Africa’s Debt Bondage: A Case for Total Cancellation
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Date
2001
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Abstract
From the early 1980s to the present, Africa’s external debt burden has become
increasingly onerous and unmanageable. The continent’s inability to service its debt is
vividly reflected not only by a massive build-up of arrears but most importantly, by the
number and frequency of rescheduling. Although most concerned parties agree on the
urgent need for creative and innovative approaches to resolve Africa’s debt crisis,
opinions differ considerably as to what exactly needs to be done. Recent partial and
often disjointed debt relief measures that have been tried to manage the debt crisis have
been found largely inadequate. It is hereby proposed that debt should be cancelled for
highly indebted poor countries. This is precisely because debt repayment is
economically exhausting as it continues to block future development; it is politically
destabilising as it threatens social harmony; and, it is ethically unacceptable as it hurts
the poorest of the poor.
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Keywords
Africa, Debt
Citation
Rugumamu, S.M., 2001. Africa's Debt Bondage: A Case for Total Cancellation. Eastern Africa Social Science Research Review, 17(1), pp.31-52.