INTRODUCTION
No government is an island. It would
require some form of external support to perform effectively. One major source
of external support is foreign borrowing. The motive behind external debt is
that countries, especially developing economies, lack sufficient internal financial
resources and this activates the need for foreign aid. It is generally the case
that developing countries facing a scarcity of capital require external loans
to supplement domestic saving. To meet national wants amidst limited resources,
nations might resort to borrowing.
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