Among the components of current expenditure, lower domestic interest rates and the relative stability of the region’s currencies helped to lighten the debt service burden.
However, all the Government’s efforts were affected by the overriding issues of structural adjustment, globalization and a growing debt service burden.
Moreover, although African countries had received debt relief, their debt-servicing burden had not become lighter owing to the increased interest rate.
We reaffirm our pledge to find effective, equitable, development-oriented and durable solutions to the external debt and debt-servicing burdens of developing countries.