Numerous studies have been carried out to examine the relationship between external debt and economic growth; external debt and economic development; institutions and economic growth; but little or no attention has been made to simultaneously explore the relationship between external debt, institutions, economic growth and economic development. This paper fills that gap by focusing on the neglected aspect of the simultaneous effect of each term on one another. It accomplishes this task by exploring the relationship between external debt management and the growth or development of the...