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Between 1990 and 2003, African countries had received US$540 billion in loans and had paid back US$580 billion in debt and service charges (US$40 billion more than what they had received), and yet by the end of 2003 US$330 billion debt had still remained to pay.
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In 2003 alone African countries had paid over US$25 billion in debt servicing while 2.3 million lives were lost lives because of HIV/AIDS. Many of them spent more per capita on debt servicing than on health care. For example, in 2002 the Democratic Republic of Congo – where 1.1 million people live with HIV/AIDS – spent more than four dollars on external debt servicing for every dollar spent on health care. And in the same year Angola had paid out US$106 per capita in debt servicing compared to US$38 per capita on health. Compare this also with the ‘promise’ made by G8 at the 31st G8 Summit of July 2005 at Gleneagles. The issue that got most media hype on that occasion was debt cancellation – to write off the entire US$40 billion debt owed by 18 Highly Indebted Poor Countries (HIPC) to the World Bank (WB), the International Monetary Fund (IMF) and the African Development Bank (ADB). Four years down the line, a more sober assessment exposes the scenario of ‘business as usual’. What are the facts about the much-touted debt cancellation and the ‘road to recovery’ for Africa?
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The US$40 billion debt write-off applied only to 18 HIPCs. How were they identified, and who selected them? Africa itself had no say in this. They were selected by the ``donor community'’, not by any agency of Africa, such as the African Union. On what criteria were they selected? These 18 countries were identified as those that had faithfully followed the IMF/WB strictures on structural adjustment programmes (SAP – policy prescriptions that demanded pro-cyclical, deflationary, measures from these countries). The G8 stated that 20 more countries, with an additional US$15 billion in debt, would be eligible for debt relief on condition that they met targets on fighting corruption and continued to fulfil SAP conditionalities and provided they eliminated impediments to foreign private investments in their countries.
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The debt write-off managed to tone down, to neutralise, the pressure from African civil society on their governments to unilaterally repudiate those debts that were illegitimate or odious – a technical concept recognised in international legal practice.
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Furthermore, it triggered fresh false illusions in and about Africa. Some people concluded that this was going to be the turning point for Africa. With debts written off, Africa was expected now, finally, to get down to using its resources to develop the economy and look after the welfare of the African people without the crippling debt burden.
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