Browsing by Author "Gonzalez, Armando Ramos"

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    African Debt Crisis
    (Tangaza University College, 1997-04) Gonzalez, Armando Ramos
    The Third World debt crisis has been dragging on for over 15 years'. In 1990, the Third World debt exceeded a trillion dollars. With dimension so gargantuan, one wonders if it is not beyond hope and repair. In the face of so many issues, why should we look to the Third World debt? Debt is first and foremost a human problem. It both directly and indirectly affects the lives of people all around the globe. The dignity of persons, the sacredness of life, the bonds of community, the concern for the poor, all this is assaulted by the debt crisis. To live responsibly as a global citizen today one cannot ignore the extent and consequences of the global debt. Africa is the continent most affected by the debt crisis. By November 1992, Africa's total debt was then the equivalent to more than 100% of the continent's GNP. Latin America's total debt, in comparison, was equivalent to 50% of her GNP. Of the total debt servicing payment coining from Sub-Saharan Africa (excluding Nigeria) nearly 30% of it goes to paying loans given by private banks.2 This essay is going to present a picture of the African debt problem in order to encourage the Churches and Christians to consider the problem as a human problem and therefore a problem which can be considered in the pastoral programmes of the churches. Because it affects the lives of the poor. African debt crisis is a pastoral problem to be known. The first Chapter deals with the actual situation and an historical overview of African Debt Crisis. Chapter two explains the causes and effects of debt problem in the lives of the people, above all, the poor. Economic effects are presented separately in the third chapter. The ethical aspects are considered in the fourth chapter. Can the African debt be paid? It is a difficult question. The fifth chapter presents a possible solutions taking into account the "worldly", Christian and social ministry approaches. It is the goal of this paper to provide stimulation to encourage the faithful, the church hierarchies and everyone who feels concern with the gospel of Christ to be informed about a real pastoral problem which can make the future of our generation unbearable.