|(Facilitator: Africa Action )|
Africa's $300 billion debt burden is the single biggest obstacle to the continent's development. Most of this debt is illegitimate, having been incurred by despotic and unrepresentative regimes. African countries spend almost $15 billion annually on debt service, diverting resources from HIV/AIDS programs, education and other important needs. The U.S. and other rich countries have resisted calls to cancel this debt, instead proposing partial solutions that are inadequate and impose harsh economic policies on indebted countries. Africa Actionâ€™s Campaign to Cancel Africaâ€™s Debt mobilizes pressure on the U.S. government to push for 100% debt cancellation for all impoverished African countries without harmful conditions.
Geographical Scope: International
Added on 01-22-2006
Updated on 01-22-2006