Sunday, April 14, 2013

Should developed countries provide debt relief to indebted African countries?

The indebtedness of sub-Saharan Afri toilet countries is said to be atomic number 53 of the greatest jobs faced by them in present times. [Omole 2003:1] non only has it led to economic stagnation of these countries and the increase in global inequality, it has further increased the number of people lively in extreme p overty and reduced the ability of exploitation countries to engender a strong political and economic basis on which to stand. The most vulnerable groups within these countries have suffered and await to suffer, and Africa remains the poorest, least developed and most technologically unwilling continent in the world, even though it is abundant in raw and human resources. [Mulinge 2003:23] Many ideas have been put forward-moving to proclaim the responsibility of this enormous debt but our main link should lie with whether Africa can continue to survive with this overwhelming bill of external, multi-faceted debt and should debt-relief be given, can Africa remain debt-free?

Movements such as Jubilee South, CADTM, ATTAC, compassionate Rights Activists and many other NGO organisations across the globe have declared that debt cancellation, without conditionalities, is the only solution to this increasing devastating problem of distress. ...make sure debt relief is not conditional on wellness or economic reforms that are potentially harmful to wellness outcomes.

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[Moseley (Logie and Rawson) 2004:80] While this may seem like a costly idea, one has take into account that there are additional factors that need to be addressed before complete debt cancellation can truly improve the lives of the populations that live in these indebted, impoverished countries over a long-term period - Africa too, has a job to do.

Debt forgiveness or cancellation is the only answer:

The enormous debt owed by development African countries is crippling their economic growth, human development initiatives and is undermining poverty reduction - the...

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