Africa's over $200 billion debt burden is the single biggest obstacle to the continent's development.
African countries spend almost $14 billion annually on debt service, diverting resources from HIV/AIDS programs, education and other important needs. Meanwhile, the U.S. and other rich countries have resisted calls to cancel this debt.
Did you know:
- Sub-Saharan Africa receives $10 billion in aid but loses $14 billion in debt payments per year.
- In Burundi, elimination of education fees in 2005 allowed an additional 300,000 children to attend school.
- In 2003, Zambia spent twice as much on debt repayments as on health care. But partial debt cancellation allowed the government to grant free basic healthcare to its population in 2006.
African Voices on the Debt Scandal:
“Must we starve our children to pay our debts?” Julius Nyerere, former president of Tanzania
“The debt is a new form of slavery, as vicious as the slave trade.” All Africa Conference of Churches
[africaaction.org]
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