L'autofinancement au service du développement

NEW-YORK – Au cours de la dernière décennie, les réserves en devises étrangères des pays en voie de développement ont connu une augmentation rapide pour atteindre un volume considérable. Selon le FMI, les réserves mondiales en devise ont triplé en six ans, passant de 2100 milliards de dollars en décembre 2001 au montant record de 6500 milliards de dollars début 2008.

Les pays en développement comptent pour plus de 80% dans cet accroissement et leurs réserves approchent maintenant 5000 milliards de dollars. La moitié de cette somme se trouve en  Asie, mais l'Amérique latine et l'Afrique ont aussi accumulé des actifs étrangers à un rythme étonnant. L'ensemble de ces réserves dépasse les besoins immédiats en liquidité des pays en développement, c'est pourquoi leurs fonds souverains croissent et se multiplient, jusqu'à représenter 3000 milliards d'actifs supplémentaires.

L'accroissement sans précédent de leurs réserves est dû à l'excédent de leurs comptes courants et à l'afflux des capitaux étrangers. Pratiquement toutes leurs réserves sont investies en actifs dans les pays développés, ce qui se traduit par une augmentation du transfert net des ressources des pays en développement vers les pays développés. Selon le Département des affaires économiques et sociales de l'ONU, cela représente 720 milliards de dollars seulement pour 2007.

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