EDITORIAL: Third-World nations in need of debt relief
May 18, 2005
When the terrorist attacks of Sept. 11 happened, some people in Third-World countries celebrated. The idea that children around the world have been brainwashed to hate the United States is not a new one. The question, though, is: Can anything be done to control this hatred epidemic? Our answer is: Yes. A better education could help children in these countries get a better grasp on reality. The goal of better education in Third-World countries could be put to fruition with debt relief.
A lot of poor countries can’t provide basic amenities such as education and healthcare for their citizens, because most of their funds are being used to pay off debt owed to The International Monetary Fund and The World
Bank — much of it dating back to the 1970s.
Most of the money owed by Third-World countries is from interest incurred during?dictatorial regimes — when conditions that came with the loans weren’t properly negotiated.
For example, Nigeria borrowed $5 billion and has paid $16 billion to date but still owes $32 billion. Nigeria spends more money on debt repayment each year than it spends on education.
Money that could be used for education, job creation, healthcare and other conditions neccessary to fostering a strong democracy is being used to repay debt each year.
The debt situation is akin to an individual giving away his vital organs for a credit card.
In this era of terrorism, we should be embracing ways to foster good, strong democracies — not hinder them. Many industrialized nations have embraced the idea of debt relief, but no concrete plan has been put into action.
There are legitimate concerns that have to be addressed in moving forward. There is no guarantee that debt relief would create the conditions necessary for impoverished nations to be self-sustaining.
After all, if the conditions that led to debt still exist, then debt relief alone would not be effective in lifting the countries involved out of poverty.
We believe these countries deserve a chance to lift themselves up. The current debt situation doesn’t afford them that chance. The United States is leading the fight against terrorism.
If such a fight is legitimate — and not just a way to appease people who were angry and scared after Sept. 11 — then the United States needs to lead the way in debt relief for impoverished nations, too.