bargaining over conditionality packages with the International Monetary Fund and the World Bank or fending them off, distributing the painful costs of adjustment, coping with import strangulation and devising new development policies and strategies. Already highly dependent on the outside world, the intensity, stakes and levels of conditionality of these relations with external actors have increased substantially.

Type
Focus: African Development Revisited
Information
African Issues , Volume 16 , Issue 2 , 1988 , pp. 11 - 18
Copyright
Copyright © African Studies Association 1988 

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References

Notes

1. Benin, Comoros, Equatorial Guinea, Gambia, Ghana, Guinea-Bissau, Liberia, Madagascar, Mali, Mauritania, Mozambique, Niger, Sao Tome and Principe, Senegal, Sierra Leone, Somalia, Sudan, Tanzania, Togo, Uganda, Zaire and Zambia. Angola will be added if it joins the IMF.

2. World Bank, World Debt Tables: External Debt of Developing Countries, vol. 1, Analysis and Summary Tables, Washington, D.C., World Bank, 1988, p. xxi Google Scholar.

3. Organization of African Unity, “Draft Declaration of the Third Extraordinary Assembly of Heads of State and Government of the Organization of African Unity on Africa’s External Debt Crisis,” 30 Nov. - 1 Dec. 1987, Addis Ababa, Ethiopia, p. 3.

4. Novicki, Margaret A., “Interview with Edward V.K. Jaycox, Vice-President, Africa Region, The World Bank,” Africa Report, v. 32, no. 6, Nov.-Dec. 1987, p. 32 Google Scholar.

5. See Drucker, Peter F., “The Changed World Economy,” Foreign Affairs, v. 64, no. 4, Spring 1986, pp. 769-91CrossRefGoogle Scholar; also Bergsten, C. Fred, “Economic Imbalances and World Politics,” Foreign Affairs, v. 65, no. 4, Spring 1987, pp. 770-94CrossRefGoogle Scholar.

6. See my “The State as Lame Leviathan: The Patrimonial Administrative State in Africa,” in Ergas, Zaki, ed., The African State in Transition, London, Macmillan, 1987, pp. 87–116 CrossRefGoogle Scholar, and my “The State and the Development of Capitalism in Africa: Theoretical, Historical and Comparative Reflections,” in Rothchild, Donald and Chazan, Naomi, eds., The Precarious Balance: State - Society Relations in Africa, Boulder, CO., Westview, 1988, pp. 67–99 Google Scholar.