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Working Paper 227 - Public Debt Sustainability in Africa: Building Resilience and Challenges Ahead
Shortly after being impacted by the global financial crisis in 2009, Africa staged a robust recovery. Currently (mid-2015), it is one of the fastest growing world regions.2 Growth performance is projected to stay strong in the rest of 2015 and in 2016, the uneven global recovery notwithstanding (IMF, 2015). Several studies have pointed out Africa’s potential to become a global growth pole over the longer term (AfDB et al., 2010; ECA, 2012). The vast infrastructure and human capital gaps constrain Africa’s development. Balancing the need to scale up growth-enhancing public outlays and debt sustainability is then a key policy challenge ahead (AfDB, 2010; Mu, 2012).