Africa gets £25 million each day in Aid. How much does africa pay back in debt repayments each day?
In July 2005, following years of civil society campaigns in Africa, the U.S. and elsewhere, the Group of Eight (G-8) rich countries announced a deal on debt cancellation for 18 impoverished countries, 14 of which are in Africa. The World Bank and IMF approved this debt package in September 2005. Separately, the Paris Club of rich country creditors recently finalized a deal to cancel some of Nigeria's massive external debt, after moves by the Nigerian parliament to repudiate this debt. In the deal, which covered $30 billion in debt, Nigeria had to pay 40% of the total, or $12 billion. Those funds would have been more appropriately and justly directed at reducing poverty and achieving other development goals. Nigeria is not eligible for debt relief under the HIPC Initiative, and civil society in that country has long demanded cancellation of Nigeria's odious external debts.
While the G-8 deal marked a small victory, it still fell short of the promises of 100% debt cancellation made by G-8 officials in 2004, and it did not take full effect until July 2006. The deal still leaves the majority of African countries on “debt row,” required to meet harmful economic conditions as a condition for future debt relief or cancellation. Moreover, both the G-8 deal and the Paris Club deal for Nigeria failed to recognize the illegitimate nature of Africa's debt. African governments must still spend billions of dollars each year repaying old, illegitimate debts at the expense of urgent priorities like the HIV/AIDS pandemic.
The U.S. is the single largest shareholder in the World Bank and IMF, the institutions to which most of Africa's debts are owed. As such, it holds major influence over the international response to Africa's debt crisis. An independent audit of these two institutions has revealed that they can afford to write off Africa's debt completely. Recent IMF reports have also demonstrated how debt cancellation can be financed primarily through IMF gold and secondarily from World Bank reserves without harm to these institutions.
African countries spend almost $14 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.
Sub-Saharan Africa receives $10 billion in aid but loses $14 billion in debt payments per year.
none but africa owe the world alot of money
Is there anything behind this question by any chance?
I see you're brand new and don't allow emails...are you on some sort of mission here?
Thats not a very nice question. Can you sacrifice coffee one day to feed a child?
You' think with the amount of internet scams that originate in africa they would be giving the rest of us aid
Aid is just that aid. you dont pay back aid, then it would be a loan. You can only hope that the aid is used wisely.
Around about 1000 people a day die. Is that enough debt repayment for you?
If Africa got £25 million per day in aid there would be no poverty. I would like to know where you got your information from. People there are starving and dying every second. What price do you put on a life? If this country was in the same situation the rest of the world would help us. Why not question why there are no poor politicians? They feed off our taxes! If we can help, why shouldn't we?
Do you donate to that 25 million?
Nothing we wrote off their debts - we get cheap oil instead - BP are even going in to Libya now - that will be fun for them!
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