Ishrat Husain - African External Finance in the 1990s (World Bank Symposium)

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title	:	African External Finance in the 1990s World Bank Symposium
author	:	Husain, Ishrat
publisher	:	World Bank
isbn10 | asin	:	0821319264
print isbn13	:	9780821319260
ebook isbn13	:	9780585228587
language	:	English
subject	Debts, External--Africa, Sub-Saharan, Debts, External--Africa, Investments, Foreign--Africa, Sub-Saharan, Investments, Foreign--Africa, Export credit--Africa, Sub-Saharan, Loans, Foreign--Africa.
publication date	:	1991
lcc	:	HJ8826.A364 1991eb
ddc	:	336.3/435/096
subject	:	Debts, External--Africa, Sub-Saharan, Debts, External--Africa, Investments, Foreign--Africa, Sub-Saharan, Investments, Foreign--Africa, Export credit--Africa, Sub-Saharan, Loans, Foreign--Africa.

Page i African External Finance in the 1990s Edited By Ishrat Husain John Underwood

Page ii 1991 The International Bank for Reconstruction and Development / THE WORLD BANK 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. All rights reserved Manufactured in the United States of America Second printing November 1991 The findings, interpretations, and conclusions expressed in this study are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations, or to members of its Board of Executive Directors or the countries they represent. Because of the informality of this series and to make the publication available with the least possible delay, the manuscript has not been edited as fully as would be the case with a more formal document, and the World Bank accepts no responsibility for errors. The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to Director, Publications Department, at the address shown in the copyright notice above. The World Bank encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee. Permission to photocopy portions for classroom use is not required, although notification of such use having been made will be appreciated. The complete backlist of publications from the World Bank is shown in the annual Index of Publications, which contains an alphabetical title list and indexes of subjects, authors, and countries and regions. The latest edition is available free of charge from the Publications Sales Unit at the address in the copyright notice or from Publications, World Bank, 66, avenue d'Ina, 75116 Paris, France. Library of Congress Cataloging-in-Publication Data African external finance in the 1990s / edited by Ishrat Husain, John Underwood. p. cm. - (A World Bank symposium) Includes bibliographical references. ISBN 0-8213-1926-4 1. Debts, External-Africa, Sub-Saharan. 2. Debts, External-Africa. 3. Investments, Foreign-Africa, Sub-Saharan. 4. Investments, Foreign-Africa. 5. Export credit-Africa, Sub-Saharan. 6. Loans, Foreign-Africa. I. Husain, Ishrat, 1941-. II. Underwood, John M., 1944 - III. Series. HJ8826, A364 1991 91-30428 336.3'435'096c20 CIP

Page iii FOREWORD Most African governments and donors now broadly agree that achieving sustained economic growth depends not only on continuing economic and financial policy reforms but also on a wide array of other action needed to deal with long-term development problems. The World Bank, in partnership with other donors, is supporting initiatives by African countries to deal with these long-term issuesto build the capacity of African institutions, to strengthen human resource development, to improve governance, and to stop environmental degradation. These initiatives will require time to take shape and bear fruit. In the meantime, the international community will need to provide substantial external resources to support adjustment and growth in Sub-Saharan Africa. The availability of external financing assumes critical importance in the light of tightened budgetary constraints in many donor countries, almost complete withdrawal of commercial bank lending to developing countries, severe competition for foreign direct investment, dwindling flows of export credits, and stagnant concessional resources at the disposal of multilateral institutions. To help shed some light on these issues, the World Bank initiated a research project, building on the framework of its Long-Term Study (Sub-Saharan Africa: From Crisis to Sustainable Growth). This research project sought to assess the likely availability of external financial resources needed to achieve significant perspective economic growth in Sub-Saharan Africa. This volume summarizes the findings of that project. It also provides an empirical basis for the long-term financial planning that successful reform and development require. Given the need to provide substantial aid and debt relief to Sub-Saharan Africa, donors and creditors are justifiably concerned with ensuring that their aid is used effectively to support reforms and viable, efficient investments. From its perspective, the World Bank is concerned with ensuring that limited aid resources are allocated where and when they are most needed to support reform and growth. To this end, the World Bank has since 1987 chaired a partnership of donors and creditors that seeks to coordinate and channel assistance to Sub-Saharan Africa. Within this frameworkthe Special Program of Assistance, or SPAdonors and creditors meet twice yearly to review the performance of low-income heavily indebted African countries and to monitor the financing requirements, including debt rescheduling and write-offs, of countries where reform programs are strong enough to merit SPA support. Through the SPA, donors and creditors allocate additional adjustment support where it is needed, report on collective efforts to improve aid quality, and discuss development issues linked to adjustment. This partnership has become one of the most effective examples of aid coordination. The successful completion of its first three-year phase led to agreement on the second phase for 1991-93.

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