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Volume :21 Issue : 1 1993      Add To Cart                                                                    Download

INTERNATIONAL, REGIONAL, AND DOMESTIC PERSPECTIVES TO DEAL WITH THE FOREIGN DEBT CRISIS OF THE INDEBTED ARAB COUNTRIES

Auther : Jamil Taher

Arab countries external debt rose from $ 49.5 billions in 1980 to around $ 141.37 billions in 1989. This was accompanied by a similar  increase in the debt-service which reached $ 4.7 billions in 1989 compared to & 7.81 billions in 1980. The origins of the Arab countries external debt are in many respect similar to those of other indebted developing countries.

There are some internal as well as external factors that contributed to this problem, such as the budget deficit, the deficit in the balance, of payments, the expansionary fiscal and monetary policies in addition to the increase in the cost of borrowing, the world recession, and the deterioration in the terms of trade.

Once debt problems have arisen, whether caused by internal or external factors or combination of the two, the question of how to cope with them has to be answered. This produces an urgent search for a long term solution based on the role of the international as well as the domestic policies in creating such a problem. The paper sets out to examine two main questions: Why do debt problems in the Arab countries; and how might they be handled through some international, regional and domestic policies.

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