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Development - Debt - College Paper

Development - Debt

How poorer countries get into debt.

How debt can affect people and the environment

Central America used to have about 500,000 km[2] of rainforest. By the late 1980s, more than 80 % of it had gone. Every year, more than 800 km[2] of rainforest are cut down in Honduras - to be replaced by ranches, banana plantations and small farms.

The connection between the rainforest and debt:

* The trees that are cut down provide hardwood. This is sold overseas to earn foreign money to repay Honduras's debt.

* The new fruit plantations are also earn money to repay debt.

Every year, 20% of the money Honduras earns from exports is spent on debt repayment.

Cancelling debt

In July ...

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on education, healthcare and reducing poverty.

By 2008, 27 of the 38 HIPC countries had met these conditions, and had had $85 billion of debt cancelled. But African countries still owe $300 billion, and there's little chance that they will be able to repay it.

G8

* Canada, France, Germany, Italy, Japan, the Russian Federation, the UK and the US.

* An assembly od world leaders who meet annually to discuss world issue.

* It works throughout the year to tackle important contemporary topics such as economy and climate change.

HIPCs

* The World Bank HIPc initiative currently identifiers 38 countries, most of them in Sub-Saharan Africa, as potentially eligible to receive debt relief.

* For example, Afghanistan, Ghana, Haiti, Zambia..

How Uganda's development has benefitted from debt cancellation

Cancelling $1.5 billion of Uganda's debt has had a major positive impact on the country's development:

Before cancelling debt

During and after cancelling ...

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Development - Debt. (2014, April 2). Retrieved April 28, 2024, from http://www.essayworld.com/essays/Development-Debt/103885

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PAPER DETAILS

Added: 4/2/2014 12:14:57 PM
Submitted By: sharoncsl
Category: Economics
Type: Free Paper
Words: 516
Pages: 2

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