Debt relief should be financed as it is more efficient than new aid, and because it reduces the burden of managing aid, argues this paper from the UN Economic Commission for Africa. The paper says that debt relief is an important source of finance for African countries but on its own will be woefully insufficient to allow African countries to finance the Millennium Development Goals (MDGs) and achieve long-term debt sustainability. The paper also examines the rationale for further debt relief and the ways in which debt relief can be financed.
Health equity in economic and trade policies
World Social Forum: Revealing the true face of neoliberalism
WSF 2004 Final Statement
"We denounce the unsustainable situation of debt in poor countries of the world, and the coercive use by governments, multinational corporations and international financial institutions. We strongly demand the total and unconditional cancellation and rejection of the illegitimate debts of the Third World. As a preliminary condition for the satisfaction of the fundamental economic, social, cultural and political rights, we also demand the restitution of the longstanding plunder of the Third World. We especially support the struggle of the African peoples and their social movements. Once again we raise our voices against the G8 Summit and the meetings of the IMF and World Bank, who bear the greatest responsibility for the plunder of entire communities. We reject the imposition of regional and bilateral free-trade agreements such as FTAA, NAFTA, CAFTA, AGOA, NEPAD, Euro-Med, AFTA and ASEAN."
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