Because African debt was owed to official rather than private creditors,the African debt crisis emerged slowly unlike the crises in Latin America and Asia.

Question

Quizplus · Accepted Answer

African countries owed a significant portion of their debt to official lenders such as international financial institutions and foreign governments, rather than to private creditors. As a result, the African debt crisis developed gradually over time, as these lenders continued to provide loans to African countries even as their debt burdens grew. This is in contrast to the debt crises in Latin America and Asia, where much of the debt was held by private creditors, which led to more abrupt and volatile crises.

Because African Debt Was Owed to Official Rather Than Private