By Ishrat Husain, John Underwood

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The IMF will continue to provide funding to countries that request its support and have strong adjustment programs; this will take place through its SAF, ESAF, and other facilities. But the revolving nature of its resources means that, over the decade, the IMF itself is not likely to be a major supplier of net external financing for Sub-Saharan Africa. Commercial Bank Lending Commercial bank lending has never been a major source of external financing for most Sub-Saharan African countries. Long-term commercial bank debt makes up only $22 billion, or 16 percent, of the region's total debt.

The Foreign Investment Advisory Service, a joint venture of MIGA and the International Finance Corporation (IFC), reviews FDI regulations in developing countries and provides country-specific advice on policy and regulatory reform designed to attract FDI inflows. The IFC often cofinances projects with foreign investor involvement. Equity investment, without the management component implicit in FDI, is another channel through which Sub-Saharan African countries can, at the margin, increase foreign resource inflows.

C. Ying Qian International Economics Department, World Bank Mufutau Iyiola Raheem Professor, University of Ibadan, Nigeria Roger Riddell Overseas Development Institute Emanuel Tumusiime-Mutebile Ministry of Planning and Economic Development, Uganda John Underwood International Economics Department, World Bank Marcel Yondo Former Finance Minister, Cameroon Page 1 1 Introduction John Underwood Ishrat Husain External financing for Sub-Saharan Africa is a vexing problem with no easy solutions. The region's macroeconomic policies, domestic savings, and efficiency of resource useall generally poorimpinge heavily on the size, growth, and timing of external finance.

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