1945

External debt

External finance is meant to supplement and support developing countries’ domestic resource mobilization. However, since the nineteenth century, developing countries have experienced repeated episodes of rapidly increasing external indebtedness and debt-service burdens that have brought slower growth or recession and eventually produced renegotiation and restructuring. For this reason, the Monterrey Consensus of the International Conference on Financing for Development (United Nations, 2002b, annex) emphasized the importance of sustainable debt levels in mobilizing resources for development.

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