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International Monetary Fund. African Dept.
Mr. Jakob E Christensen

This study discusses the role of domestic debt markets in sub-Saharan Africa (SSA) based on a new data set covering 27 SSA countries during the 20-year period 1980–2000. The study finds that domestic debt markets in these countries are generally small, highly short term, and often have a narrow investor base. Domestic interest payments present a significant burden to the budget, despite much smaller domestic than foreign indebtedness. The use of domestic debt is also found to have significantly crowded out private sector lending. Finally, the study identifies significant differences among the size, cost, and maturity structure of domestic debt markets in heavily indebted poor countries (HIPCs) and non-HIPCs.

International Monetary Fund. External Relations Dept.

IMF Managing Director Michel Camdessus recently spoke with the editors of the IMF Survey about events over the past 13 years, as well as about future developments in the international monetary system and the evolution of the IMF. The interview will be published in two parts—the first, which follows, focuses on developments since 1987. The second part, which looks to the future, will be published in the next issue of the IMF Survey, dated January 10, 2000.

International Monetary Fund. African Dept.

IMF Country Report No. 21/266

International Monetary Fund. African Dept.

IMF Country Report No. 21/265