New approach to debt called for

Chris Burford cburford at
Tue Aug 31 16:01:14 PDT 1999

>From: Robert Weissman <rob at>
>To: Multiple recipients of list STOP-IMF <stop-imf at>
>Subject: New approach to debt called for

> Botswana Wants New Approach Toward Africa's Debt
> Panafrican News Agency August 30, 1999
>NAIROBI, Kenya (PANA) - The president of Botswana, Festus Mogae, has called
>for a new approach toward debt alleviation in Africa, saying previous
>attempts to solve the problem were "too little too late."

> "The time frame is too short," he said. "For instance, countries with an
>unemployment rate of 40 percent are told to reduce the civil service, and
>do it in three months. We must perform for three years before assistance is
>granted. That is like telling a drowning man that he must survive for three
>days before he can be saved."

> Africa owes about 350 billion US dollars in external debts.

Sounds like the IMF needs to set up a fund to divert capital centrifugally out to Africa at the same rate that it is flowing in centripetally.

Sounds like the need for a Tobin tax again!

Chris Burford

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