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There has been a renewed concern as regards the level of debt and financial flows to the developing countries, with the apprehension of a further slippage in the debt burden in the aftermath of the present global financial crisis. This apprehension has come about of a combination of factors such as the increase in debt financed fiscal stimulus, erosion of debt servicing capacity due to falling exports and economic growth, and escalation of cost of debt service following currency depreciations in a number of developing countries.
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