Chapter

Playing Games with African Lives: The G7 Debt Relief Strategy and the Politics of Indifference

Fantu Cheru

in Sovereign Debt at the Crossroads

Published in print April 2006 | ISBN: 9780195168006
Published online May 2006 | e-ISBN: 9780199783458 | DOI: http://dx.doi.org/10.1093/0195168003.003.0003
 Playing Games with African Lives: The G7 Debt Relief Strategy and the Politics of Indifference

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This chapter examines the politics of policy reform in low-income Africa, and specifically the double standard applied by the creditor countries in dealing with the debts of middle-income Latin American and low-income African countries. Whereas the Latin American debt was promptly dealt with by Western creditors because of the risk it posed to the stability of the Western banking system, equal attention was never given to the debt burden of the poorest African countries, whose debts were largely owed to multilateral financial institutions. Finally, the chapter examines the adequacy of the heavily indebted poor countries (HIPC) initiative, which was introduced in 1996 to address the problem of debt owed by low-income countries to the multilateral development banks.

Keywords: Africa; Latin America; creditors; debts; multilateral financial institutions

Chapter.  9068 words. 

Subjects: Economic Development and Growth

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