Beaugrand, Philippe; Mlachila, Montfort; Loko, Boileau - International Monetary Fund (IMF) - 2002
. The paper develops a simple analytical framework and shows that highly concessional external debt is usually a superior … choice to domestic debt in terms of financial costs and risks, even in the face of a probable devaluation. The paper stresses … the importance of the availability and terms of financing, and of overall long-term debt sustainability. It concludes that …