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February 8, 2005

"The Debt Relief Summit"

Led by UK chancellor Gordon Brown, the G7 finance ministers have agreed to back a plan to write off 100% of the debt accrued by some of Africa's poorest nations. Of course, the US declined to support this plan.

I must admit that I'm skeptical of the G7's sincerity. The following point is particularly troubling,

Some 37 countries could benefit after a case-by-case review by bodies including the World Bank and the IMF.

Arguably, the World Bank and the IMF are a part of the problem. Having them review a country's eligibility for debt relief is tantamount to the fox guarding the hen house. In some ways, this is reminiscent of the Kyoto Protocol and a country's ability to voluntarily opt-in and set their own policies using the protocol as a guide. For all of its world changing potential, the Kyoto Protocol is far from successful and the excuses for its failure continue to roll in. If sincere commitment and arms-length enforcement don't exist, doesn't this become an exercise in political posturing? I hope I'm wrong.

Check out this BBC article to learn more. Also, check out the comments section related to this article. You'll find some interesting, misinformed and shocking perspectives on Africa and its future.

Posted by Jason at February 8, 2005 11:28 AM

Comments

Posted by: Benchley at February 10, 2005 5:47 PM