Tag Archives: Debt

Politics

Stephen Lewis on Development & Short-Term Leaders

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Official Development Assistance

Lewis advocates the ODA. The ODA is sourced from the G8 nations. Tony Blair called for 0.7% of GDP by the G8. Lester B. Pearson set the benchmark of 0.7% of GDP for foreign aid. Few countries have come close to that number, unfortunately. Scandinavian countries are the only countries to go beyond 0.7% GDP. The US and Japan do not come close to fulfilling the basic benchmark. Italy is unreliable. UK and France promise to meet the benchmark by 2012. Japan wanted a seat on the Security Council and needed support of the African countries at the G8. SO, Japan made a promise to double its support from their previous numbers, unfortunately Japan doesn’t contribute much at all. The US only gives 3 Billion dollar per year. Bush might double that funding.

Political Short-Term Leadership

Paul Martin will only be around for a while. Bush won’t be around in 2010. Blair will be gone as well. Most G8 leaders in 2005 will be out to pasture. Martin propounds the vitues of the policy but doesn’t achieve the goal. The responsibility will be for the next set of leaders. Promises that are not kept internationally are a serious moral failure. Lewis has not faith in the political leadership.

Politics

Stephen Lewis on International Aid & Debt

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International Aid

Lewis notes that subsidization of American and EU farmers costs 5 times the amount of foreign aid being given to African nations. This means that the EU gives their cows $2.50 USD per day where as Africans live off of less than $1.00 per day. The totalitarian regimes in Africa prevent G8 Nations from acting to aid the pandemic of AIDS in Africa, according to Lewis.

The Scourge of Debt

In 1988, the developing country ambassadors were skeptical of the economic growth through trade and a fair agreement at the Uruguay round of discussion. Other than trade, the African debt is also a massive setback. African countries are spending much on debt reduction and therefore can’t get healthcare. Because of Totalitarian regimes, African had 294 Billion dollars of debt from 1970-1992. Africa paid back 260 Billion mostly of interest. Africa is still 230 Billion dollars in debt. Africa is forever in a cycle of debt reduction. The Pentagon wrote-off 31 Billion dollars of debt in Iraq post-2003. They should be able to do the same for African nations.