By Ishrat Husain, John Underwood
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Additional resources for African External Finance in the 1990s (World Bank Symposium)
Foreign Direct Investment Lawrence Cockroft and Roger Riddell 139 Comment, Marcel Yondo 149 Page vii 13. Risk Management in Sub-Saharan Africa Stijn Claessens, Ying Qian 151 Comment, Michael Dooley 160 14. G. C. Yvonne D. C. Ying Qian International Economics Department, World Bank Mufutau Iyiola Raheem Professor, University of Ibadan, Nigeria Roger Riddell Overseas Development Institute Emanuel Tumusiime-Mutebile Ministry of Planning and Economic Development, Uganda John Underwood International Economics Department, World Bank Marcel Yondo Former Finance Minister, Cameroon Page 1 1 Introduction John Underwood Ishrat Husain External financing for Sub-Saharan Africa is a vexing problem with no easy solutions.
Brun and Gooptu highlight how the African countries have coped with the squeeze on short-term credit. Some simply pay more. Some African countries have been paying effective rates of London Interbank Offered Rate (LIBOR) plus 6 percentage points or more on trade credits secured by cash deposits in creditor banks. Other countries resort to barter trade, countertrade, or pre-export finance schemes. All of these more exotic forms of trade finance have turned out to be extremely expensive. Fees of 20 percent of the value of the goods are common.
This differencethe region's use of external resourcesaveraged less than 4 percent of GNP in 1967-73; it reached almost 9 percent of GNP in 1988. Sub-Saharan Africa's net use of external resources has thus increased, but the resources have come to support a lower level of investment. 1). In 1970 external financing was about one-fifth of gross domestic investment, and in 1988 one-half. The rise in external financing relative to GDP has been even more dramatic. At 8 percent of GDP in 1988, net external resource flows about equalled the region's gross national savings.
African External Finance in the 1990s (World Bank Symposium) by Ishrat Husain, John Underwood