[Date Prev][Date Next][Thread Prev][Thread Next][Date Index][Thread Index]

[afro-nets] G8 cancels debt of the world's poorest countries (8)


  • From: Mizan Siddiqi <msiddiqi@voxiva.net>
  • Date: Tue, 21 Jun 2005 09:41:23 -0400

G8 cancels debt of the world's poorest countries (8)
----------------------------------------------------

So what?

Then what? 40 billion dollars for 38 nations not a big deal. How
much is per capita? How much G-8 spent for their war machines in
a day? Where is the money for making basic policy changes and
road map for a new beginning for these countries? Is it a lucra-
tive way of trapping nations all over again with the hope that
in the next 40-50 years another debt cancelling sessions will
erase all wrong doing? The citizens in these countries were not
part of this debit and credit business. Somehow we need to ques-
tion these businesses by the G-8 group.

G-8 took more money as debt service than they are cancelling the
so called debt. None of these countries can take off on their
own due to national and international interests and complex po-
litical system. Unless we can sort out the vicious cycle of
those who pay as loan, know where the money is siphoned out and
eventually kept and spent in the countries where they come from,
we will not be able to make a difference doing business as
usual.

This is a different form of money laundering and rich and poor
are not held accountable. We may have to think about avoiding
these money making machines as a whole. It is a life time oppor-
tunity to live a debt free poor life rather than labelled as
corrupt, inefficient governments and nations and citizens. Where
are the civic societies and NGOs now? Do they have a plan for
which they have been crying for so long? I am afraid this time
the G-8 may take a faster route to create a debt of 40b dollars
in these countries. I hope not! Can anyone figure out how much
of this debt belong to health sector? Who is going to pay this
amount now given the fragile and deteriorating health system in
these countries? We need to do more home work on this to avoid
serious consequences in the coming days.

Who is going to test the hypothesis that debt is the limiting
factor for growth and development and health? We will see what
the next world bank world development report come up with.


Mizan Siddiqi
mailto:msiddiqi@voxiva.net