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ECONOMIC RECOVERY IN AFRICA
The Paradox of Financial Flows
VIJAY S. MAKHAN
24/05/2002
240 pp
216x138mm
HB £50.00 0-333-80155-5
African countries have experienced modest economic
recovery during the 1990s. But these countries are
caught in a vicious circle in which the existing economic
structure cannot generate enough savings and
export earnings needed to finance their development
and mount a sustained assault on widespread poverty.
Yet foreign aid has been cut back sharply and the
continent receives only a trickle of foreign investment
flows. New policy regimes are now in place,
creating the right environment for external financing
to make a major difference. Development finance is
one of the foremost challenges facing African countries
and the international community in the new
century.
CONTENTS: List of Tables and Charts - List of Acronyms and Abbreviations - List of
Appendices - Preface - Acknowledgements - Introduction - A Survey of Africa's Economic
Performance in the Post-Independence Period - The Paradox of Financial Flows - New
Priorities for Foreign Aid - New Perspectives on Aid Delivery and Development Management -
Conclusion - Appendices - Notes and References - Index
Ambassador VIJAY S. MAKHAN is a career diplomat of Mauritius. He was Secretary for
Foreign Affairs of his country up to 1995 when he was elected Assistant Secretary General of
the OAU. He was re-elected in July 1999. Besides a number of papers, he has authored Policy
Consensus Strategy Vacuum, A Pan-African Vision for the Twenty-first Century.
International Political Economy Series
“Sober realism for Africa’s growth prospects: This is the prudent
recommendation made by Vijay S. Makhan in this thoughtful
and objective analysis. Looking at Africa’s economic trends
and financial flows, including new development aid priorities and
aid delivery, the author brilliantly explains the paradox and the
tragedy of falling levels of official development assistance at a
time when we are closer than ever to a global consensus on how
to deliver high-quality development assistance.”
Poul Nielson
Member of the European Commission,
Commissioner for Development Cooperation and Humanitarian Aid.
“Mr. Makhan’s study demonstrates that despite the seriousness
with which African countries themselves have tried to address
the economic and social challenges facing them, the structural
limitation faced by most African economies has stymied their efforts
in placing the continent on a sustainable path to development.
It is a stark reminder of the need for the international community
to meet its commitments in support of Africa’s efforts, in
particular through the provision of adequate financial flows. A
must reading for those interested in the future development of
the continent.”
Rubens Ricupero,
Secretary General UNCTAD
(United Nations Conference on Trade and Development)
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