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Lecture 8

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University of Toronto St. George
Political Science
Abbas Gnamo

POL301 Lecture NotesJune 6 2013Africa from hope and despairoMany countries became independent in 1960soAfter independence African countries turned to foreign borrowing and the consequent debt evolution fromThe decade of opportunity 1960sThe decade of the mounting burden in the 1970sThe decade of the debt crisis in the early 1980sGlobal debt crisis Latin America Mexico AfricaThe continuing problems requiring debt management in the 1990s and in the new millenniumoDefaulting on loan payments was thought to be the fault of the debtor countries resulting from corrupt and overly bureaucratic governments rather than an uncontrollable economic climateo1990 Total African debt 174 BillionBut had a lower GNP so in relation to GNP the debt was biggerTotal Latin America debt 431 BillionThe crisis and African initiativesoAfricans adopted Five landmark strategies which together provide the continents preferred Development agenda emerged in the 1980s and early in the 1990sThe Lagos Plan of Action for the Economic Development of Africa 19802000 and the Final Act of Lagos 1980Couldnt materialize because no support by the UNAfricas Priority Programme for Economic Recovery 19861990 APPER which was later converted into the United Nations Programme of Action for Africas Economic Recovery and Development UNPAAERD 1986Couldnt materialize because of the international neoliberal agendaThe African Alternative Framework to Structural AdjustmentProgramme for SocioEconomic Recovery and Transformation AAFSAP 1989The African Charter for Popular Participation for Development 1990The United Nations New Agenda oAll of them failed because of the neoliberal ideology of the time and the World Bank initiatives Washington ConsensusBretton Woods organizations didnt support any of the plans WB IMFoAfrican leaders were not committed to carry out their own development agenda due to their excessive external dependence their narrow political base and their perennial failure to implement policiesoLeaders lacked the resources and the will to soldier on selfrelianceThey abandoned their strategies
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