************** Third World Debt ************
Poor countries and billions of people are being devastated under the burden of debt and trade policies of the IMF, World Bank and the WTO. Zambia in 1997, paid 40% of its total budget to service foreign debt, and only 7% for basic services such as vaccines for children. If debt had been cancelled in 1997 for twenty of the poorest countries, the money released for basic healthcare could have saved the lives of about 21 million children by the year 2000, the equivalent of 19,000 children a day. The failure by the rich countries to cancel the odious debts to the poorest countries in the world leaves the poorest countries in the world with nothing to spend on basic needs and much needed infrastructure, leaving millions in poverty and destitution.
Some Facts
The developing world now spends $1.3 on debt repayment for every $1 it receives in grants. (Nigeria borrowed around $5 billion and has paid about $16 billion, but still owes $28 billion - That $28 billion came about because of the injustice in the foreign creditors' interest rates.
7 Million children die each year as a result of the debt crisis
In the 52 Jubilee 2000 countries, a total population of 1037 million people shoulder a debt burden of £286 billion. It is a curious fact that this is less than the total net worth of the world's 21 richest individuals
Every day in 1999, $128 million was transferred from the poorest countries to the richest in debt repayments. Of this, $53 million was from East Asia and the Pacific, $38 million from South Asia and $23 million from Africa
Spread over 20 years, the cost of canceling the debts of the 52 Jubilee 2000 countries is only one penny a day for each person in the industrialized world.
If debt had been cancelled in 1997 for twenty of the poorest countries, the money released for basic healthcare could have saved the lives of about 21 million children by the year 2000, the equivalent of 19,000 children a day.
Not direct awnser but good exsplanation of our current crisis in the world today. africa is too young to present forecasts of financial tracking. Time will tell, not predict
Regards,
Bruce