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Sean Amos
Joined: Sep 12, 2006
Posts: 165 (view all)
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Country: Kenya
Province/State: Nairobi Area
City: Nairobi
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The Foreign Debt-Africa
April 17, 2007 - 05:55 AM
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The foreign debt is an obstacle that has considerably limited the impact of the efforts made to achieve fairer societies where individuals and families welfare can be reconciled with the social commitment of the communities to which they belong.
For many poor countries, debt is no longer an obstacle which can be overcome internally. This means that any talk of aid to eradicate poverty must entail an immediate cancellation of debt, as this is one of the main obstacles to investment in poverty eradication
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Amy
Joined: Apr 3, 2007
Posts: 29 (view all)
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Gender & Age: Female, 33
Country: Canada
Province/State: Alberta
City: Edmonton
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Re: The Foreign Debt-Africa
April 17, 2007 - 01:50 PM
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I have heard that, with the amount of interest developing countries pay on their debt, more money travels to the North in interest than from the North to the South in foreign aid.
To me, this is absolutely unbelievable, and something that should not be allowed to continue.
It seems to me that most people agree that the debt of the world's poorest countries needs to be forgiven. And also, countries that have promised to do so need to commit to 0.7% of their GNP being spent on Official Development Assistance. I am quite horrified that Canada is making no attempt to reach this goal, despite having promised the international community that they would do so.
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