At the time, the solution appeared simple – wipe off the debt and allow countries space to get their affairs in order and growth and stability will follow. For a time, we saw significant improvements in the continent, with many countries strengthening their macroeconomic frameworks and institutions. A number of countries also gained market access.
In 2018, international bond issuances in the region reached a new high, totalling more than USD17 billion, with the average issuance rising to nearly USD3 billion 1.