Statistics: Economics:

• Developing countries pay $13 in debt repayment for every $1 of aid received.
• 1970 third world debt was $25 billion, 2002 $523 billion.
• 2003, third world countries paid 39 billion towards debt and received 27 billion in aid.
• For the 60 poorest nations, $550 billion was paid over 30 years on principal and interest on the $540 billion loan.
• Debt owed reduces the money available to provide health, education and welfare services to the poor. Africa spends 4 X more on debt reduction than on healthcare.
• Debt effects the environment as debt burdened countries are forced to use natural resources as a source of money. Brazil owes the US $112 billion; largest deforester at 50,000 km per year. The higher the debt, the more devastating for the environment.
• Debt increases drug trafficking: Bolivia has highest child mortality rate in Latin America; spends ½ of all export income on debt; 40% of workforce makes a living in the drug trade.
• Debt owed by third world countries must be forgiven. Germann debt after WWII was forgiven so they could rebuild. Britain after WWII was given a low interest rate so they could rebuild. Why not Africa?
• Africa has $70 billion in foreign debt which the G-8 summit recommended forgiving. The only country opposing is the USA.
• Bolivia spends one half of all export income on debt and has highest child mortality rate in Latin America.
• Arms sales: between 1960 - 1987, third world countries borrowed $400 billion to fund arms imports. Since Britain's Labour party came into power in 1997, arms sales to Africa increased 600%. 4 million dead in Congo from conflict (equal to the entire population of Ireland), millions displaced.
• Africa has $70 billion in foreign debt which the G-8 summit recommended forgiving. The only country opposing is the USA.
• Canceling the debt would cost the citizens of the wealthy nations, $2.10 per year.
• 20-25 billion is needed to meet the millennium goals; consumers spend 33 billion per year on cosmetics and perfume.
• 25% of third world HIV positive newborns die before age one compared to almost 0% mortality in affluent countries.