gordontravels
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- Feb 19, 2005
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On Saturday the group of 8 wealthiest nations in the world agreed to cancel the debts of the world's poorest nations; many in Africa. These negotiations among the world's industrialized nations have gone on for years. These debt cancellations are seen to help the World Bank, the International Monetary Fund and the African Development Bank. Instead of these institutions simply adding to the debt of emerging countries, now these countries can start fresh and the institutions can help them manage their debt from the loans themselves to how that money is handled by the individual recipient countries. 18 of the poorest countries will benefit from the debt cancellation. Countries like Ruwanda, Bolivia, Mauritania (Burma), Niger, Nicaragua and Uganda will be among those who will be in on the savings of approximately 1.5 Billion Dollars per year.
I think it is important to note the politics that went into this agreement that was not wanted in the beginning by those such as France, Germany and Russia. It was the Bush Administration that has fought for and pressed the other 7 nations to find an agreement that would benefit the emerging countries at the expense of themselves. 40 Billion Dollars in debt will be wiped out in one of the most comprehensive plans to aid the poor countries of the world and this agreement was primarily written by and pushed forward by the administration of President Bush. It is interesting to note that most of the debt to the 18 countries listed was accumulated during the Clinton Administration. Although this was a giving time it also led to a paralysis of these countries who faced huge payments into infinity and without the action by the Bush Administration, these countries would have been buried forever in debt to the richest nations on earth.
I for one think the Bush Administration who is lumped in with "rich Republicans" should get the thanks of those who not only created this situation for the poorest countries but also for lifting the yoke of debt from their shoulders. France and Germany along with Russia had to be worked very hard to get an agreement and credit should go to President Bush and his team of negotiators. Although it is well known that the Democrats in Congress actually hold the most personal wealth over the "rich Republicans", it is refreshing to see at least one of the political parties in this country have enough charity to help the poor. :duel
I think it is important to note the politics that went into this agreement that was not wanted in the beginning by those such as France, Germany and Russia. It was the Bush Administration that has fought for and pressed the other 7 nations to find an agreement that would benefit the emerging countries at the expense of themselves. 40 Billion Dollars in debt will be wiped out in one of the most comprehensive plans to aid the poor countries of the world and this agreement was primarily written by and pushed forward by the administration of President Bush. It is interesting to note that most of the debt to the 18 countries listed was accumulated during the Clinton Administration. Although this was a giving time it also led to a paralysis of these countries who faced huge payments into infinity and without the action by the Bush Administration, these countries would have been buried forever in debt to the richest nations on earth.
I for one think the Bush Administration who is lumped in with "rich Republicans" should get the thanks of those who not only created this situation for the poorest countries but also for lifting the yoke of debt from their shoulders. France and Germany along with Russia had to be worked very hard to get an agreement and credit should go to President Bush and his team of negotiators. Although it is well known that the Democrats in Congress actually hold the most personal wealth over the "rich Republicans", it is refreshing to see at least one of the political parties in this country have enough charity to help the poor. :duel