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Economic Development in Africa Report 2016

Debt Dynamics and Development Finance in Africa

image of Economic Development in Africa Report 2016
Africa has major development aspirations in the broader context of a global and continental economic development agenda. This calls for substantial financial resources at a time when the global development finance landscape is changing, from a model centred on official development assistance and the coverage of remaining financing needs through external debt, to a framework with greater emphasis on the mobilization of domestic resources. The Economic Development in Africa Report 2016 examines some of the key policy issues that underlie Africa’s domestic and external debt, and provides policy guidance on the delicate balance required between financing development alternatives and overall debt sustainability. This report analyses Africa’s international debt exposure and how domestic debt is increasingly playing a role in some African countries as a development finance option, and also examines complementary financing options and how they relate to debt.

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Main findings and policy recommendations

Africa’s multiple development aspirations face major challenges: enormous financing requirements in a changing financing landscape and rapidly rising public debt. As the continent embarks on its economic transformation agenda, the role of domestic debt is becoming increasingly important. In harnessing the various development finance resources, African countries will need to strike a balance between increased financing needs and overall debt sustainability.

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