Debt and Structural Adjustment in Africa: Realities and Possibilities

Abstract

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.