Between 1970 and 2002, Africa received some $540 billion in loans; but despite paying back close to $550 billion in principal and interest, it still had a debt stock of $295 billion as at the end of 2002. And the figures are even more disconcerting for sub-Saharan Africa (SSA), which received $294 billion in disbursements, paid out $268 billion in debt service and yet remained straddled with a debt stock of some $210 billion. The Report concludes that this amounts to a reverse transfer of resources from the world's poorest continent.
Read more...
No comments:
Post a Comment