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Funding the African-Development Multiplier

Abstract

There is broad international agreement on Africa's need for enhanced external financing. The United Nations unanimously adopted an unprecedented Programme of Action for African Economic Recovery and Development in 1986, which entailed, on the African side, explicit recognition of significant responsibility for poor economic performance and of the need for policy reform, and on the Northern side, an acceptance of responsibility for greater funding.

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Sayre P. Schatz , ‘African Food Imports and Food Production: an erroneous interpretation’, in The Journal of Modern African Studies (Cambridge), 24, 1, 031986, pp. 177–8.

World Development (Oxford), 11, 011983, pp. 110.)

Sayre P. Schatz , ‘Laissez-Faireism for Africa?’ in The Journal of Modern African Studies, 25, 1, 031987, pp. 129–38. Still, it might be worth making special mention here of the capital-formation costs. A country's capital stock is doubly impaired: first, by the low rate of investment associated with low income – according to World Bank, Financing Adjustment, p. 35, investment rates in Africa are now lower than in any other region of the Third World; second, by reductions in resources devoted to already neglected maintenance, repair, and rehabilitation of existing capital stock.

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The Journal of Modern African Studies
  • ISSN: 0022-278X
  • EISSN: 1469-7777
  • URL: /core/journals/journal-of-modern-african-studies
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