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Africa as a whole is currently about $90 billion in debt. ... It is estimated that by the year 2004, Sub-Saharan Africa will have to spend a staggering 70% of its export earnings on external debt servicing. ...
The United States, the World Bank, and IMF, among other creditors, consider debt repayments a greater priority than the preservation of life and other development needs in Africa.
„h About 30 million Africans are HIV positive
„h Some 38 million Africans are in urgent need of food aid
„h Africaˇ¦s infant mortality rates are 92 per 1000 live birth
„h African countries spend up to three times more on debt repayments to wealthy countries and institutions in the West than they spend on health care, food, and education for their sick, illiterate, and hungry millions.
Africaˇ¦s debt is unsustainable. Africa cannot afford to spend billions servicing its debt while millions of Africans die of AIDS, hunger, and other preventable diseases. ...
Trade is another factor, which is plunging Africa into crisis. The costs of imports are rising and the country will go into more debt to purchase products that they need. To cover this cost they will either have to take out another loan or put prices on goods up which people will not be able to afford. However the blow is doubly worse because export prices are falling so African countries are not making as much money as they were before when they sell a product. ... If the land is unproductive then the buyer will move on and the country will lose out on all the exports they used to sell.
Approximate Word count = 1307
Approximate Pages = 5.2
(250 words per page double spaced)
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