Sins of Past Rulers Shouldn't Burden People with Debt

Anglican Journal, September 1999 | Go to article overview

Sins of Past Rulers Shouldn't Burden People with Debt


As Bandiwagons go, the campaign for more debt relief for the poorest countries has gathered an impressive head of steam, as well as an odd crew of passengers: aid workers and finance ministers, pop stars and bishops. When such a coalition of popularity-seekers united behind such a simple demand -- couched, moreover, in such a sanctimonious term -- it is tempting to believe it must be wrong. It is not. Rather, debt relief needs to go faster and further even than its proponents envisage.

It has long been obvious that several countries, especially in Africa, cannot repay their debts. Their (occasional) efforts to do so impoverish already destitute people, and blight their hopes of economic take-off. Ten years of efforts to put this right have yielded some results. The Paris Club of official creditors has offered steadily better terms to poor countries. Commercial banks have become used to buying back their loans at deep discounts. Most significantly, a Heavily Indebted Poor Countries (HIPC) initiative was launched in 1996 by the World Bank and the IMF. This broke a taboo on the restructuring of debt to multilateral agencies, and set up a framework for systematic debt reduction in return for overdue economic house cleaning.

Some 40 countries have now been classified as HIPCs. They owe about $170 billion, less than half all low-income-country debt. On average their debts exceed their annual export earnings more than fourfold.

Yet under the HIPC initiative, the process of debt relief remains painfully slow. A country must pursue IMF-mandated reforms for three years before donors agree to reduce its debts to "sustainable levels -- and they will actually do it only after a further three years of good behaviour. So far, only eight have qualified; and just two -- Uganda and Bolivia -- have actually received any debt relief. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Sins of Past Rulers Shouldn't Burden People with Debt
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.