Forgive the Debt of Suffering Developing Countries.
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Many developing countries particularly in Africa have been destroyed by the weight of their external debt. 36 countries have qualified for debt relief under the HIPC and MDRI most of these being Sub-Saharan African Countries. Together $97 billion of debt has been cancelled since 1996. Debt relief has led to spending more on health care, education and infrastructure, contributing to economic growth and poverty reduction instead of paying off debt. It may seem like the debt is no longer a problem but some countries do not qualify for debt relief under the HIPC and MDRI. These schemes are now coming to a close and there are still countries who spend more on servicing their debts than on health care an education combined. It is important that these countries have a chance at having sustainable economy and their debts are preventing them from doing so. Debt cancellation would allow these countries to get back up on their feet and reduce poverty.
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