Prior to the global financial crisis, the stock of https://www.rba.gov.au/speeches/2017/sp-ag-2017-08-09.html  1/16  8/9/2017  Fixed Income Markets and the Economy | Speeches | RBA  government debt on issue in Australia was quite low, and private sector bonds on issue accounted for the vast majority of paper outstanding. Government debt outstanding had been little changed over those years.
In this regard, all member countries are advised to strive to meet their respective sub-regional convergence criteria, which is a precursor to African Monetary Cooperation and adoption of Single Currency. 8.