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African countries have experienced modest economic recovery during the 1990s. But these countries are caught in a vicious circle in which the existing economic structure cannot generate enough savings and export earnings needed to finance their development and mount a sustained assault on widespread poverty. Yet foreign aid has been cut back sharply and the continent receives only a trickle of foreign investment flows. New policy regimes are now in place, creating the right environment for external financing to make a major difference. Development finance is one of the foremost challenges facing African countries and the international community in the new century.
List of contents
List of Tables and Charts List of Acronyms and Abbreviations List of Appendices Preface Acknowledgements Introduction A Survey of Africa's Economic Performance in the Post-Independence Period The Paradox of Financial Flows New Priorities for Foreign Aid New Perspectives on Aid Delivery and Development Management Conclusion Appendices Notes and References Index
About the author
Ambassador VIJAY S. MAKHAN is a career diplomat of Mauritius. He was Secretary for Foreign Affairs of his country up to 1995 when he was elected Assistant Secretary General of the OAU. He was re-elected in July 1999. Besides a number of papers, he has authored Policy Consensus Strategy Vacuum, A Pan-African Vision for the Twenty-first Century.
Summary
African countries have experienced modest economic recovery during the 1990s. But these countries are caught in a vicious circle in which the existing economic structure cannot generate enough savings and export earnings needed to finance their development and mount a sustained assault on widespread poverty. Yet foreign aid has been cut back sharply and the continent receives only a trickle of foreign investment flows. New policy regimes are now in place, creating the right environment for external financing to make a major difference. Development finance is one of the foremost challenges facing African countries and the international community in the new century.
