"Africa's debt is essentiallynonpayable
and certainly unsustainable" -Mugabe
Special to USAfrica The Newspaper USAfricaonline.com
Zimbabwe's president, Robert Mugabe, has told the international community that Africa's development has to be tied to its liberation from the shackles of debt. According to Mugabe, "Africa's debt is essentially nonpayable and certainly unsustainable under any sensible growth-oriented macroeconomic scenario.... ``There is an urgent need to release more resources from debt servicing to financing development and creating conditions that encourage inflows of private foreign investment.'' He made these views known on ,'' he told the assembly Tuesday September 21, 1999.
USAfricaonline and USAfrica The Newspaper research show that thousands of social welfare and basic health services have been cut due to interests on debts owed some Western countries, some of the debts are from squandered and bogus projects by dictators and corrupt officials in some Africa countries.
Some international organizations such as Jubilee 2000 are calling for the cancellation of the debts.